61.8 Crude Oil Fib Extension Level
We use Fibonacci extension levels to estimate where the oil trend crude oil price movement will reach. There are 2 important Fibonacci extension levels: 61.8% Oil Fib Extension Level and 100% Oil Fib Extension Level - these fibonacci extension levels are used for setting oil trading taking profit orders.
61.8 Crude Oil Fib Extension Level
61.8 Oil Fib Extension Level is the most commonly used oil profit taking level when trading using the Oil Fib Extension Oil Trading Crude Oil Indicator.
To draw Oil Trading Fib Extension levels on the crude 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 oil chart point 3. Oil Fib Extension Indicator is drawn using three oil chart points as the examples displayed below of how to draw the Oil Fib Extension Levels Oil Trading Crude Oil Indicator.
The Fibonacci extension example explained below shows the 3 Crude Oil Chart Points where the Fibonacci extension oil indicator is drawn - marked as Crude Oil Trading Chart point 1, Crude Oil Trading Chart point 2 & Crude Oil Trading Chart point 3.
Crude Oil Trading Chart point 1 is where the oil trend started, Crude Oil Trading Chart point 2 is where the crude oil price pulled back and retraced - Crude Oil Trading Chart point 3 is where the crude oil price retracement reached as shown on the Oil Trading Fib Extension Levels Technical Indicator example shown below.
The First Oil Fib Extension Level is the 61.8 Oil Trading Fib Extension Level shown on the Oil Fib Extension indicator example Below Used to Set Take Profit Oil Trading Orders
How Do I Read 61.8% Oil Trading Fib Extension Level
Please note where these Oil Trading Fib Extension levels are plotted on the crude oil chart - Oil Fib Extension zones are plotted above the Oil Fib Extension indicator - these are the crude oil chart points where a trader will set the oil take profit orders using these Oil Fibonacci Extension Levels - 61.8% Oil Fib Extension Levels.
How to Crude Oil Trade 61.8% Oil Fib Extension Level?
