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23.11.2022 10:09 AM
NZD/CAD has been rising for the last two months. It gained 6,500 points and broke through the highs of June and August. This calls for another set of sell limit orders in the market.
So, starting from the current prices, place sell limit orders in an increment of 500 points. Exit on a breakdown, either at 1 pip above the first order or after a 1,000 pip movement.
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.
Good luck and have a nice day! Don't forget to control the risks.
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