Volume Profile Trading Ideas – 27th May 2024

Hello, everyone; it’s Dale here with a new weekly trading ideas video. Just a quick note before we begin with the trading ideas currently on my website: There’s a sale that I’m running and which will be ending by the end of this month. If you go to my website, trader-dale.com, and click this button, it will take you right to that page where you can get the sale. As you can see, the best educational and indicator packs that I offer are discounted here. It is the Volume Profile Pack, which will teach you everything about volume profile trading, and the Order Flow Pack, which focuses on day trading with order flow. You can get those discounted here and you can get them as a bundle for a special discounted price of only $597.0 for both those packs together. So that’s the Volume Profile Pack and the Order Flow Pack. The sale will be ending by the end of the month, which is in four days. All right, so that’s about that. Let us now go and check out the trading ideas.

So what you see before you is the NinjaTrader 8 platform with my custom-made volume profile and VWAP indicators. This is a 30-minute chart of the USD/CAD, and I want to talk about resistance, which is in here. I published this resistance in the members area, in the members course. The resistance is at 1.3709 and if you use a volume profile here over this trend area, then you can see that there is a heavy volume zone in here and this little rotation from which very aggressive sellers started. So this is a sign of sellers that were adding to their short positions here in this zone. Then there was a rejection of the higher price here, this pin bar, and then the sale started. So, this is an important zone for sellers, and this is the beginning of that zone. So if there’s a pullback, there’s a chance that there’ll be a reaction, right? Because the sellers from here are likely to defend this zone when the price comes close and are likely to push the price downwards from that zone again. What I’ll do when the price comes near this zone is I’ll open the order flow software, wait for some kind of confirmation that the big guys are jumping in, that they are reacting to the level, and then I’ll also enter my short trade. So I’ll use the order flow to better time my trade entry as well as I’ll use it to better time my trade exits. All right, but if you guys don’t have order flow, you can just enter the short trade as the price touches this level, chances are there’ll be a reaction from there. All right, so this is the trend setup; that’s a setup that I use when there’s a trend like this one, right? You want to see significant volume bump within the trend and then take it from there. So that’s for the USD/CAD.

The next trading idea is on the USD/CHF. So this is a 30-minute time frame of the USD/CHF, and the level that I want to talk about is a support. It is in here and it is at 0.916. This one is based on a heavy volume zone which got formed before the strong trend activity. So this is telling us that buyers were building up the long positions in here, they were accumulating the longs here, and then they pushed the price up first. And this is an important zone for the buyers because they were accumulating the long positions here. You can see that on the volume profile, this is where the strong uptrend started and it is also the beginning of that heavy volume zone. So chances are that price comes close to this zone where the buyers were active, it’s likely that they’ll defend it, they’ll become active and defend it and push the price upwards from there again. Now additionally to that, additionally to this volume profile setup, there’s also a price action setup. If you look in here, there was a nice reaction to this level in the past which means that this level was a resistance when the price blew past it, it turned into a support, right? And it is at the same as we have that heavy volume zone in here. So we have a nice little combo of two trading setups. Now we just need to wait for that pullback and take it from there. All right, so that’s for the USD/CHF and the next trading idea is on the EUR/CAD. 

So this is the EUR/CAD. If you look at the chart, the 30-minute chart, then what stands out the most is this rejection of higher prices and this very sharp sell-off here. So what this is telling us is that buyers were slowly and shyly pushing the price upwards and then sellers started to jump in aggressively, boom, boom, boom, they started to push the price aggressively downwards. If you look at the volume profile, then it very nicely shows a heavy volume zone in here. This is where the sellers were most active and this is the most important place for the sellers now. So when the price comes back to that heavy volume zone with the sellers who turned the price into uptrend to sell were active, it’s likely that there’ll be a reaction, right? It’s likely that the sellers from here will become active again, defend this place which is clearly important for them and push the price downwards from there again. So what we need to do now is just wait for that pullback to this level which is at 1.4864 and push the price downwards from there again. So that’s for the trading ideas for today, guys. 

Before I wrap the video up, I’d like to announce a winner of a contest we had last time. The prize of the contest were my custom-made volume profile and VWAP indicators for TradingView platform. And right now on your screen, you see the name of the person who won in the contest. So congratulations to the winner and what I’ll do next is I’ll do another contest the next week. The only thing that you need to do to participate in the contest is leave a comment below this video which I’ll publish on YouTube and next week I’ll randomly pick one person to win those set of indicators. All right, so that’s about that. Thanks for watching the video and I’ll be looking forward to seeing you next time and until then Happy Trading.