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EUR/USD: Volume Profile & VWAP Analysis (30th May 2024)


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Video Transcript:

Hello everyone, it’s Dale here with a new day of trading analysis. Today, I want to talk about the EUR/USD. So, what you see before you is a NinjaTrader 8 platform with my custom volume profile and VWAP indicators. This is the EUR/USD 30-minute time frame, and the level I want to talk about is here; it’s a newly formed resistance at 1.81. This resistance is based on a heavy volume zone that formed within the current downtrend.

So, if you use the flexible volume profile indicator over the trend area, then the heavy volume zone will stand out nicely. As you can see, the level is at the beginning of that heavy volume
zone. This is where I have the best experience with reactions, so the chances are that the reaction is going to happen at the beginning of that heavy volume zone. What that heavy volume zone represents is a place where sellers were adding to their short positions as they were pushing the price downwards they were adding to their short positions in this little rotation. If there’s a pullback into that heavy volume zone again, it is likely that the sellers from here will want to push the price downwards from there again. Alright, so this is the trend setup, a volume profile setup, which I like to trade when there’s a trend.

Additionally to this, if you look here, the price was reacting to this general area very strongly in the past. This means that it was a support in the past; also, this reaction, so it was a support in the past. Here, the price blew past the support, and that turned the support into a resistance. Alright, so that’s a price action setup that confirms the volume profile setup that we have here. Now, what I would also love to see when the price makes that pullback to the level, I would like to see the first deviation of VWAP being close to the level. This is the first deviation, that gray line, and if the first deviation is somewhere around that level, then it would add strength to that level. So, that would be the ideal case. If not, if the first deviation is not around, I’ll still take the trade because this is a strong signal combined with the price action signal; there’s a good chance that there’ll be a nice reaction from here.

Alright, so that’s what I plan to do on the EUR/USD when the price comes close to the level. I’ll open the Order Flow software and wait for confirmation because the Order Flow can help me better time my trade entry and also better time my trade exits. So, I’ll definitely use Order Flow when trading this one. If you don’t have Order Flow, you can just enter the trade at first touch here.

Alright, now if you guys are interested in learning more about volume profile trading, then head over to my website. It is trader-dale.com, and currently, I’m running a special sale. If you click this button, it will take you right there. The sale will be ending tomorrow, so if you want it, then hurry up. What it is all about is that it’s a massive discount on my best educational and indicator packs. This is the volume profile pack which will teach you everything about volume profile trading. This is the Order Flow pack which focuses on day trading with. Both those packs include video courses and custom-made indicators, which are volume profile and OrderFlow indicators. And if you scroll down a bit, there is a special discount if you want to get both packs together, so that’s the Combo Pack. This is a combo pack including the volume profile and the Order Flow Pack for a massively discounted price. 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!

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