Fibonacci Forex Exercises
These exercises will give more examples on retracement and expansion. The first exercise is to figure out the direction of the market 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.
- Figure out the direction of the market trend
- Determine if the Fibonacci is retracement or expansion
- Figure how it is drawn
- 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
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