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British Pound Outside Day Presents Breakout Opportunity

British Pound Outside Day Presents Breakout Opportunity

2012-02-28 23:20:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_gbp-usd_body_gbpusd.png, British Pound Outside Day Presents Breakout Opportunity

Prepared by Jamie Saettele, CMT

“A B wave low within an A-B-C advance from the January low is probably in place. Objectives are the 61.8% extension of the 15233-15928 rally (wave A) at 16074, the October 2011 high and 61.8% retracement of the decline from the 2011 high at 16167 and 100% extension at 16344.” Today’s outside day presents a breakout opportunity as well. In the last 10 years, there have been 108 outside days (low below previous day’s low and high above previous day’s high). A breakout strategy (buy the high and short the low) resulted in a 53% winning percentage with average win/loss of 1.31.

Bottom Line – Higher

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