August 16, 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 August 16, 2016.
The trap we’re going to look at today is what I refer to as a trap break pullback, which occurred in this area here. Traders at the hard right edge would’ve been interested in going short this pair after it broke that prior level of resistance in here. And as it pulls back, they did indeed start selling, as you can see. But no sooner did they go short, the market has trapped them and gone strongly against them.
So, if we get a pullback, this looks like a pretty good place to get long. And with recent soft data out of the US and the emergence of the carry trade, this looks like a pretty good trade, but keep an eye on equities. You want to see them going up and the dollar index heading south.
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