Good day, traders! CHF/JPY had been rising, following a strong correction at the end of last year. It gained as much as 13,000 pips and even updated the all-time high
In such a situation, a grid of limit orders could be placed in increments of 1,000 pips. Take profit upon the breakdown of 151.3, or after a movement from the first order.
This method 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 that could be as much as 12,000 pips.
Another area for taking profit is the level of 137.
Good luck in trading and don't forget to control the risks! Have a nice day.
