How Do I Draw Fibonacci Retracement Levels on a Upward Trend?

How Do You Draw Fibonacci Retracement Levels on a Upward Trend?

Traders use XAUUSD Fib retracement tool to determine where to set a buy trade in upward trend.

How Do You Draw Fib Retracement on a Up-ward Trend?

To Draw the XAUUSD Fib retracement tool the first thing to know is that this Fib Retracement is always drawn in the direction of the trend.

If the trend is downward - Fibonacci Retracement is drawn downwards.

How Do You Draw Gold Fibonacci Retracement in an Upward Trend?

In the analysis example shown below of how to draw XAUUSD Fib Retracement the price is heading up between chart point 1 & chart point 2 & then after chart point 2 price retraces down to 50.0 % XAUUSD Fib retracement level then it continues moving up in the original upwards trend. Note that this Fib Retracement indicator tool is drawn from chart point 1 to chart point 2 in direction of the market trend (Upwards Direction).

How Do I Draw Fib Retracement on a Up-ward Trend - How Do You Draw Fibonacci Retracement on a Upward Trend

Analysis of How Do I Draw Fib Retracement in an Up Trend?

Once the price got to the 50.0 % XAUUSD Fib retracement level, this Fib retracement area provided a lot of support for the price, and afterwards the price then resumed the original upwards trend & continued to move upward.

For this Fibonacci retracement analysis example of how to draw XAUUSD Fib Retracement technical indicator on an upward trend, the price retracement reached the 50.0 % XAUUSD Fib retracement level, but most of time the market will retrace up to 38.2 % XAUUSD Fib retracement area and therefore most of the time traders set their buy limit orders at 38.2 % XAUUSD Fib retracement level, while at the same time placing a stoploss order just below 61.8% XAUUSD Fib retracement level.

Tutorial of Trading Draw Fib Tool on Charts

Tutorial of Trading Draw Fibonacci Tool on Charts

How Do I Draw Fibonacci Retracement Levels on a Upward Trend?