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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.


Tasks:


  1. Figure out the direction of the Forex trend
  2. Determine if the Fibonacci is Fibonacci Retracement or Fibonacci Expansion
  3. Figure how it is drawn
  4. 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


Exercises 1:

Fibonacci Retracement on Forex Chart - How to Identify Fibonacci Retracement Levels in Forex Charts Technical Analysis



Exercises 2:

Fibonacci Retracement on Forex Down Trend



Exercises 3:

Fibonacci Retracement on Forex Downtrend



Exercises 4:

Fibonacci Expansion Levels on Forex Trading Chart



Exercises 5:

Fibonacci Expansion on Forex Chart - How to Identify Fibonacci Expansion Levels in Forex Charts Technical Analysis


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