Over the past 3 years, CHF/JPY has been increasing with only little pullbacks, thereby seizing a record price growth of as much as 30,000 pips.
Now, the pair is once again storming the yearly high at 136, opening an opportunity for traders to take short positions and work for a decrease.
For that to happen, traders should set up a grid of buy limits with an increment of 500 pips after the breakdown of 136. 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 monitor price movements.
Good luck and have a nice day!