FX.co ★ Trading tips for CHF/JPY

Now is a good time to open a new set of buy limits in CHF/JPY as the pair has moved by 14,000 pips since August and is approaching the support level of 137.

This means that after the breakdown of 137, traders should place a grid of buy limits in increments of 1,000 pips. Exit the market upon the breakdown of 137, or after a 2,000-pip rise from the first order.

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, which could reach as much as 6,000 pips.

Good luck and have a nice day! Don't forget to control the risks.