Good day, traders! Upward movement could be seen in EUR/AUD since mid-2022, with the pair gaining as much as 22,000 pips. Currently, it is well past the 2022 high, which gives the opportunity to set up a new grid of limit orders in the pair.
So, starting from the current prices, traders could place a grid of sell limits in increments of 1,000 pips. Take profit upon the breakdown of 1.64300, 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.