The GBPJPY market produced an early Asia session breakout trap which caused a bullish rally to fail and collapse in on itself. The market is now looking very bearish as the New York session comes online.
If the market continues to move lower and breaches the previous day’s low, then we can consider short positions as a bearish breakout trap and reverse trade triggers. One of the things we teach in our War Room Price Action Course is how to take advantage of these failed breakouts and get on the right side of the market while a lot of other traders are getting washed out of their potions.