61.8% Fibonacci Projection Level - 61.8 Fib Projection Level - How to Trade 61.8 Fib Projection Level

We useFibonacci Projection levels to estimate where the trend movement will reach. There are 2 important Fibo Projection levels: 61.8% & 100% Fibo Projection Levels, these are used for taking profit.

61.8 Fib Projection Level - 61.8% Fibonacci Projection Level

61.8 Fib Projection Level is the most commonly used forex profit taking level when trading using the Fib Projection Technical Indicator.

To draw Fibo Projection levels on forex chart we wait until the price retracement is complete & the price starts to move in original direction of the Forex trend. Where the price retracement reaches is used as chart point 3. Fibonacci Projection Indicator is plotted using three chart points as illustrated & shown on example below of how to plot the Fibonacci Projection Indicator Tool.

The Fibonacci Projection example below shows the 3 Chart Points where the Fibonacci Projection technical indicator is drawn, marked as Chart point 1, Chart point 2 & Chart point 3.

Chart point 1 is where the forex trend started, Chart point 2 is where the forex trend pulled back & retraced and Chart point 3 is where the forex retracement reached as illustrated on the Fib Projection Technical Indicator Tool example below.

The First Fib Projection Level is the 61.8 Fibonacci Projection Level shown Below Used to Set Take Profit Orders

Fibonacci Projection Level is the 61.8 Fibonacci Projection Level shown Below Used to Set Take Profit Orders

Please note where these Fibonacci Projection areas are drawn - Fibo Projection areas are plotted above Fibo indicator, these are chart points where one will set take-profit orders using these Fibonacci Projection Levels - 61.8% Fibonacci Projection Levels.