[_] ONENTRYGBPUSD - ‘2FIB Strategy’ by ONENTRY
Timeframe: 30 Minutes
Session: London & New York
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### **Step 1: Identify the Overnight Range**
- Mark the **high** and **low** of the price range between **00:00 - 06:30 (+2GMT)**.
- Mark up **50% of the overnight range**:
- Wait for a **clear breakout** with a candle *closing* above (for longs) or below (for shorts) the range.
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### **Step 2: Apply Fibonacci Levels**
- After the breakout, use the **Fibonacci retracement tool**:
- **Anchor Point 1 (Start):** Close of the breakout candle body.
- **Anchor Point 2 (End):** Drag to the **50% level of the overnight range**
- Key retracement levels for entry: **0.5 and 0.35 Fibonacci**.
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### **Step 3: Trade Execution**
- **Entry:** Enter on a pullback to **0.5 or 0.35 Fib level** after the breakout.
- **Stop Loss:**
- *Long trades:* Below the **low of the breakout candle**.
- *Short trades:* Above the **high of the breakout candle**.
- **Take Profit Targets:**
- **TP1:** 1.0 Fib extension (initial target).
- **TP2:** 1.25 Fib extension.
- **TP3:** 1.6 Fib extension.
- **TP4:** 2.3 Fib extension (runner position).
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### **Step 4: Trade Management**
- Move SL to breakeven when price hits **TP1**.
- Close all remaining positions before midnight.
