ONENTRY
GBP/JPY - ONENTRY ' 2Fib Strategy '
Timeframe: 30 Minutes
Session: London Pre-Market (00:00 - 06:30 +2GMT)
Step 1: Identify the Overnight Range
Mark the high and low of the price range between 00:00 - 06:30 (+2GMT).
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.
Anchor Point 2: Drag to the start of the impulse move (first candle 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 (1:1 risk-reward).
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.
Trade active
Note
TP 1 HITNote
TP 2 HITNote
TP 3 HITTrade closed: target reached
TP 4 HIT :)Have a great Weekend !!!
ONENTRY
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.