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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.
The first thing I’d like to talk about is the EUR/USD. This is a 30-minute chart of the EUR/USD, and I’d like to discuss a support level here. It is at 1.0761, and this support is based on a setup that I like to trade when there’s a trend. What you do is use a Volume Profile, ideally the flexible Volume Profile, over the trend area like this. You can also select the broader trend like this, but the heavy volume zones should stand out. This level that I want to talk about is based on this heavy volume zone, which formed within this uptrend. This indicates that buyers who are pushing the price upwards are adding to their long positions here. You can see on the Volume Profile that they were active here, adding to their positions, and there were heavy volumes traded here. This is an important zone for the buyers, and if there’s a pullback at some point in the future, it’s likely there’ll be a reaction from there.
What I like about this level is the very aggressive buying activity starting from this heavy volume zone—all those bullish candles definitely add strength to that level because they indicate the determination of the buyers. There was a similar level in the past, here, with heavy volumes that already got tested. Unfortunately, that was during macro news, so it would be extremely risky to take it, but I just wanted to show you how this is supposed to look. In this case, there was also nice confluence because there was the first deviation of the weekly VWAP here (the gray line), which meets with the heavy volume zone, and the price reacted very nicely there during the macro news. This is how the reaction is supposed to look. Now, we need to wait for that pullback, and if it occurs, take it from there. To improve your trade entry, you can use the order flow software. When the price is somewhere around this zone, you can use the order flow to better time your trade entry or confirm your trade entry and better time your trade exits.
Alright, that’s it for the EUR/USD. Let’s now move on to the next trading idea, which will be on the EUR/GBP. But before that, just a quick note: currently, I’m running a special sale on my website. If you go to trader-dale.com and click this button, it will take you right to the sale. It is the Independence Day Sale, which means you can get my best educational and indicator packs at a massive discount. This includes the Volume Profile pack, which teaches you everything about Volume Profile trading, and the Order Flow pack, which focuses on day trading with order flow. There are videos you can check out that will show you everything included in these packs. If you are interested in getting both together for one special discounted combo price, you can get them here—the Volume Profile pack and the Order Flow pack together for $597.
Alright, back to the charts. Let’s check out the EUR/GBP. This is a 30-minute chart of the EUR/GBP. Currently, it seems sellers are in control, and there is one strong level that the sellers made here. If you use the Volume Profile like this, it stands out very nicely—the heavy volumes from which this aggressive sell started. This heavy volume zone shows where sellers were active, adding to their short positions, and then pushing the price aggressively downwards from there. This level is still important for the sellers, and if there’s a pullback to this heavy volume zone, chances are there will be a reaction, as the sellers are likely to become active again, defend this important place, and push the price downwards from there again. The beginning of that heavy volume zone is at 0.8472. We need to wait for that pullback, and if it occurs, take it from there.
Now, the last trading idea of this video will be on the CAD/CHF. Let’s check it out. This is a 30-minute chart of the CAD/CHF, and there are two levels I’d like to discuss: this resistance and this resistance. Both are based on the very aggressive sell-off that took place on Friday. This sell-off indicates that the uptrend is over, sellers took control, and started pushing the price downwards. When you see something like this, use the Volume Profile over the recent area where the trend changed, and it will show you important places like this one and this one. These are places where sellers were adding to their short positions as they were pushing the price downwards. These places are very important for the sellers, so they are likely to defend them. If there’s a pullback to the beginning of the first heavy volume zone, chances are there will be a reaction. An ideal scenario would be another pullback to this place, where there’s likely to be a reaction from the sellers who were active here. The first level is at 0.6581, and the second one is at 0.6610. Hopefully, we will see these two pullbacks and be able to trade from these two levels.
Now, before I wrap up the video, I’d like to announce the winner of the contest we had last time. The prize was my custom-made Volume Profile and VWAP indicators for the TradingView platform. Right now, on your screen, you see the name of the contest winner. Congratulations to the winner! Next, I’ll do another contest for next week. To participate, leave a comment below this video, which I’ll publish on YouTube, and next week I’ll randomly pick one person to win this set of custom-made indicators.
That’s about it. Thanks for watching the video. I’ll look forward to seeing you next time. Until then, happy trading!
