Looking at GBP/JPY's movement since March 2021, we can see that it advanced by 35,000 pips with small pullbacks, and is now putting pressure on the yearly high. This scenario allows traders to set sell limits in the market.
As presented in the chart, traders can set sell limits in an increment of 300-500 pips after the breakdown of 158.2. Take profit on a breakout, either at 1 pip above the first order or after a 1,000 pip rise.
This strategy is called grid trading, which is usually used on cross rates. It involves holding positions that are significant in time and distance. For this reason, we recommend using swap-free accounts, not increasing the volumes in the grid (0.01 standard lot for every $ 1000 of the deposit) and monitor price movements.
Good luck and have a nice day!
