You can use this strategy as a leg to get into a broader setups. In fact there are plenty of ways to use this strategy; the studies revolve around the fact that when you get a volatility contraction over 7 days then something is likely to happen. Sure there will be plenty of times when you get a fakeout so perhaps you could add a volume filter to it.
Narrow Range 4?
Mean Reversion Strategy for Forex Markets 💥