Timeframe: 5 min or below
Indicators: none
Currency Pairs: EUR/USD, GBP/USD, GBP/JPY (I tested with these, but others should work also)
Important Openings: Japan, GB, Europe, North America
You don't need to care about knowing in which direction the market will move.
Just place a buy-stop at the high + 5 pips and a sell-stop at the low - 5 pips of the last few candles.
How many candles you use depends on your timeframe. If you use a 5 min timeframe you use 1...2 candles, on 1 min timeframe you use 2...5 candles.
For stop-Loss there are two possibilities:
1. You place your SL 20 pips away from the price where the order would be hit.
2. You place your SL 2...3 pips above the high (sell order)/below the low (buy order) of the candles you used to determine the price to open the order or SL described above, whichever is closer.
For take-profit it would be best if you just trail you SL 5 pips below (buy)/above (sell) the recent price AFTER price moved AT LEAST 6 pips. If you can't trail your SL that close use the closest possible distance and start trailing after price moved this distance + 1 pip.
If you can't trail your SL at all you have to use a TP. This should be between 5 and 10 pips, as you can never know how far price will move.
If there is one or more pending orders which have not been executed till 5 min after opening of the national market you have to delete these orders and wait for the next possibility.
This strategy also works for news, but if you want to try it on news you have to be careful if your broker wides spread significantly. This would increase chances of losing trades enourmously.
Opening times of national markets can be found here
One word of caution:
The information about which currency pairs and markets to use took several years of research. So if you want to use another currency pair or market make sure you do some research bevore risking your money.
Forex system - Capture Market Opening Pips
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