61.8% Fib Projection Level

We use Fibonacci projection levels to estimate where the trend price move will reach. There are two important Fib projection levels: 61.8% Fib Projection Level and 100% Fib Projection Level - these fibonacci projection levels are used for setting xauusd trading taking profit orders.

61.8 % Fibonacci Projection Level

61.8 Fibo Projection Level is the most oftenly used profit taking level when trading using the Fibo Projection Tool.

To draw Fibo Projection levels on the chart we wait til the price retracement is complete & price begins heading in original direction of trend. Where the price pull back gets-to is used as point 3. Fib Projection Tool is drawn using three chart points as shown on the examples displayed below of how to draw the Fibo Projection Levels Tool.

The Fibonacci projection example shown below shows the 3 Chart Points where the Fibo projection xauusd tool is drawn - highlighted as XAUUSD Chart point 1, Gold Chart point 2 and XAUUSD Chart point 3.

XAUUSD Chart point 1 is where trend started, Gold Chart point 2 is where price pulled back and retraced - Gold Chart point 3 is where price retracement reached as displayed on the Fib Projection Levels Tool example shown below.

The First Fibo Projection Level is the 61.8 Fib Projection Level shown on the Fib Projection xauusd tool example Below Used to Set Take Profit Orders

How to Read 61.8% Fib Projection Level - How to Analyze 61.8% Fib Projection Level?

Please note where these Fib Projection levels are plotted on the chart - Fibo Projection zones are drawn above the Fibo Projection xauusd tool - these are the chart levels where a trader will place the take-profit orders using these fibonacci Projection Levels - 61.8% Fib Projection Levels.

Interpret 61.8% Fib Projection Level?