Fibonacci Forex Exercises - Fibonacci Expansion Levels Exercise and Fibonacci Retracement Exercise
These fibonacci indicator exercises will give more examples on Fibonacci Retracement and Fibonacci Expansion. The first exercise is to figure out the direction of the Forex trend and then determine if the Fibonacci tool used is Fibonacci Retracement or Fibonacci Expansion and then figure how it is drawn then practice drawing Fibonacci Retracement levels and Fibonacci Expansion levels on a forex chart.
- Figure out the direction of the Forex trend
- Determine if the Fibonacci is Fibonacci Retracement or Fibonacci Expansion
- Figure how it is drawn
- Practice drawing Fibonacci Retracement or Fibonacci Expansion on a forex trading chart.
To find a Forex trading chart just Download MetaTrader 4 forex trading platform from any one of the many forex 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 the indicator tool as explained in the previous lessons of Fibonacci Retracement and Fibonacci Expansion. Then do the following exercises:
Fibonacci Retracements and Fibonacci Expansions Exercise
Hint: point 1 to point 2 follows the forex trend direction
Hint: Fibonacci Retracement has points 1 and 2
Hint: Fibonacci Expansion has point 1, 2 and 3