🎯 Top Volume Profile Levels to Trade This Week – 11th November 2024

Hello, everyone! It’s Dale here with a new weekly trading ideas video. What you see before you is the chart from NinjaTrader 8 platform with my custom-made Volume Profile and VWAP indicators. This is the chart of EUR/USD on the 30-minute timeframe.

I am strongly short-biased on the Euro because I see a strong sell-off as a reaction to the election. This strong sell-off, combined with the fundamentals of the U.S. presidential election, suggests that I should focus more on shorts for this pair. This means I use the Volume Profile over the recent area to look for significant volume zones.

If you examine how the volumes were distributed this past Friday, there are two significant volume zones. The clearest one is here, from which this strong sell-off took place. This tells us that sellers were building up their short positions here, rejecting higher prices and pushing the price aggressively downwards. This heavy volume zone is now an important area for sellers. If there’s a pullback to this zone, there’s a chance we’ll see a reaction. The level I have marked here is at 1.0780. If there’s a pullback, I’ll be looking to short from this point.

Additionally, there’s a small Fair Value Gap highlighted in red, a concept from Smart Money Concepts, which further strengthens this level. That’s our higher-level resistance based on heavy volumes.

There’s also another heavy volume cluster, though not as prominent as the first, but still strong, especially considering the sharp sell-off originating from it along with a Fair Value Gap. The level at the start of this heavy volume zone is around 1.0742. I believe this area was also significant for sellers who added to their short positions here, as indicated by the volume profile. If there’s a pullback, we could see a reaction at this level as well. That’s for EUR/USD.

Now, let me switch to the next trading idea, which is on USD/JPY. This is a 30-minute chart of USD/JPY, where I want to discuss a resistance level around 153.93. By using the Volume Profile on Thursday’s downtrend, we can see a significant heavy volume zone, indicating sellers accumulating their positions and then pushing the price lower. This heavy volume zone is likely important for sellers, so on a pullback, I believe sellers will defend this area and push the price downwards again.

There are also a few nice confluences here. Without these confluences, the level might not seem as strong, but we have a Fair Value Gap here, along with previous reactions that indicate this level acted as support in the past and then turned into resistance when the price broke below it. This level also aligns with the weekly Point of Control. Looking at the Volume Profile from the previous week, we see the heaviest volumes traded precisely at this level, further strengthening it. For these reasons, I think it’s a strong level to trade from; we just need to wait for a pullback.

The next trading idea I want to discuss is on AUD/JPY. This is a 30-minute chart of AUD/JPY, and we have another level based on the weekly Point of Control. The weekly Volume Profile shows that the heaviest volumes were traded in this rotation zone. After the heavy volumes accumulated, we saw a strong sell-off, indicating that sellers were building their short positions and then driving the price downwards. So, if there’s a pullback, I expect a reaction. There’s also a Fair Value Gap near this level, adding strength. The exact level is at 102.00.

If you’re interested in learning more about Volume Profile trading, visit my website at Trader-Dale.com. Click the button to view my trading courses and trading indicators. Here, you’ll find the Volume Profile Pack, which will teach you everything about Volume Profile trading, as well as the Order Flow Pack, focusing on day trading with Order Flow. Both packs include all the custom-made indicators you need, such as Volume Profile, Order Flow, and VWAP. You can also get both packs together at a discounted price of $697.

Before wrapping up, I’d like to announce the winner of our last contest. The prize was my custom-made Volume Profile and VWAP indicators for TradingView. Right now on your screen, you can see the name of the contest winner—congratulations! I’ll also be running another contest for next week. To participate, simply leave a comment below this video on YouTube, and I’ll randomly pick one winner to receive this set of custom indicators.

Thanks for watching, and I look forward to seeing you next time. Until then, happy trading!