61.8 Fibonacci Expansion Level

We use Fibonacci expansion levels to estimate where the forex trend price movement will reach. There are 2 important Fibonacci expansion levels: 61.8% Fibonacci Expansion Level and 100% Fibonacci Expansion Level - these fibonacci expansion levels are used for setting forex trading taking profit orders.

61.8% Forex Trading Fib Expansion Level

61.8 Fibonacci Expansion Level is the most commonly used forex profit taking level when trading using the Fibo Expansion Technical Indicator.

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

The Fibonacci expansion example below shows the 3 Forex Chart Points where the Fibonacci expansion indicator is drawn - marked as Forex Chart point 1, Forex Chart point 2 and Chart point 3.

Forex Chart point 1 is where the forex trend started, Chart point 2 is where the price pulled back and retraced - Forex Chart point 3 is where the price retracement reached as shown on the Fibonacci Expansion Levels Forex Tool example below.

The First Fibo Expansion Level is the 61.8 Fibonacci Expansion Level shown on the Fibonacci Expansion indicator example Below Used to Set Forex Take Profit Orders

How Do I Read 61.8% Fibonacci Expansion Level?

Please note where these Fibonacci Expansion zones are drawn on the forex chart - Fibo Expansion zones are plotted above the Fib Expansion indicator - these are the chart points where a trader will place the forex take profit orders using these Fibonacci Expansion Levels - 61.8% Fibonacci Expansion Levels.

How Do I Read 61.8% Fibonacci Expansion Level? - How Do I Analyze 61.8% Fibonacci Expansion Level?