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


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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!

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