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AUD/NZD has been increasing over the past year. It gained around 9,000 pips and is currently trading near the highs of 2017, 2018 and 2020. This scenario calls for a grid of limit orders after the breakout of the yearly high.
So, after the breakdown of 1.11700, traders should place limits, with an increment of 500 pips. Take profit on a breakout, 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 this reason, we recommend using 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!
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