Skip to main content

EUR/USD: Volume Profile and Price Action Analysis (18th July 2024)


Do you want ME to help YOU with your trading?

Learn my proven Volume Profile & Order Flow trading strategies! Get my proprietary indicators and start making progress. We even set the indicators up for you so you can hit the ground running TODAY!
Start Learning to Trade Now!

Video Transcript:

Hello everyone, it’s Dale here, and today I’d like to talk about EUR/USD and a new support level there. But before I even get started with that, let me talk about the macro news calendar. So let me switch over to Forex Factory. Today is Thursday, and you can see that there is very strong macro news affecting the Euro. It is the main refinancing rate, monetary policy statement, and the ECB press conference. These are very strong macro news events that could affect EUR/USD.

If the level I am going to show you gets hit during the news or in the post-macro news volatility, I strongly recommend not trading that level because nobody knows what can happen during the macro news release. The markets could become unpredictable and very volatile, and it is likely that they won’t respect even the strongest trading levels.

So, let’s go to the chart. Provided that the level doesn’t get hit during the macro news, I am looking forward to trading it. The level is at 1.0905, and it is based on a combination of two trading setups. Let’s start with the Volume Profile setup. By the way, this is the Ninja Trader 8 platform, a 30-minute chart, and my custom-made Volume Profile and VWAP indicators.

If you use the Flexible Volume Profile over that trend area, it will show you the volume distribution there and reveal that there was a heavy volume zone formed within this rotation. This is the place I am interested in, especially the beginning of that heavy volume zone, which is here. As you can see, it is not only a heavy volume zone but also the start of a very steep and strong uptrend. Chances are that the buyers who were active here and later pushed the price upward are going to defend this place if the price hits this level in the future. So, if there’s a pullback, chances are that there will be a nice reaction from the buyers from here.

Apart from this Volume Profile setup, there’s also a price action setup that confirms this. If you look here, the price made a very nice reaction to this level in the past. It was a resistance level that turned into a support level when the price breached that resistance. This price action setup confirms our Volume Profile setup, which is based on those volumes. We have two independent setups, both telling us that this is a strong level to trade from. If there’s no macro news when the price makes the pullback, I’ll go long from there. I will also open up the Order Flow software when the price gets there and wait for some kind of confirmation to better time my trade entry and improve my trade exits.

Alright, so that’s the plan. Hopefully, it doesn’t get ruined by the macro news. Let’s wait and see. If you guys are interested in learning more about Volume Profile trading, head over to my website at trader-dale.com. If you click on “Trading Course and Tools” it will take you to this page. Currently, I’m running a special Independence Day Sale, which means you can get my best educational and indicator packs massively discounted. It includes the Volume Profile Pack and the Order Flow Pack. There are videos you can watch that will show you everything included in those packs. If you scroll down a bit, there’s a combo where you can get both the Volume Profile Pack and the Order Flow Pack together for only $597.

Alright, so that’s about it. Thanks for watching the video, and I’ll be looking forward to seeing you next time. Until then, happy trading!

Comments

Post a Comment

Popular posts from this blog

Bitcoin is Dropping Hard! Here’s Where Smart Money Will Buy Again

Video Transcript: Hello everyone, it’s Dale here. In today’s video, I’d like to talk about Bitcoin. The reason is that Bitcoin has been dropping like crazy, and a lot of traders are wondering where Bitcoin will go and what to expect. If I look at the chart and use Volume Profile, I would say that it’s pretty straightforward because Volume Profile very clearly shows the strongest support and resistance levels. So, let’s take a look at the chart, and let me show you. What you see before you is the daily chart of Bitcoin. This is the big picture, and as you can see, from the all-time high here, Bitcoin experienced quite a significant sell-off and is currently dropping. Right now, I don’t really see any strong support that would stand in the way of this strong sell-off. Let me use Volume Profile and show you what could actually stop the sell-off of Bitcoin. All right, so what I’m going to do is apply Volume Profile over this whole area to see the volume distribution. As you can see, there ...
Post a Comment
Read more

Beginners Guide to Order Flow PART 1: What Is Order Flow?

DEFINITION: Order Flow is an advanced charting software which enables you to read all trading orders that are processed in the market. It helps to track the BIG financial institutions through the trades they make. Most people get confused when they open up a chart with Order Flow for the first time. There is no shame in that. Order Flow shows so many information and it is easy to get overwhelmed and confused if you don’t know what to look for! This Beginners Guide will teach you how to understand how Order Flow works and how you can use it in your trading! In this 1st part of the Order Flow Guide I will show you around the Order Flow interface. Footprints The Order Flow does not show standard candles, but it shows FOOTPRINTS . A footprint shows not only Open, High, Low, Close (as standard candles) but it also shows orders traded in that candle. Orders can be...
Post a Comment
Read more

Recent Trade Breakdown: Combining Price Action & Volume Profile for Smarter Trades

Video Transcript: Hello everyone, it’s Dale here. In this new video series, I want to break down my recent trades. The goal of this series is to show you how I use my Volume Profile trading setups every day in real market conditions, so you can learn from both my wins and my mistakes. If you find this helpful, don’t forget to hit the like and subscribe buttons. Let’s dive in. What you see before you is a screenshot from my session yesterday. It’s taken from the live trading room we held in the  Funded Trader Academy . During that session, a new setup was forming on the  AUD/USD . This is the  AUD/USD  on a 30-minute timeframe, and the new setup was forming right here. There was a resistance level forming around  0.6364 . The reason behind this setup was based on a couple of factors. The main reason was a Volume Profile setup. If you look here at what I’ve highlighted, this area represents a heavy volume zone, which the resistance level was based on. You can see ...
Post a Comment
Read more