Here is the trading idea on AUD/CAD.
Over the past three months, the pair has advanced with slight pullbacks by more than 6,000 pips within the 5th digit and has broken through the last month's high of 0.94600.
I suggest that we use a grid trading strategy by setting a Sell Limit as follows:
We can set a Sell Limit at a distance of 300-500 pips within the 4th digit from the current levels or above. As the volume of short positions increases as the price goes up, you can exit the grid and take profit when the price tests the broken level of 0.94600. Alternatively, you can do this after gaining +1 pip on the first order in the grid or +1,000 pips profit from the first order.
I would like to remind you that following a grid strategy implies holding a position for a long time and at a long distance. For this reason, I recommend using swap-free accounts, keeping a limited volume in the grid (0.01 standard lot for each $1,000 of the deposit), and considering a possible move of the price in the opposite direction by 500-600 pips within the 4th digit.
The trading idea is based on the grid trading strategy for certain cross rates.
Gain profits and control your risks!
