I’ve been thinking about doing straddles on GBP/JPY going into the London session for 3pm expiry. The only thing that stopped me was I keep thinking I have to have a super huge move to overcome the losing side + the low delta. The fact that I questioned this & the math never seemed to look good made me not want to try it. I finally decided to demo this strategy tonight. Someone online told me she knows a guy who puts these on every night & usually makes money. Have any of you had success with this strategy?
I always wake up multiple times during the night. I’m going to check the indicative & my p/l as much as possible. If I were doing this strategy regularly, I’d probably try to take profit on the winning side before 8am & hope to see a reversal before expiration at 3pm.
Here’s a screen shot of my current straddles. I did the EUR/USD & GBP/JPY. It’s now 2:30am EST. I got into these trades at 10:10pm & 10:40pm. I want to see how the regular London session affects the spread prices without a big news event.
