XAUUSD Draw Fibo Projection Zones on Upward XAUUSD Trend
XAUUSD Draw Fibo Projection Zones on Upward XAUUSD Trend
We use Fibonacci Projection levels to estimate where the trend movement will reach. There are 2 oftenly used Fibonacci Projection levels: 61.8%Fibonacci Projection Level and 100% Fibonacci Projection Level, these Fibonacci Projection Levels are used for setting xauusd take profit areas.
On the Fibonacci Projection technical indicator example illustrated & shown below you can see that the Fibonacci Projection technical indicator is drawn along the direction of the trend, since the trend is up - the Fibonacci Projection technical indicator is drawn upwards.
These Fibonacci Projection levels are displayed as horizontal lines above the Fibonacci Projection gold trading technical indicator, showing xauusd profit taking areas. In the gold trading example illustrated and shown below if you as a trader had used of 100.0% Fibonacci Projection level you would have made a nice profit from the trade set up.
XAUUSD Draw Fibo Projection Zones on Upward XAUUSD Trend
From the above Fibonacci Projection technical indicator tool example, the upward trend continued and both 61.8% & 100.0% Fibonacci Projection levels were all hit after which the gold price retraced again after getting to the 100.0% Fibonacci Projection level.
From the Fibonacci Projection technical indicator tool example above, after drawing this Fibonacci Projection tool there are two levels that are used to show the xauusd profit taking areas, these two Fibonacci Projection levels are plotted as horizontal lines across the xauusd chart marked as 61.80%Fibonacci Projection Level & 100% Fibo Projection Level.
Explanation of Trading Gold Draw Fibonacci Projection Zones on Gold Charts
We use Fibonacci Projection levels to estimate where the market trend movement will get to. There are 2 important Fibonacci Projection levels: 61.8% and 100% Fibonacci Projection Levels, these are used for profit taking.
To draw Fibonacci Projection levels on xauusd chart we wait until the gold price retracement is complete & the price starts to move in original direction of the XAUUSD trend. Where the gold price retracement reaches is used as chart point 3. Fibonacci Projection XAUUSD Indicator is drawn using three chart points as shown on the Fibo projection gold trading example illustrated & shown below of how to draw the Fibonacci Projection Gold Indicator Tool.
The Fibo Projection example illustrated & shown below shows 3 XAUUSD Chart Points where the Fibonacci Projection gold indicator is drawn, marked as XAUUSD Chart point 1, XAUUSD Chart point 2 & XAUUSD Chart point 3.
XAUUSD Chart point 1 is where the xauusd trend started, XAUUSD Chart point 2 is where the xauusd trend pulled back & retraced and XAUUSD Chart point 3 is where the xauusd retracement reached as illustrated on the Fibonacci Projection Gold Indicator Tool example shown below.
XAUUSD Draw Fibo Projection Zones on Upward XAUUSD Trend?
Please note where these Fibonacci Projection levels are plotted - Fibonacci Projection zones are plotted above the Fibo xauusd technical indicator, these are the chart points where a trader will set the gold take profit orders using these fibonacci Projection Levels - 61.8% and 100.0% Fibonacci Projection Levels.
Draw Fib Projection Zones on Upwards XAUUSD Trend
