DislikedIve never traded gold, but I would like to trade that outside bearish engulfing bar at the double top. Can someone please explain to me how the pips work for gold?Ignored
If you are trading spot gold then the following is true if we want to look at "pips"
a move from say 1876.00 to 1876.01 would be one pip. One pip at 1 UNIT position size = .01 cents a pip roughly
so a move from say 1876 to 1877 at 1 unit would be a move of 1000 "pips" or $10