[_] ONENTRY
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 !!!
