I've entered a long position in AUD/USD tonight, counting on a bounce off of a rising trendline on the daily chart.  The pair has been moving mostly sideways to slightly up for the past few months.  Today the pair appears to be bouncing off of the slightly rising trendline connecting lows back to late October 2008.

Also note on the daily chart below the overhead resistance of the falling trendline going back to early January 2008.  I'm looking for the pair to retest that trendline, at which point I will have taken my profit on half of my position, and moved the stop on my other half to breakeven.  That is, if all goes as planned!

You can see the bounce off of the rising trendline a little better on the 4 hour chart, shown below.  Also, you get a better sense of how much room I have to work with before we hit the falling trendline.

So I'm long AUD/USD.  We'll see where this thing goes.  I'm counting on it moving up, but I could be wrong.

• Long Entry: 0.63695
• Initial Stoploss:  0.6240

Edit 2/4/09 10:20 AM:  Ok, so I feel like a bit of a dufus on this one.  My entry was correct, and AUD/USD made a nice move up after I got on board, but I failed to take profit on half of my position last night when my profit was at 1R.  Overnight the pair took about a 150 pip drop in an hour and took me out of my position at just over breakeven.  So, while I should have been able to bank some pips, I walk away with only 12.9 pips on each half of the trade.  That's ok, though - this is just a reminder that I need to stick to my rules.