I usually don't take trades off of the 1 hour chart, but this short opportunity in the AUD/USD jumped out at me as I was reviewing today's action.

Check out the chart below.  We've got a complete head and shoulders pattern that formed on the 1 hour chart over the past few days.  Today the pair plunged through the neckline of the pattern, which coincided with a break of the rising trendline that has defined the uptrend that this pair has been in since the beginning of February.

In the past few hours, the pair has retraced a bit and formed a nice pin bar, pointing to the resumption of the move down.  So, I've entered a short position and will see if I'm right.  Of course, I could be wrong.

• Short Entry: 0.65653
• Initial Stoploss: 0.66125

Edit 2/11/09 8:50 AM:  Since this was a shorter-term trade and it was close to my profit target of 1R for half of my position, I closed the first half of the position before going to bed last night at 0.65269 for a profit of 38.4 pips.  I moved my stop on the other half to just over breakeven, which was hit overnight.  So this was a quick trade for a few pips.