EUR/AUD had been increasing, albeit with small pullbacks, since the summer of 2022. It has risen by 16,000 pips, and today has updated the top of last year, creating new conditions for sell limit orders in the market.
With this, traders, starting from current prices, can place a grid of limit orders in increments of 1,000 pips. Exit the market upon the breakdown of 1.6, 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.
