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EUR/AUD gained over 25,000 pips since August 2022, and today peaked at the yearly high. Market players can take this opportunity to set up limit orders in the pair.
Starting from the current prices, place a grid of buy limits at an increment of no less than 1,000 pips. After accumulating short positions, take profit upon the breakdown of 1.68, 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.
Good luck in trading and don't forget to control the risks! Have a nice day.
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