Weekly Watch: November 19 to 23, 2012

What a crazy weekend for the college football! Thanks to some stunning losses by USC and Oregon, Notre Dame now sits in the driver seat for the BCS Championship!

While I’m sure contending for a national championship is an awesome feeling, I think the Fighting Irish will agree with me that it still can’t compare to that moment when Rudy was carried off the field!

Rudy is the perfect example of how self-belief and perseverance go a long way in achieving our dreams. As traders, we gotta have the same fortitude that my man Rudy had to grind it out day-in and day-out if we wanna accomplish our goals of being consistently, profitable traders!

One part of that process includes doing our pre-market trading routine, and that’s precisely why I do the Weekly Watch – to prep myself for the trading week ahead! Without further ado, here’s this week’s version of the Weekly Watch!

EUR/JPY

EUR/JPY Hourly Chart

After that nice rally last week, the only question is whether the bulls can remain in control or if the 104.00 MaPs will hold as resistance. Price action seems to be having a tough time with the psychological handle, so don’t be surprised if we see a deep retracement. If you’re in the bull camp, I’d wait for some candles to form at the 102.00 – 103.00 zone before loading up on positions.

  • WO: 103.60
  • Top WATR: 104.90
  • Bottom WATR: 102.48
  • PWH: 103.99
  • PWL: 100.32

GBP/JPY

GBP/JPY Hourly Chart

Similar to EUR/JPY, Guppy made a nice rally to end last week, finishing just above the 129.00 mark. If you’re looking to add to a long position, throwing up some Fibs and seeing if they line up with the bottom WATR or 128.00 MaPs could give you a nice entry point. On the flip side, if you’re trying to catch a top, keep an eye on the top WATR and 130.50 MiPs for potential resistance.

  • WO: 129.29
  • Top WATR: 130.50
  • Bottom WATR: 128.08
  • PWH: 129.27
  • PWL: 125.69

EUR/GBP

EUR/GBP Hourly Chart

Looks like EUR/GBP is back to its old tricks again, as it’s been stickin’ within a range! The pair has been trading within a 100-pip range the past couple of weeks, bouncing off .7970 and .8070. Chances are we’ll see more of the same this week, so your best bet might be to just see how price reacts to those support and resistance levels.

  • WO: .8018
  • Top WATR: .8067
  • Bottom WATR: .7969
  • PWH: .8066
  • PWL: .7970

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