September 23, 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 September 23, 2016.
The trap I’m going to look at today is what I refer to as a structure failure trap, which occurred in this area here. Traders at the hard right edge would’ve been very induced and seduced into selling this pair as it breaks that prior level of support and then it becomes resistance. And as you can see, it does momentarily sell off, but no sooner do people go short in there, the market has gone strongly against them, trapping those traders short off this historical level.
So, if this pulls back, this looks like a pretty decent place to get long.
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