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