GBP/JPY - ‘2FIB Strategy’ by ONENTRY
Timeframe: 30 Minutes
Session: London & New York
Step 1: Identify the Overnight Range
Mark the high and low of the price range between 00:00 - 06:30 (+1GMT).
Wait for a clear breakout with a candle closing above (for longs) or below (for shorts) this range.
Step 2: Apply Fibonacci Levels
After the breakout, use the Fibonacci retracement tool:
Anchor Point 1: Start at the close of the breakout candle body.
Anchor Point 2: Drag to the start of the impulse move - first candle body of the range.
Key level for entry: 0.5 and 0.35 retracement.
Step 3: Trade Execution
Entry: Enter on a pullback to 0.5 and 0.35 Fib level after the breakout.
Stop Loss :
Long trades: Below the low of the breakout candle’s body
Short trades: Above the high of the breakout candle’s body.
Take Profit Targets:
TP1: 1.0 Fib
TP2: 1.25 Fib extension.
TP3: 1.6 FIB extension
TP4: 2.3 Fib extension (runner position).
Step 4: Trade Management
Move SL to breakeven when price hits TP1.
Close the running trade before midnight.
!!! Always Test The Strategy !!!
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.