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.