Video Transcript:
Hello everyone, it’s Dale here with a new weekly trading ideas video. Today, we’re going to take a look at EUR/USD, GBP/USD, and NQ. So, let’s get to it.
What you see before you is the EUR/USD chart. It’s a 30-minute time frame, and today I’d like to show you a resistance here at 1.1737. As you can see, the market opened with a gap right here — this was the gap. Before the gap, let me use the Volume Profile here — there was a heavy volume zone, this one. This is actually a setup that I really like to trade. You won’t see this very often because Forex doesn’t open with gaps too frequently, but when it does, and it forms a gap with a heavy volume zone behind it, then it’s a perfect chance to trade this setup.
So this is what you want to see: the gap, and behind that, the heavy volume zone. Then you want to wait for a pullback to the beginning of that heavy volume zone. I placed the level here because it’s also the beginning of a fair value gap, and I plan to go short from there. There should be a reaction from this heavy volume zone. The first thing is that the gap needs to get filled. Once it does, the reaction is very likely to occur — like this. That’s why I’m waiting here with a limit order at 1.1737. When the price hits this level, I’m going short.
By the way, you can also notice that this level is the point of control from the previous week. The gray profile on the left is the weekly profile from last week, meaning from this whole area — and this is the weekly point of control, which is almost exactly at our level. This adds strength to the level because the price went down from this place, which means the weekly point of control should work as a resistance.
By the way, you can also see that I had a long level here on EUR/USD — this level. I was trading from this significant volume cluster, which formed within this rejection. This is where I went long, and honestly, my take profit was just one pip above this reaction. So, this is where my take profit was. When the price reacted to that level, I moved my stop, which originally was here, a bit higher to this place — the reaction point.
When the price was one pip before my take profit, there was unexpected news that the French Prime Minister resigned — and boom, all this happened within one minute. Complete reversal in one minute. Tough luck! I’d say if he had resigned one minute later, this would have been a profitable trade. Anyway, that’s for the euro.
Now, let’s move to the British pound. On GBP/USD, we’re also looking at a 30-minute chart, and here’s the same setup as on the euro because we have an opening gap. Behind the gap, there’s a significant volume zone — this one. You do it the same way as I showed you on the euro. You wait for a pullback, and when the price hits this level at 1.3475 — where the gap gets filled and the price reaches the beginning of the heavy volume zone — there’s a high probability of a reaction, and the price will likely go down from there.
So, this is a significant resistance. I’m currently waiting with a pending order here at 1.3475. Now, I’m not saying this needs to happen today, but gaps usually get filled rather quickly, so my guess is that this will happen today or maybe tomorrow. Even if it takes a week, I don’t really mind — I’ll still wait here with a limit order. My guess is that it will get filled sooner rather than later.
All right, that’s the British pound. Let’s now switch over to the NQ.
This is the NQ, and what I wanted to show you here is a support at 24,680. Let me use the Volume Profile here — by the way, you’re looking at a 30-minute chart. This is a significant rejection of lower prices because there were sellers trying to push the price down, but buyers stepped in here, in this heavy volume zone. This is where buyers started to buy aggressively and reversed the sell-off into a new uptrend.
So this is a very important place — this whole rejection. The most important part of that rejection is this heavy volume zone because this is where you can clearly see that buyers stepped in, and those buyers are likely to defend this place in the future as well. If there’s a pullback, chances are there’ll be a reaction, as the buyers from here will want to defend this place, which is clearly important for them.
Now, if you guys are interested in learning more about Volume Profile trading, head over to my website at Trader-Dale.com. If you click Trading Course and Tools, it will take you to this page. As you can see, I’m currently running a special Halloween Sale. If you scroll down, you can get my best educational and indicator packs discounted — the Volume Profile Pack, the Order Flow Pack, the VWAP Pack, and the Smart Money Pack. You can get them separately at a discounted price, or scroll down a bit further for a special Halloween Sale deal: all four packs together for only $697 until the end of this month.
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 can see the name of the contest winner — congratulations!
Next, I’ll do another contest for next week. To participate, just 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, and I look forward to seeing you next time. Until then — happy trading!
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