I am waiting to see if the A/U can trigger a new 4hr chart trend signal but there may be other short term trading opportunities available before any trend signal is triggered. I will go over a couple of these in this post.
Idea 1: The A/U is trading within a 4 hr chart trading channel and any break and hold out of this channel may offer a reasonable technical trade entry point:
A/U 4hr:
A bullish channel break would help to support the bullish pattern I’m still seeing on the weekly chart:
A/U weekly:
Idea 2: The A/U is below the Ichimoku Cloud on the hourly, 4 hr, daily and weekly time frames and, so, any new 4hr chart TC signal would not be supported. However, the A/U is edging up closer towards the hourly Ichimoku Cloud. You can see from the chart below that price has been below the hourly Cloud for most of the last 5 days. Any new break and hold above the hourly Ichimoku Cloud might support a long trade off this hourly chart time frame. This isn’t a time frame I usually trade but it is worth keeping an eye on for those of you who can trade short term and through the US session:
A/U hourly Cloud: price is edging up closer to the hourly Cloud.
A/U 4hr Cloud: lots of catch up needed here before any new 4hr chart TC long signal would be supported.
Summary:Â The A/U has been sold heavily throughout recent sessions and a pull back would not be out of order, even if only short term. Two short term trading opportunities include:
- any 4hr chart trading channel breakout.
- any close and hold above the hourly Ichimoku Cloud and, then, possibly the 4hr Ichimoku Cloud.
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