Does anyone do Forex straddles regularly?

#1

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.

#2

Now it’s after 3am & I’m pretty deep in debt. LOL! It looks like they may have changed the prices because of IV. Now I have to look at this closely & see if it would’ve been better to wait until 3am to get in.

#3

Just after 3:30am & I’m noticing a better p/l with the EUR/USD over the GBP/JPY. It’s still early, and the GBP/JPY usually moves farther. Right now the better pricing on the slower mover is winning. It was +12/-12 about 10 minutes ago on my phone. I can’t wait to see how it looks later today. I should keep these until expiration just to look at the p/l. This is just demo, so I’ll learn more about price movement if I just leave it on.