The previous trading plan in CAD/CHF discussed about setting new buy limits in the market. For traders who have failed to follow this, there is still a chance to enter the market at better prices, but with stop orders not limit orders.
Starting from the current prices, place a buy stop order in increments of 500 pips. Exit upon the breakdown of 0.709.
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.
The material has been provided by InstaForex Company – www.instaforex.com