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23.11.202210:09 Forex Analysis & Reviews: Trading tips for NZD/CAD

Exchange Rates 23.11.2022 analysis

NZD/CAD has been rising for the last two months. It gained 6,500 points and broke through the highs of June and August. This calls for another set of sell limit orders in the market.

Exchange Rates 23.11.2022 analysis

So, starting from the current prices, place sell limit orders in an increment of 500 points. Exit on a breakdown, 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 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.

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

*Phân tích thị trường được đăng tải ở đây có nghĩa là để gia tăng nhận thức của bạn, nhưng không đưa ra các chỉ dẫn để thực hiện một giao dịch.

Andrey Shevchenko,
Analytical expert of InstaSpot
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