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 11, 2016.
The trap we’re going to look at today is what I refer to as multiple structure failure traps, which are starting to occur in here. They haven’t fully played out yet, but price breaks up strongly above this level. It’ll trap those retracement traders on the wrong side of the market as they’ve come in, selling off that historical level of resistance.
So, if we get a pullback and stock markets continue to rally and you notice some strength in the dollar index, this looks like a pretty good place to get long, but we’ve got some jobs data out of the US later today, so that might be the catalyst for this trade anyway, so keep an eye on that.
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