Fibonacci XAUUSD Exercises
These exercises will give more examples on retracement and expansion. The first exercise is to figure out the direction of the XAUUSD trend and then determine if the Fibonacci tool used is retracement or expansion and then figure how it is drawn then practice drawing them on a xauusd chart.
Tasks:
- Figure out the direction of the XAUUSD trend
- Determine if the Fibonacci is retracement or expansion
- Figure how it is drawn
- Practice drawing retracement or expansion on a xauusd chart.
To find a xauusd chart just Download MetaTrader 4 trading platform from any one of the many xauusd brokers.
After you have downloaded MetaTrader 4, Go to the menu "insert" at the top left corner, on the drop down menu, click Fibonacci and select either the option of retracement or expansion. Then draw it as explained in the previous lessons of Expansion and retracement. Then do the following exercises:
Retracements and Expansions Exercise
Exercises 1:
Exercises 2:
Exercises 3:
Exercises 4:
Exercises 5:
Hint: point 1 to point 2 follows the xauusd trend direction
Hint: Retracement has points 1 and 2
Hint: Expansion has point 1, 2 and 3
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