FX.co ★ Tips for trading AUD/CAD

AUD/CAD moved by over 9,500 pips, recently hitting a new yearly low. This can be taken as an opportunity to open buy limit orders in the pair.

Starting from the current prices, place a grid of buy limits at an increment of 500 pips. After accumulating long positions, exit the market with a take-profit order upon the breakdown of 0.86, or after a movement from the first order.

Called as grid trading, this method, which is usually used on cross rates, involves holding positions that are significant in both 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 6,000 pips.

Good luck in trading and don't forget to control the risks! Have a nice day.