Look at the image and see where I marked the Open for FOMC START 11 AM PT. Notice the Tug of war for 30minutes. Once Jerome Powell starts speaking at 11:30 AM, the ES forms a double bottom and rally's. I marked a area of "Base and Enter". From there you will see scale outs accordingly. This is of course in hindsight, but its a story/pattern that plays out on FOMC...
I use a basic intraday strategy in trading the ES for marking my levels. I figure I try this with a Monthly look. Basically when I see overlapping Value area from one Volume Profile Session/Weekly/Monthly I will than draw a fixed Volume Profile that covers both or multiple Volume Profiles. This is a very basic explanation of how to do it. There's more to...
On the Daily I put a rectangle of where there were stacked imbalances that coincides with a High Volume Node (HVN'). Stacked Imbalances act as in Bid/Ask Imbalances. Prominent ones on higher time frame can be good areas for retest.
I drew the volume Profile from a prominent swing low to last important occurring swing high IMO. I do this on higher time frames to...