October 17, 2016
Hello traders, Mark Chapman here. I’m the creator of the trademarked Trapped Traders Concept. Welcome to today’s Trapped Traders Trade of the Day Analysis. Today’s date is October 17, 2016.
Today we’re going to look at what I refer to as a trap break pullback, which occurred in this area here. Traders at the hard right edge would’ve believed that this strong level of demand down here on support would’ve acted as a great place to go long again. And indeed, as you can see, price did start heading up, and this is what traps traders into believing that this is the right thing to do, but no sooner do they do that, the market has gone crashing down through that level.
And obviously as we know, the GBP is very weak at the moment, so this pullback into this area is going to release those traders and it’s also a great place to get short, so this looks like a pretty good place to take a trade.
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