October 4, 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 4, 2016.
The trap we’re going to look at today is what I refer to as a trap break pullback, and this occurs when levels of support and resistance actually look as if they’re appearing to work at the hard right edge, but fail on those traders, trapping them on the wrong side of the market. In this case, on this one-hour chart of the GBPUSD, you can see this level of support.
And as price comes back into that level, you can also see that it bounces off that level and this would’ve looked at the hard right edge like it was very much following through to the upside.
However, as you can see, no sooner did those traders go long, it’s gone crashing down through that level, which also happens to be post-Brexit lows. So, if we get a pullback into this area here, this looks like a great place to get short.
If you’d like to join me in my live Trade Room today to get analysis on all the pairs I’m trading and all the traps that I’m considering, I’d love to see you there. Just click the button below to join me for today’s live Trade Room. Have a great day, and I’ll see you there.
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