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Fibonacci Forex Exercises

These exercises will give more examples on retracement and expansion. The first exercise is to figure out the direction of the Forex trend and then determine if the Fibonacci tool used is retracement or expansion and then figure how it is drawn then practice drawing them on a chart.


Tasks:


  1. Figure out the direction of the Forex trend

  2. Determine if the Fibonacci is retracement or expansion

  3. Figure how it is drawn

  4. Practice drawing retracement or expansion on a chart.


To find a Forex trading chart just Download MetaTrader 4 trading platform from any one of the many currency 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 it as explained in the previous lessons of Expansion and retracement. Then do the following exercises:


Retracements and Expansions Exercise


Exercises 1:

Fibonacci retracement on forex chart



Exercises 2:

Fibonacci retracement on forex down trend



Exercises 3:

Fibonacci retracement on forex downtrend


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Exercises 4:

Fibonacci retracement Trading



Exercises 5:

Fibonacci expansion on forex chart


Hint: point 1 to point 2 follows the trend direction

Hint: Retracement has points 1 and 2

Hint: Expansion has point 1, 2 and 3

 

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