Weekly Watch: October 29 to November 2, 2012

I hope you guys enjoyed your Halloween weekend! I sure did… It’s the only time of the year that I can be myself without drawing too much attention in public places! Haha!

Speaking of drawing attention, these levels on my favorite crosses caught my eye as I was checking out my charts. Have a look!

EUR/JPY

EUR/JPY Hourly Chart

I think the key level to watch on EUR/JPY this week is 103.00. Check it out, bros! Price had a tough time crossing this mark last week, and so far, it’s doing a pretty good job holding as support. If it continues to hold, EUR/JPY could end up making its way back up to 104.00. If it breaks, the bottom WATR could be its next stop.

  • WO: 103.12
  • Top WATR: 104.28
  • Bottom WATR: 101.96
  • PWH: 104.60
  • PWL: 102.69

GBP/JPY

GBP/JPY Hourly Chart

I’m not quite ready to commit to a position on this pair since it’s still so early in the week. I plan to wait ’til it hits one of the confluence zones around 129.50 or 127.00 before I consider trading a reversal or a breakout.

  • WO: 128.33
  • Top WATR: 129.46
  • Bottom WATR: 127.20
  • PWH: 129.66
  • PWL: 126.71

EUR/GBP

EUR/GBP Hourly Chart

Big Pippin pointed out a nice rising trend line on his EUR/GBP daily chart, so I’m expecting this pair to continue climbing. I think the road is clear for a rally at least until the .8100 handle. On the other hand, I’ll be looking to get short in case this pair breaks the trend line and trades below the .8000 handle.

  • WO: 0.8037
  • Top WATR: 0.8090
  • Bottom WATR: 0.7984
  • PWH: 0.8166
  • PWL: 0.8001

Q3 2012 Trading Performance Review
Read about my trading framework
Follow me on MeetPips.com
Follow me on Twitter
Like my Facebook page
Join my circle on Google+

  • Granticus_Maximus

    Man, that 128.000 handle on GBP/JPY looks like it has been a pretty strong area of interest for a while now, acting as support and resistance on quite a few occasions.

    Looking back on a daily/weekly chart from the April 2010 high, a clear trendline shows that we just bounced off (well, almost) again. We’re at an interesting area right now!

    • cyclopip

      I see what you mean, bro! Had a scare yesterday, but now it looks like price is gonna make its way back up above 128.00… Are you planning to trade this?

      • Granticus_Maximus

        Actually, I shorted last night at 127.960 and am still holding. Hoping for it to go down to about 127.300 with my stop at 128.400. Hoping the level will hold as resistance again. The 23.6 fib from the June low is at around 127.100 so I’m hoping for it to trickle its way down to there at least. Hopefully that JPY data earlier won’t make much of a difference for the time being.

        • cyclopip

          Looks like the BOJ statement worked out in your favor. Hope you didn’t get stopped out by that wild spike though!

        • Granticus_Maximus

          You’re KIDDING me… I go out to pick up my wife from work and the market ticks up to JUST hit my stop and then goes shooting down to my tp……. I hate life right now…. lol

          • cyclopip

            Hey, it happens to even the best, bro! Don’t let this get you down. On to the next trade! ;)