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Video Transcript:
Hello everyone, it’s Dale here with a new day trading analysis. I’ll start with a little recap of the trades from the video I sent you on Monday.
The first trade was on the EUR/USD. It was based on this volume cluster here within this rejection. By the way, this is a 30-minute chart. This was our level, and this was the reaction, so that was the first level that got hit.
The second level from the prediction was on the AUD/JPY. This is a 30-minute chart of the AUD/JPY. This is the level here; it was based on a heavy volume cluster that formed within this buying area. This was the level right here, and this was the reaction, so that was another successful trade.
The third prediction was on the EUR/GBP. In this case, the level hasn’t been tested yet and is currently pretty far because the price is moving here, and our resistance is here, so it’s still active.
There’s one more thing I want to talk about on the EUR/GBP. A new resistance formed yesterday at 0.8537, based on a heavy volume zone that formed before this strong sell-off. This is the strong sell-off, and this is the heavy volume zone. The level is at the beginning of that heavy volume zone, where sellers were adding to their short positions before pushing the price even lower. This is an important zone for the sellers because they placed many of their shorts there. I like to trade from the beginnings of the heavy volume zones, as in my experience, those give the best results. Currently, we just need to wait for that pullback, and if the price reaches this zone, chances are there will be a reaction.
Apart from this volume profile setup, what I also like about this level is that the price made a nice reaction here in the past. This reaction means that it worked as support. When the price broke below it, the support turned into resistance. As you can see, it aligns with that heavy volume zone, so it is a combo of two trading setups, which definitely adds strength to that level.
What we need to do now is just wait for that pullback and take it from there.
If you guys would like to learn more about volume profile trading, head over to my website, TraderDale.com. If you click this button, it will take you to a page where you can browse my trading education and tools. Here, you’ll find the Volume Profile Pack, which focuses on teaching you everything about volume profile trading and providing you with my custom-made volume profile indicators. Below that is the Order Flow Pack, which focuses on day trading with order flow and also provides my custom indicators for order flow and volume profile. If you’re interested in getting both—the Volume Profile Pack and the Order Flow Pack—you can get them here at a discounted price.
Thanks for watching the video. I look forward to seeing you next time, and until then, happy trading!
