61.8 Oil Trading Fib Projection Level
We useFibonacci Projection levels to estimate where the oil trend movement will reach. There are 2 important Fibo Projection levels: 61.8% & 100% Fib Projection Levels, these are used for profit taking.
61.8 Oil Trading Fib Projection Level
61.8 Oil Trading Fib Projection Level is the most commonly used oil profit taking level when trading using the Fibonacci Projection Oil Trading Crude Oil Indicator.
To draw Fib Projection levels on the oil chart we wait until the crude oil price retracement is complete and the crude oil price starts to move in original direction of the Oil Trading trend. Where the crude oil price retracement reaches is used as chart point 3. Fibo Projection Technical Indicator is drawn using 3 chart points as shown and illustrated on the crude oil trading example explained below of how to draw the Fibonacci Projection Indicator Tool.
The Fibonacci Projection example explained below shows the 3 Chart Points where the Fibonacci Projection indicator is plotted, marked as Chart point 1, Chart point 2 & Chart point 3.
Chart point 1 is where the oil trend started, Chart point 2 is where the oil trend pulled back and retraced & Chart point 3 is where the oil retracement reached as shown on the Fib Projection Technical Indicator Tool example explained below.
The First Fib Projection Level is the 61.8 Oil Trading Fibonacci Projection Level shown Below Used to Set Take Profit Oil Trading Orders
Fibo Projection Level is the 61.8 Oil Trading Fibonacci Projection Level shown Below Used to Set Take Profit Oil Trading Orders
Please note where these Fibonacci Projection levels are drawn - Fibo Projection zones are plotted above the Fibo indicator, these are the chart points where a trader will place the take-profit orders using these Fibonacci Projection Levels - 61.8% Fibonacci Projection Levels.
