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Video Transcript:
Hello, everyone! It’s Dale here with a new weekly trading ideas video. What you see before you is the NinjaTrader 8 platform with my custom-made volume profile and VWAP indicators. This is a EUR/USD chart, and you are looking at a 30-minute time frame.
The first trading idea to discuss is this support level at 1.0844. This support is based on the strong rejection of lower prices that occurred on Friday. Generally speaking, the Euro is more on the buy side. There was a strong uptrend, a little correction, and then a strong rejection of lower prices, which is a sign of aggressive buyers jumping in and pushing the price upwards again. If you use the volume profile within this rejection, you’ll see a heavy volume zone. This is why I want to go long from here, as it shows where buyers started to jump in and push the price up. This is the place where most of their volumes got traded, making it an important level. If there’s a pullback to this zone, chances are that the buyers from here will become aggressive again and push the price upwards.
When the price is around this zone, I’ll open the order flow software to better time my trade entry and exit. If you don’t have order flow, you can just enter the trade as the price touches this level. This is the rejection setup on the EUR/USD. You trade the rejection setup when there’s a strong rejection and a significant volume bump within the rejection, like this one.
The next trading idea is on the AUD/JPY. We are looking at a 30-minute chart, and there is a strong uptrend. Within this uptrend, there is a significant volume cluster. This cluster indicates that buyers who were pushing the price upwards were adding to their long positions here. The level I have marked is at the beginning of that heavy volume zone, exactly at 104. This level is important for two reasons: it marks the beginning of the heavy volume zone, and the price reacted here in the past, indicating it was a resistance zone. The price breaking through this resistance turned it into a new support. This is a confluence of the volume profile setup and the price action setup, making it a strong trading combo. I’m waiting for a pullback to go long from this level.
The next trading idea is on the EUR/GBP. This is a 30-minute time frame, and the level I have marked is resistance at 0.8576. The weekly volume profile shows that the heaviest volumes last week were traded at this level, the weekly point of control. There was a sell-off from this point, indicating that sellers built up their short positions here and then pushed the price down aggressively. If there’s a pullback to the beginning of this heavy volume zone, it’s likely there will be a reaction as sellers defend their positions and push the price down again.
You can use the flexible volume profile to look into this, but it will show the same thing as the fixed profile. Both profiles indicate a heavy volume zone formed within the rotation from which the strong sell-off started. One risky aspect is the weak high above those candles, which could attract liquidity and push the price past this level. This is why I placed the level a little below the heavy volume cluster, hoping the price reacts within this zone and is not attracted by the liquidity above.
If you are interested in learning more about volume profile trading, head over to my website, www.trader-dale.com. Click on the button that says “Trading Course and Tools,” and it will take you to a page where you can browse my trading education and custom-made indicators. The volume profile pack will teach you everything about volume profile trading and provide you with my custom-made volume profile indicators. Below that, there’s the order flow pack, which includes everything about day trading with order flow and my custom-made order flow and volume profile indicators. There’s also a special combo pack that includes both the volume profile pack and the order flow pack.
Before wrapping up, I’d like to announce the winner of the last contest. The prize was my custom-made indicators for the TradingView platform. The name of the winner is displayed on your screen. Congratulations to the winner! I will be doing another contest for next week. To participate, leave a comment below this video, which I will publish on YouTube, and I will randomly pick one person to win the set of indicators.
Thanks for watching the video. I look forward to seeing you next time. Until then, happy trading!
Hi Dale,
every video and e-book are of great value to me. I’ve been studying everything all weekend and I’m so happy I found your website. Thank you so much for your positive energy. It will definitely help me to move on and start doing things more professionally as I would like for my happy future 🙂 Thank you very much 🙂
Thank you Dale! I had seen a video of yours a while back but i didnt take it serious. However, i just realised i have been missing and have been struggling with my trading. I came across your video on Orderflow and Volume profile 2 weeks ago again. It reiginited my love for your system and approach.The simplicity is what makes it unique.
Thank you for your support and all the information you are sharing with us. Bravo!!!
Great video on volume profile. Your videos have helped me see the market better. Thanks.
Hi Dale
Got a lot out of what you are teaching here.
I compared with my own charts and removed several indicators (from my chart).
In a matter of moments I could see a path that was simple and quite clear.
Entry and exit.
Thankyou.