Happy Thursday to All !

When we last had a visit with USD/CAD… we were hovering on the Weekly Uptrend Line of our Symmetrical Triangle…. and guess what???… 6 days later… we are still  hovering in the same Area!

Crude Oil maintains a “coupling Correlation” with the Canadian Dollar only in this regard… A Range-Bound directionality that is losing inertia and decreasing volatility…. ( A Scenario that Options Traders live for…).

“CVJ!… We have an idea to get the Loonie to breakout of it’s Triangle!… How about if we go to a Toronto Blue Jays Spring Training Game!!! “  , the CVJ Fan Club Guys say…

“You guys will do anything to get to a Game, won’t you!”, I say…  

Seriously… the Loonie is, indeed, still coiling and building energy for an inevitable Breakout of the Weekly/Daily Formation we have here.

Click for the Captures, as always… and Post-Time tonight for me is 2:50 GMT.

In my view… I will not approach the USD/CAD until we have a Catalyst to break this large Triangle formation…irregardless of directionality.

Of course… this is solely your choice… but for me…as I hold longer-term views here… I will find opportunity elsewhere until Price reveals itself to me…..

Now… we can analyze this to death… and actually force ourselves to see something … but in my personal view… this is an attempt in futility.

In the same fashion that we try to aspire to never ever force a Trade… we certianly should not force an “opportunity” that does not have logical and high probability.

This is one of the finest Lessons to Master in Trading.

How about Crude Oil?… any possibilities here?

Let’s pull the Daily and take a look…

Our April 2009 Futures Contract here is in roughly the same position as the Loonie above!

So where do we go from here?… what do we do?

We wait.

Period.

Patience… as we all know and try to work on all the time… is one of the essential KEYS of long-term success and consistency in this Industry.

While my Post to start the day is a bit “uneventful”… I hope it raises some contemplation for you and proves to be of some benefit.

So… we move onto the next Update and look elsewhere for opportunity!

Remember… As One Door Closes… Another Will Open.