61.8% XAUUSD Trading Fib Extension Level
We useFibonacci Extension Areas to estimate where the trend movement will reach. There are 2 important Fib Extension areas: 61.8% and 100% Fibonacci Extension Areas, these are used for taking profit.
61.8% XAUUSD Trading Fib Extension Level
61.8 XAUUSD Fib Extension Level is the most commonly used xauusd profit-taking level when trading using the Fib Extension Technical Indicator.
To draw Fibonacci Extension levels on the gold chart we wait until the gold price retracement is complete and the gold price starts to move in original direction of the XAUUSD trend. Where the gold price retracement reaches is used as chart point 3. Fibonacci Extension Indicator is drawn using 3 chart points as shown on the xauusd examples displayed below of how to draw the Fibo Extension Technical Indicator Tool.
The Fibo Extension example displayed below shows the 3 Chart Points where the Fibonacci Extension technical indicator is plotted, marked as Chart point 1, Chart point 2 & Chart point 3.
Chart point 1 is where the xauusd trend started, Chart point 2 is where the xauusd trend pulled back and retraced & Chart point 3 is where the xauusd retracement reached as displayed on the Fibonacci Extension Technical Indicator Tool example shown below.
The First Fib Extension Level is the 61.8 XAUUSD Fibo Extension Level displayed Below Used to Set Take Profit XAUUSD Orders
Fibonacci Extension Level is the 61.8 XAUUSD Fibo Extension Level displayed Below Used to Set Take Profit XAUUSD Orders
Please note where these Fibonacci Extension levels are plotted - Fibonacci Extension zones are drawn above the Fibonacci technical indicator, these are the chart points where a trader will set the take-profit orders using these Fibonacci Extension Levels - 61.8% Fibo Extension Levels.
