🎯 Top Volume Profile Levels to Trade This Week – 18th November 2024

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 Volume Profile and VWAP indicators. The chart displayed is the EUR/USD on a 30-minute time frame.

I want to discuss a strong newly-formed resistance at 0.0576. This resistance is based on the fact that the EUR/USD has started to rotate and is currently in a consolidation phase. For this reason, we can look for short opportunities from significant rejection levels like this. Since this level has already been tested, as shown by the reaction here, what remains is this strong rejection that has not yet been tested. This untested level represents a place where strong sellers rejected higher prices. What happened here was that the price gradually moved upward, then suddenly reversed sharply, indicating the presence of aggressive and strong sellers.

If you examine the Volume Profile, it may initially seem a bit harder to interpret, but it does reveal a volume cluster beginning at this level, marking the area where sellers entered the market and drove the price downward. Additionally, there’s a Fair Value Gap (FVG) here, highlighted in red. The beginning of this FVG aligns with our resistance level. I prefer to trade from the beginning of Fair Value Gaps, which adds to the strength of this level. Given the strong rejection, the volume cluster, and the FVG, alongside the consolidating EUR/USD, all signs suggest this is a good level to short. Now we just need to wait for a pullback. If the price reaches this level, it offers an ideal shorting opportunity.

A similar scenario occurred on the AUD/USD. Looking at the 30-minute chart, there was a sharp reversal accompanied by a Fair Value Gap. The beginning of the FVG marked the reaction level. However, unlike the EUR/USD, this level on the AUD/USD has already been tested, meaning it is no longer valid for trading. This makes the EUR/USD level even more attractive.

Apart from this resistance, there’s another one on the EUR/USD at 1.0623, based on a similar scenario. This level was formed during a sharp rejection of higher prices, with a heavy volume zone within the rejection. There’s also a Fair Value Gap at this level, and its beginning marks the resistance. When the price returns to this level, there’s a high probability of a reaction due to the combination of the FVG, the heavy volume zone, and the strong selling activity. Additionally, the Flexible Profile tool, applied over the entire rotation area, reveals significant volumes. While the zone is wide, the sharp rejection and the FVG help pinpoint the exact resistance. The Weekly Volume Profile also confirms this level, as the weekly Point of Control (POC) aligns with it, adding further strength.

Now let’s move to the GBP/USD. This pair is currently in a nice downtrend, so I’m looking for short trades only. The closest short level is at 1.2674. Using the Volume Profile over Friday’s session, we can see that the Point of Control (POC) was at this level, representing the area with the heaviest trading activity. From this zone, a strong sell-off began, indicating sellers were actively building short positions before pushing the price downward. Although the volumes alone may not make the level entirely clear, the presence of a Fair Value Gap provides additional confirmation. The beginning of the FVG aligns with the resistance level, making it an excellent spot for a short trade once the price pulls back.

Another resistance level on the GBP/USD can be found at 1.2741. This level is based on massive volumes formed within the downtrend, a strong rejection zone, and the beginning of another Fair Value Gap. Together, these elements form a robust resistance level.

Next, let’s look at the USD/CAD 30-minute chart. There’s a strong support level at 1.4046. This support is based on a sharp rejection of lower prices, which was accompanied by a heavy volume cluster. This cluster indicates that buyers stepped in at this level and pushed the price aggressively upward. Additionally, there’s a bullish Fair Value Gap here, highlighted in green. The beginning of the FVG marks the support level. This support combines rejection, heavy volumes, and the FVG, making it a great opportunity for a long trade when the price pulls back. For those using Order Flow, you can monitor this area to better time your trade entries and exits.

Before continuing with the next trading idea, let me briefly mention the Black Friday Sale currently running on my website. If you visit Trader-Dale.com and click on the “Trading Course and Tools” button, it will take you to the sale page. Here, you can find my most popular trading courses and indicators, including the Volume Profile Pack, which teaches everything about Volume Profile trading, and the Order Flow Pack, which focuses on day trading with Order Flow. Both packs are available together at a massive Black Friday discount of $497.

Before wrapping up, I’d like to announce the winner of last week’s contest. The prize was my custom-made Volume Profile and VWAP indicators for the TradingView platform. The winner’s name is displayed on your screen—congratulations! For the next contest, simply leave a comment below this YouTube video. I’ll randomly pick a winner next week to receive these indicators.

Thank you for watching, and don’t forget to like the video and subscribe to my channel for more trading ideas. Until next time, happy trading!