Trading instrument: EURUSD, GBPUSD, AUDUSD.
Trading hours: before opening of European session.
Considering short duration of time that you need to spend before the monitor, this strategy is very convenient, because you can combine trading with any other occupation, since you do not need to monitor the situation in the market all the time. This strategy can be also used along with the other trading strategies.
The first requirement for entering the market is the existence of flat. This strategy is not recommended in case of the trend movement
Then, we should place two pending orders Buy Stop and Sell Stop 15 points above and below the limits of the channel, which is based on the lows and highs of the price movement from 22:00 of the previous day till 8:00. Stop loss for the pending order to buy will be at the support level of the price channel. Stop loss for the order to sell will be at the resistance level of the price channel. If the price does not reach any of the orders by 15:00 GMT +2, the orders shall be cancelled; or set expiry time of the order when placing the order.
Take profit shall be placed at distance twice as long as the distance to Stop loss, but should not exceed 100 points.
The disadvantage of this strategy is that the hours when you can enter the market are limited; therefore the traders should be patient to open a position. On average, you can make 1-3 transactions a week with the use of this strategy.