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 September 26, 2016.
The trap we’re going to look at today is what I refer to as an outside candle trap. It’s also a structure failure trap, which occurred in this area here. Traders at the hard right edge would’ve been very seduced into this drop in price. And as it pulls back, it did indeed start to sell off. As you can see, that would’ve looked like it was selling off in real time.
But the candle flips, turns, and closes strongly against those shorts, trapping them in those positions. So, if we get a decent pullback, this looks like a pretty good place to get long, and there were some pretty dreadful economic numbers out of Canada on Friday, so this should be good to go.
If you’d like to join me in my Trade Room today to get analysis on all the pairs I’m trading and all the traps I’m considering, I’d love to see you there. Just click the button to join me for today’s live Trade Room. Have a great day, guys, and I’ll see you there.
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