Waiting Game - Week Nov 16-21 2008 USD/CAD

• A short lesson in how waiting can save & make money.  The USD has been looking for direction with confirmation the past 2 days including late Sunday evening. 
• The flat MA's, Macd, and the volitile whips were sure fire ways to lose, even with good size stops, the risk was totally unacceptable even for quick profits. 
• The USDCAD took off like a rocket after this period of consolidation.
• On the Daily, my bias was bullish, even with the severe correction 2 weeks ago.
• With oil and commodities, bad economic data, uncertainty with financials and bailouts, the CAD was due for some serious pain.  In this case and on Thurs in particular, a 300+ point move
• Happy to report we took 3/4 of this move and exited while the divergence formed.
• This is a good chart to reference, when doing nothing was something, doing nothing meant being rewarded for patience.