How Do I Draw Oil Trading Fib Expansion Crude Oil Indicator on Crude Oil Trading Charts?

How Do I Trade Oil Trading and Draw Oil Trading Fib Expansion Crude Oil Indicator on Oil Trading Charts?

How Do I Draw Oil Trading Fib Expansion Levels on Oil Trading Charts?

Traders use Oil Trading Fib Expansion levels oil indicator to estimate where the oil trend movement will reach. There are Two important Oil Fibo Expansion areas: 61.8% & 100% Oil Fibo Expansion Areas, these are used for taking profit.

To draw Oil Trading Fib Expansion levels on the oil chart we wait until the crude oil price retracement is complete & the crude oil price starts to move in the original direction of the Oil Trading trend. Where the crude oil price retracement reaches is used as oil chart point 3. Oil Trading Fib Expansion Oil Trading Technical Indicator is drawn using 3 oil chart points as shown on the crude oil trading example explained below of how to draw the Oil Trading Fib Expansion Technical Indicator Tool.

The Oil Trading Fib Expansion crude oil trading example explained below shows the 3 Oil Trading Chart Points where the Oil Trading Fib Expansion oil technical indicator is drawn, marked as Oil Trading Chart point 1, Oil Trading Chart point 2 & Oil Trading Chart point 3.

Oil Trading Chart point 1 is where the oil trend started, Oil Trading Chart point 2 is where the oil trend pulled back and retraced & Oil Trading Chart point 3 is where the crude oil price retracement reached as illustrated on the Oil Trading Fib Expansion Technical Indicator Tool crude oil trading example explained below.

How Do I Oil Trade With Oil Trading Fib Expansion? - How Do I Draw Oil Trading Fib Expansion Levels on Oil Trading Charts

Please note where these Oil Trading Fib Expansion levels are drawn - Oil Trading Fib Expansion levels are plotted above the Fibonacci oil indicator, these are the oil chart points where a trader will set the oil take profit orders using these Oil Fib Expansion Levels - 61.8% and 100.0% Oil Trading Fib Expansion Areas.

Drawing Oil Trading Fib Expansion Levels on an Upward Oil Trading Trend

We use Oil Trading Fib Expansion levels to estimate where the oil trend movement will reach. There are Two important Oil Fibonacci Expansion areas: 61.8% Oil Fibonacci Expansion Level and 100% Oil Fibonacci Expansion Level, these Oil Trading Fib Expansion Levels are used as oil trading taking profit levels.

On the Oil Trading Fib Expansion indicator crude oil trading example explained below you can see that the Oil Trading Fib Expansion oil technical indicator is drawn along the direction of the oil trend, since the oil trend is upwards - the Oil Trading Fib Expansion oil indicator is drawn upwards.

These Oil Trading Fib Expansion areas are displayed as horizontal lines above the Oil Trading Fib Expansion oil technical technical indicator, showing the profit-taking areas. In the crude oil trading example explained below if you had used of 100.0% Oil Trading Fib Expansion level you would have made a good profit from the oil trade setup.

Drawing Oil Fibonacci Expansion Indicator on an Upwards Oil Trend - Oil Trading Fib Expansion Tool

From the above Oil Trading Fib Expansion indicator oil trading example, the upward oil trend continued & both 61.80% and 100.00% Oil Trading Fib Expansion levels were all hit after which crude oil price retraced again after getting to the 100.00% Oil Trading Fib Expansion level.

Drawing Oil Trading Fib Expansion Levels on a Downwards Oil Trading Trend

Since we use the Oil Trading Fib Expansion oil indicator tool to estimate oil take profit levels, how do we draw Oil Fibonacci Expansion in a downward Oil Trading trend?

We draw the Oil Trading Fib Expansion oil indicator tool from oil chart point 1 to oil chart point 2 to oil chart point 3 as shown on the crude oil trading example explained below. Remember we always plot this Oil Trading Fib Expansion tool in the direction of the crude oil trend. In the Oil Trading Fib Expansion crude oil trading example explained below, can you figure what direction we have plotted it? That's right - downward direction.

Try & spot the difference between how we have plotted Oil Trading Fib Expansion oil indicator above and how Oil Trading Fib Expansion oil indicator is drawn below. This time you would also have used Oil Trading Fib Expansion level 100.0%, just where the crude oil price reached as shown on the crude oil trading example explained below. That would have been a good oil take profit area.

Drawing Oil Fibonacci Expansion Indicator on a Downward Oil Trend - Oil Trading Fib Expansion Tool

From the Oil Trading Fib Expansion indicator crude oil trading example above, after drawing this Oil Trading Fib Expansion oil tool there are two levels which are used to show the oil profit taking levels, these two Oil Trading Fib Expansion levels are drawn as horizontal lines across the oil chart marked as 61.8% Oil Fibonacci Expansion Level and 100% Oil Trading Fib Expansion Level.

How Do I Trade Oil Trading and Draw Oil Trading Fib Expansion Crude Oil Indicator on Oil Trading Charts