MitchellShoesmith

MitchellShoesmith

Bit more of an educational post for newer traders to hopefully learn from. Basic insight on a clear chart of how support and resistance levels and price structure works. We can see with every down trend and break below support we have a pullback and retest of support turned resistance. Likewise now we are in an uptrend with some strength in the pound for every big...

MitchellShoesmith

Potential short setup on the 1H time frame, we have had a 61.8 fibonacci retracement and are now set for a counter trend line break, if we see a break below this trend line i will be looking to go short.

MitchellShoesmith

Potential shorts on USD/JPY. On the daily time frame we have seen significant resistance at 118.600 after multiple rejections and the bulls appear to have lost momentum. On the lower time frames we have had a 50% fib rejection which if a CTL breakout occurs i will be looking to go short. First target set at -27% fib extension Second target set at -61.8% fib...

MitchellShoesmith

Potential short setup on EUR/JPY, we have had breakout of the ascending triangle which seemed to trap price just below resistance level of 1.23200-1.23400 where the bulls couldn't get a close above on the daily closed. Now we have had a breakout to the downside, and a re-test of the ascending triangle there is potential for a short setup on the 1H time frame....

MitchellShoesmith Updated 

50% fib rejection and possible CTL crossover by the end of the hour will trigger a short entry for me. I will be looking for -27% as target. 2.5:1 R:R. Only negative confluence i have to go short is the previous daily candle, bulls really pushed price back up yesterday so potentially a lot of buyers in the market.

MitchellShoesmith

Current position on EUR/CAD +45 pips up. However we have now had the break of this 5 wave triangular structure to the downside so i am expecting more downside momentum to continue. Daily support at 1.38800 is our next key level, if we break below that we're heading way down to 1.37600. For more trading info head over to my instagram - Tag in BIO.

MitchellShoesmith

On the 4H time frame we have a symmetrical triangle that i am looking to short upon the breakout of the lower trend line. There has been a lot of resistance at the 61.8 fib which coincides with the 1.23200 key resistance level which the bulls have failed the break above on the daily close. If you look on the daily chart there has been several rejections of this...

MitchellShoesmith

Another potential short for the week ahead.... I will be looking to go short on a CTL break and close below the 4H 200EMA. We may see this corrective structure continue to the upside to 1.44800 and retest resistance and then break to the downside. Target set at daily support of 1.41300 For more trading ideas follow me on instagram: Link in BIO

MitchellShoesmith

Potential short setup on EUR/USD into the upcoming week. We have had a nice rejection from the 78.6 fib on the daily time frame and a big bearish move on Friday down to previous daily support of 1.05200. We are now sat at this key daily support and a break below this level should result in some new lows. We have had a CTL break and a MA crossover on the 2H...

MitchellShoesmith

We have a great potential short set up for AUD/USD... We have a 50% fib rejection, which also corresponds with a 200EMA rejection and a daily TL rejection to add confluence to this move. Also, we have a 2H MA crossover and the 4H MA are looking like they are about to cross to the downside too. I am waiting for a CTL break before entering to make this set up...

MitchellShoesmith

On the one hour time frame we have a breakout of the corrective structure / consolidation period to the downside, however now we're touching a key support of 1.33600. I will look to see what PA does around this area to see if i can get an entry. If we bounce i won't take the trade long. However if we break below support, i will be looking for a retest before going...

MitchellShoesmith

I posted a high time frame shot of EUR/CAD shorts however i have been unable to get an entry until now. Corrective structure breakout, MA crossover and a break of the key 1.40300 daily support should see further downside momentum. We may see a small pullback to retest 1.40300 but it should be all bearish from here. Target set in line with -61.8 fib of 1.38720....

MitchellShoesmith

The pair is forming a pullback on recent bullish momentum over the past few weeks however a break to the upside will trigger a long entry. MA crossover on 4hour TF showing confluence to the upside. Wait for CTL breakout to go long. Target: 118.600 just below -61.8% fib. Follow me on Instagram for more trading content: Tag in BIO!

MitchellShoesmith

Bearish bias on NZD/USD with the continued dollar strength into the new year. We had the breakout of the triangle structure on the 1H time frame which would have been an ideal entry however i am now short on the 4H breakout of the longer CTL with downside targets of 0.68600. A break below 0.68550 could seen further downside movements. - Other pairs i am...

MitchellShoesmith

I still have a long term short bias on this pair after breaking down below a key support of 1.05200 with the daily and weekly candles still looking very convincing for a big short. Lower time frames i have missed this entry here which i would've taken on the CTL break on the 1h TF. However if this moves the downside i will look at PA around the 200EMA and 38.2%...

MitchellShoesmith

First of all Happy New Year everyone, i hope everyone had a great 2016 and is looking forward to achieving their goals in 2017. Now, back to the analysis: EUR/CAD: W - 200EMA REJECTION, DOJI HIGHLIGHTING 1.42000 REJECTION. Expecting big shorts on this pair of the next few weeks downside projection of 1.35200. I currently haven't got an entry signal on the...

MitchellShoesmith

Posting this one a little bit late but i am currently short on GBP/USD with downside targets of 1.21750. There was a nice pullback to the 78.6 fib level and a CTL break and nice bearish 4H close. Lets see how this one plays out. For more regular posts follow me on instagram: Instagram: ms.fxtrading

MitchellShoesmith

Potential for a nice short trade of 200 pips or more from this setup. Just broke out of the daily corrective structure to the downside. Now in a period of consolidation and moving sideways in the market. Will be looking for a break of the consolidation on the lower time frames to get an entry on this one. Let me know what you think.