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These events tend to bring participation to the gold market because the commodity is viewed as a haven, he said. However, since the spot gold market is larger than the futures market, there is a tremendous amount of selling and buying volume for trading gold directly, which creates market depth at all times, he said. This creates more opportunities to capitalize by trading gold directly. However, in most cases, given the depth of the spot gold market (XAU/USD), order slippage is minimal, he noted. TradingViewHe emphasized that spot gold is often traded through an over-the-counter broker, and the volume bars may not be visible.
Persons: Shain Vernier, Vernier, isn't, it's, TradingView Organizations: Service, Business, HowToTrade.com, Traders, Bollinger, TradingView Locations: Iran, Israel
In a previous interview with Business Insider, he explained one of his main strategies: using the Fibonacci retracement tool to trade on price volatility. He aims to place a stop-limit buy order on a contract slightly above a previous high. It's based on the assumption that when the price begins to rally upward, it attracts more traders to the market and increases price action. ET, a time when market participation can increase for the oil market and create unpredictable conditions, he sold earlier at $79.24. He also avoids trading oil contracts when there are headlines about geopolitical instability or a breakout of war because they create uncertainty.
Persons: he's, It's, Vernier Organizations: Business, West Texas, CME Group West Texas, Traders, American Petroleum Institute, Energy Information Administration
While many trading tools and indicators can be used to chart price action, Vernier says every market participant needs to find the most sensible combination for their own purposes. On the other end, a low is a "swing low" (lower candle #2) if it has a higher low on its left (lower candle #1) and a higher low on its right (lower candle #3). Bitcoin chart demonstrating the swing low candle or lower extreme and the swing high candle or upper extreme. Related storiesIf the asset price does, in fact, reverse higher upon reaching the retracement level, he sells it before it reaches the next one. This same process can be applied to a downturn, although the trader will be instead be shorting, as a bet the asset price will continue declining in the longer run.
Persons: Shain, He's, Vernier Organizations: Business
Total: 3