Fibonacci XAUUSD Exercises

These exercises will give more example on retracement & expansion. The first exercise is to figure-out the direction of the trend and then determine if the Fibonacci tool used is Fib retracement or expansion & then figure how it's drawn then practice drawing them on a chart.

Tasks:

1. Determine the direction of the trend
2. Determine if Fib is retracement or expansion
3. Figure out how it's drawn
4. Practice drawing retracement or extension on a trading chart.

To find a chart just Download MetaTrader 4 platform from any one of the many brokers.

After you've downloaded MetaTrader 4, Go to the menu 'insert' at tops left corner, on the drop-down menu, click Fib and choose either the option of Fibonacci retracement or expansion. Then draw it as described in the previous tutorials of Expansion & retracement. Then do the following exercises:

Retracements and Expansions levels Exercise

Exercises 1:

Exercises 2:

Exercises 3:

Exercises 4:

Exercises 5:

Hint: point 1 to point 2 follows trend direction

Hint: Fibonacci Retracement has points 1 & 2

Hint: Extension has point 1, 2 & 3

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