2/3/2016 GBP Services PMI (0430 EST)
Forecast: 55.4
Actual: 55.6
TRAP TRADE – DULL NO FILL
Anchor Point @ 1.4430
————
Trap Trade:
)))1st Peak @ 1.4419 – 0430:10 (1 min)
)))-11 ticks

)))Reversal to 1.4464 – 0433:00 (3 min)
)))45 ticks
————
Pullback to 1.4436 – 0442 (12 min)
28 ticks

Reversal to 1.4467 – 0502 (32 min)
31 ticks

Trap Trade Bracket setup:
Long entries – 1.4409 (just below the OOD) / 1.4395 (in between the PP and S1 Mid Pivots)
Short entries – 1.4453 (just above the R2 Mid Pivot) / 1.4466 (just above the R2 Pivot)

Expected Fill: n/a – cancel
Best Initial Exit: n/a
Recommended Profit Target placement: n/a

Notes: Cancel as it was short of the inner short tier and a matching report. Nice large reversal as part of a long trend. Then it used the R1 Pivot and 50 SMA as support for a secondary reversal.