MitchellShoesmith

MitchellShoesmith

NZD/CAD is also in a period of consolidation, looking for a breakout of the corrective structure to the downside. My long term bias is this is a bearish pair and will look to enter short on the breakout.

MitchellShoesmith

Looking for a bearish move from the breakout of the corrective structure on the 1 hour time frame. Already had one big breakout from previous wave, looking for further downside movements. Target it -27% fib around 1.44100 level.

MitchellShoesmith

Inverse H&S formation on the Daily TF which we have just completed the RS and are currently in the BUY ZONE. Upon the break of what was acting as a previous support (now resistance) of 1.70525 I will be looking for a long entry. Most likely looking for a break above the 23.6 fib. Just over 2:1 R:R Ratio, will keep my eye on this as the day progresses.

MitchellShoesmith

Just had a breakout of the TL, anticipating a pullback to around the 50% fib after the rejection of the 61.8% fib at which point i will look to go long to the 78.6% fib. Trading TL's / Waves / Fibonacci / MA - ALWAYS looking for confluences!

MitchellShoesmith

Potential to go long on a reaction of the previous support/TL. I will more than likely look for a strong rejection on the daily TF to go long. However another possible point of entry to go long would be a clear breakout above the 78.6% fibonacci on the lower TF and a cross of the 240 TL. Let me know your thoughts.

MitchellShoesmith

Adjusted long entry after we didn't see the break of the 61.8% fibonacci as shown on previous post. Will now be looking to enter long on the rejection of the TL. Let me know your thoughts.... breakout or reversal?

MitchellShoesmith

NZD/CAD shorts nearly in play, waiting for the close of the second bearish candlestick to go short on the break of the TL. Down side targets of 0.93100. 1:3 risk reward, lets see how this one plays out!

MitchellShoesmith

Price has just rejected on the daily support and appears to now look bullish. On the 4H TF there is a clear breakout from the descending TL so it appears that we will see some further bullish momentum. I will be monitoring this trade and will enter on the break above the 61.8% fibonacci.

MitchellShoesmith

I have been waiting patiently for the opportunity to go long on this pair. We have seen another rejection off the ascending TL and now appear to have bullish momentum. I will be entering this trade long on the close above the 61.% fibonacci and will hopefully trade up to the four targets above!

MitchellShoesmith

Analysing NZD/CAD on the daily TF we can see an inverse head and shoulders formation completed and a potential break of the neckline reaching new highs. Upon a successful break of the neckline we could see a huge bullish movement up to the 1.01-1.02 level. Trade with care.

MitchellShoesmith

USD/CAD - A lot of confluences to see a bullish continuation upon a successful breakout of around the 1.32400 level. Bullish engulfing candle on the daily time frame too, i will wait for a break and close above the resistance area on the daily TF before going long.

MitchellShoesmith

EUR/JPY - Looks like we have a double top forming on the 240 TF. Will be looking to enter short upon current candlestick close and trade down to 61.8% fib of 113.900 as we have had 2 bearish candlesticks close below key 23.6% fib.

MitchellShoesmith

EUR/AUD - Inverse H&S formation on the daily TF. We have seen a nice break above the neckline and currently testing the 50% fib. Will look for a buy entry on a close above the 50% fib and trade to first upside target of 1.51600 (61.8% fib level).

MitchellShoesmith

AUD/USD - We have just seen a break of the 4 hour trend line and it appears that we will see a second break below the 61.8% fibonacci level. MA have crossed on the 1 hour TF and look likely to cross to highlight bearish momentum on the 4 hour TF too. I will be looking to enter short on the close of a second bearish candle below the 61.8 fib.

MitchellShoesmith

GBP/AUD - Close to entering short on this pair. Waiting for a clear break below the 61.8% fib level as it appears to be an area of strong support. Let me know your thoughts.

MitchellShoesmith

GBP/USD has just broken out of the 1.33715 an area of key resistance following some news about the US economy. This breakout could push price action to around 1.34800 and beyond. I am anticipating a pullback from the highs of today back down to around 1.33715 which should then act as support, i will then enter long on this up to 1.34800.

MitchellShoesmith

Potential inverse head and shoulder pattern forming on the 240 TF, will be looking for a bearish RS down to 23.6% fib, then a bullish leg up to the monthly TL and look for a possible breakout. Just an idea on the current price action, let me know your thoughts!

MitchellShoesmith

USD/JPY - Currently touching the daily resistance TL, looking for a breakout and a bullish move up towards the 38.2% fib level. MA has shown a bullish crossover, with RSI and Stochastics also appearing bullish into the coming week.