Now is a good time to open a new set of sell limits in EUR/CAD as the pair has moved by 17,000 pips since August, nearing the high of last year.
This means that after the breakdown of 1.4642, traders should place a grid of sell limits in increments of 1,000 pips. Exit the market upon the breakdown of 1.1642, or after a 2,000-pip rise from the first order.
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 that reason, it is recommended to use swap-free accounts, not increasing the volumes in the grid (0.01 standard lot for every $1,000 of the deposit), and monitoring price movements, which could reach as much as 12,000 pips.
Good luck and have a nice day! Don't forget to control the risks.
