Video Transcript:
Hello, everyone. It’s Dale here with a new day trading analysis. Today, I’ll talk about the GBP/USD. So, before you, this is a 30-minute chart of the GBP/USD, and I want to talk about
this support. I published this one in the members’ area yesterday, and in this video, I’ll cover the reasoning behind this level. It is at 1.12754, and it is a support.
It is based on a volume profile setup, which I like to use when there’s a trend like this one. What I’ll do is I’ll use the flexible volume profile, and I’ll only select this trend area. There is a volume zone that stands out. It’s not super strong if you look just at the volume profile, but there’s more to it. I think the first thing is that strong trend activity starts from that heavy volume zone. This is the strong trend activity, so this is telling us that buyers who are adding to the long positions in here then aggressively push the price higher, and this is their aggressive buying activity here, commencing from that heavy volume zone. So, this aggressive activity adds strength to that heavy volume zone right now. Another thing that adds strength to it is that the price reacted to that zone in the past, not exactly to the level but to this general area. All those reactions, all those, even this one, all those were reactions to this zone, which means that in the past, it worked as a resistance. The resistance then turned into support when the price breached that resistance in here. All right, so all this is adding strength to that level. If it was only based on the volumes and nothing else, I probably wouldn’t take that trade because, as you can see, that heavy volume zone is not as prominent as it could be, but we also have that aggressive buying activity and that resistance becoming support, which is a price action setup, and all that adds strength to that level. So,
that’s why I like it, that’s why I want to trade it.
So right now, I just need to wait for that pullback to this level and take it from there. What I’ll also do is I’ll open the order flow software when the price comes close. I will want to see some kind of confirmation on the order flow for me to enter the trade, as the order flow will help me improve the trade entry as well as the trade exits. But even if you don’t have order flow, you can just enter that trade as the price touches this level.
All right, now if you guys are interested in learning more about volume profile trading, then head over to my website. So this is the website trader-dale.com. Currently, I’m running a special Memorial Day sale. So to get it, you click this button, and it will take you right to that special Memorial Day sale. The sale will end in roughly 3 days, and it includes a massive discount on my best educational and indicator packs, those being the volume profile pack, which focuses on volume profile trading, and the order flow pack, which will teach you everything about day trading with order flow. Both those packs also include my custom volume profile and order flow indicators.
Now below that, there’s a very special deal, and in here, you can get both those packs together for a discounted price, but only until the end of the month. All right, so that’s about that. Thanks for watching the video. I hope you liked it, and I’ll be looking forward to seeing you next time, and until then, Happy Trading.
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