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EUR/USD: Volume Profile Analysis (+ Trade Recap); 19th September 2024


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Video Transcript:

Hello everyone, it’s Dale here with a new day trading analysis. Today, I’d like to talk about the EUR/USD. First, a quick recap of a trade based on a prediction I made on Monday. This is TradingView, and here is the prediction I published. The support from the prediction was at 1.1000, and here is how it went. This was the reaction, so it turned out to be a very nice trade, a quick one. I hope you all had the chance to trade it; it was a nice winner.

Now, let me switch over to NinjaTrader and discuss the new trading idea on the EUR/USD. This is the EUR/USD 30-minute chart on the NinjaTrader 8 platform. There was a very nice reversal earlier today on the EUR/USD. What I like about this reversal is that if you look into it with Volume Profile, it shows a significant volume zone right here, very close to where the price reversed.

What this tells us is that buyers were jumping in at this level. Even though the sellers were strong and aggressive, the buyers started to step in and were stronger. They began adding to their long positions here, pushing the price up. This is the most important place because it’s where most of the volume occurred before that rejection took place. This level is significant for buyers, and if there is a pullback to this level in the future, chances are that the buyers from this area will become aggressive again and want to push the price up from there. They will want to defend this level because, as you can see on the Volume Profile, this area is important to them.

So, what we need to do now is wait for that pullback. If it occurs, you can take it from there. If you have Order Flow, you can improve your trade entry with Order Flow. If you don’t, you can still take the trade at the first touch because there is likely to be a reaction. By the way, at the top of the Volume Profile setup, there’s also a Price Action setup, which is commonly used in the Smart Money Concept. There is a Fair Value Gap here. A Fair Value Gap occurs when, if you look at three candles, there is a gap between the high of the first one and the low of the third one where the wicks don’t overlap. Even though there is a candle in between, this gap is called a Fair Value Gap. If there’s a long trade scenario, I like to trade the bottom of the Fair Value Gap, which, as you can see, is currently the area where the heavy volumes were.

These are the reasons why I believe this is a strong level to trade. It is at 1.1085. As I mentioned earlier, we just need to wait for that pullback, and if it occurs, take it from there.

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 straight to the page where you can browse my trading education and trading tools. There’s a Volume Profile pack that will teach you everything about Volume Profile trading. Below that, there’s an Order Flow pack that will teach you everything about day trading with Order Flow. Both of these packs also provide you with my custom-made indicators: Volume Profile, Order Flow, and VWAP indicators. If you’re interested in getting both packs together at a discounted price, you can do so there.

Alright, that’s all for now. Thanks for watching the video, and I’ll look forward to seeing you next time. Until then, happy trading!

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