Now is a good time to open a new set of sell limit orders in AUD/CAD as the pair has been rising since October 22. It is up by about 8,000 pips and has updated the yearly high once today.
This means that starting from the current price, traders could place a new grid of sell limits in increments of 500 pips. Exit the market upon the breakdown of 0.93300, or after a 1,000-pip movement 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 6,000 pips. Bear in mind that this method requires significant time and distance to hold positions.
Good luck and have a nice day! Don't forget to control the risks.
