Morning Straddle StrategyEuro vs. Great British PoundFX:EURGBPElGore18The Morning Straddle is a neutral overnight-range breakout strategy designed for major FX pairs. The strategy records the highest and lowest prices between 10:00 p.m. and 6:00 a.m. At 6:00 a.m., a buy-stop order is placed above the overnight high and a sell-stop order is placed below the overnight low, using a 5% ATR buffer to reduce the chance of entering on a minor false breakout. The stop loss is placed on the opposite side of the overnight range, with an initial target of 1:1 risk-to-reward. The strategy is generally more suitable for GBP, EUR, CHF, USD and CAD pairs, as their home markets are relatively inactive during much of the overnight session. AUD, JPY and NZD pairs may be less suitable because their markets are active during part of this period. Performance may be improved by filtering out unusually small or large overnight ranges, increasing position size and target distance when trading with the broader trend, and adjusting the stop loss to the opposite side of the 50% range level to improve risk-to-reward. The strategy can either use an OCO structure, where the opposing order is cancelled once one side is triggered, or keep both orders active to allow for a false breakout and reversal. Keeping both orders active increases the chance of two trades being triggered, so additional risk controls may be required.