Weekly Watch: November 12 to 16, 2012

I’m determined to break my streak of missed trades, so I’ll be extra vigilant watching the charts of my favorite pairs this week. I can’t keep letting those pips slip through my fingers!

Here’s what I’m looking at:

EUR/JPY

EUR/JPY Hourly Chart

I want to get a piece of the EUR/JPY sell-off but I also want to get a good price, so I’ll wait for a retracement before getting short. The area of 102.00 looks like a prime spot to enter since it lines up with the top WATR. Down south, I’ll also be looking at 100.50 for a potential bounce-or-break scenario.

  • WO: 100.94
  • Top WATR: 102.09
  • Bottom WATR: 99.79
  • PWH: 103.43
  • PWL: 100.42

GBP/JPY

GBP/JPY Hourly Chart

The area of interest that caught my attention on GBP/JPY is the 126.00 handle, where price found support last week. The 127.00 major psychological level (MaPs) also presents a good place to sell high, in case a retracement setup materializes.

  • WO: 126.33
  • Top WATR: 127.49
  • Bottom WATR: 125.17
  • PWH: 129.08
  • PWL: 126.95

EUR/GBP

EUR/GBP Hourly Chart

Right now, this pair is in the middle of nowhere, but I think it will be ripe for the picking once it reaches the previous week high or the previous week low. If we see any reversal candlesticks at those areas, I’ll definitely think about loading up on some positions!

  • WO: .7992
  • Top WATR: .8042
  • Bottom WATR: .7942
  • PWH: .8031
  • PWL: .7960

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