USD/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 (+2GMT)**.
- Wait for a **clear breakout** with a candle *closing* above (for longs) or below (for shorts) this range.
- Wait for at least one reversal candle.
Step 2: Apply Fibonacci Levels**
- After the breakout, use the **Fibonacci retracement tool**:
- **Anchor Point 1:** Start at the *close* of the last impulse candle wick.
- **Anchor Point 2:** Drag to the *start* of the impulse move - first candle wick 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 wick.**
- *Short trades:* Above the **high of the breakout candle wick.**
- **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
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 (+2GMT)**.
- Wait for a **clear breakout** with a candle *closing* above (for longs) or below (for shorts) this range.
- Wait for at least one reversal candle.
Step 2: Apply Fibonacci Levels**
- After the breakout, use the **Fibonacci retracement tool**:
- **Anchor Point 1:** Start at the *close* of the last impulse candle wick.
- **Anchor Point 2:** Drag to the *start* of the impulse move - first candle wick 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 wick.**
- *Short trades:* Above the **high of the breakout candle wick.**
- **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
Note
#1 Entry active #2 Entry active
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.