After getting stopped out of the EURCHF trade last week based on a maybe-once-in-a-lifetime type of move, I saw the AUDUSD daily charts setup on Friday with an interesting pattern. It's not a picture perfect triangle or chart pattern by any means, but it did show that there was a breakout taking place to the downside. This pattern corresponded with many of the other major currency pairs.
AUDUSD Daily 9/11/2011
When this breakdown took place, I looked for an entry on the 15 min charts, and saw what appeared to be a good entry on 9/9 at around 8:30 AM. However, I missed this entry, so I drew trendlines of the prior pivot swing highs, and saw a pullback around 11:00 AM that approached the trendline.
AUDUSD 15min 9/11/2011
I entered at that time when the lows of the prior 15 minute bar were broken, and placed my stop above 1.05. However, if I see that the trendline extended from the two pivot swing highs on 9/9 is broken accompanied by a bullish pattern, I may exit the trade prior to my stop loss being hit.