This was trade example that may be taken on 22 Jul 2021 (Thursday), this trade was a probe trade.
Pre Analysis:-
Fundamental news:- news for USD was good since last Friday data from retail sales released. but today data on unemployment claims that released 8:30pm my time was little bit bad. thus the sentiment for USD was mixed. while EUR news was also no clear cut sentiment. Overall sentiment was neutral so trade can go both long or short.
Correlation:- EURUSD (7 / 13) which show suitable for short trade. USD show strength compared to EUR.
Market Structure:- refer to H4 chart, the price trade on what looks like downtrend channel and this confirm the correlation for EURUSD short.
Session:- when news for EUR released, price broke Asia session level and surge to long trade, but immediately pullback down and came back to initial level of Asia. Thus this show probing setup and probably go down to a short trade.
Trade classification: B trade
