Here is the AUDUSD pair. I am watching a downtrend move based upon the 4 hour chart and the fact that the pair has been in a downtrend since mid-December. Looking at the chart there is a strong downtrend and I see an intermediate
downtrend within the major. Click on this chart to enlarge it and see what I mean.
When looking at the second chart, which is the 15 minute chart, you can see my entry I want to achieve and where my targets are. Normally, I place my Fibonacci extensions on a 4 hour chart, but I am looking for a real quick entry in a major downtrend. Since I cannot predict bottoms, I am going to keep this one tight within the most recent range. 
downtrend within the major. Click on this chart to enlarge it and see what I mean.
When looking at the second chart, which is the 15 minute chart, you can see my entry I want to achieve and where my targets are. Normally, I place my Fibonacci extensions on a 4 hour chart, but I am looking for a real quick entry in a major downtrend. Since I cannot predict bottoms, I am going to keep this one tight within the most recent range. 
UPDATE: 01.27.2010
The trade was never entered as it didn't come back up to my sell limit order. This is frustrating. Click on picture to see what I have written. 
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