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Originally Posted by et_phonehome_2
Do you wait until the Asian session finishes or is this at the start of the European session? How do you filter false breakouts if your Buy/Sell stop does not allow room to breathe, that is, like maybe 3-5 PIPs away from the highest and lowest?
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Ah ok that's a good question I've asked myself before. If the distance from the high to the low is smaller than 20 pips, I will not use this strategy. 20 pips is self-imposed. There are times it worked within that range.
I don't wait for the Asian session to close, I look to enter my orders when the high and low (more than 20 pips in between) are established by 0700H. Like right now, you can actually set a buy order at the Asian High 1.9396 now. The market price is favorable if it is in the middle between the high and low or 25% away from the high and low, then set your orders accordingly.