Weekly Watch: September 3 to 7, 2012

Before I present to you the Weekly Watch, lemme give a shout out to Andy Roddick, who’s still alive and kickin’ in the U.S. Open. After announcing his retirement last week, he’s literally playing like every match could be his last one! Can’t help but cheer for an old dog playing in his last tournament!

That said, I hope we all lock in and focus as much as Andy has the past couple of matches. Without further ado, here are the hot levels to keep an eye on this week on EUR/JPY, GBP/JPY, and EUR/GBP!

EUR/JPY

EUR/JPY Hourly Chart

As I predicted in last week’s entry, EUR/JPY did end up ranging throughout the week, finding resistance at 98.80 and support at 98.00. For this week, I’m definitely gonna be monitoring both those levels as potential entry areas. But of course, I’ll be waiting for candlestick confirmation before putting up any orders.

  • WO: 98.43
  • Top WATR: 99.54
  • Bottom WATR: 97.32
  • PWH: 99.03
  • PWL: 97.89

GBP/JPY

GBP/JPY Hourly Chart

Thanks to Big Pippin for pointing out that descending channel that’s forming on GBP/JPY! For this upcoming week, I’ll once again be looking for some bearish setups, and I think that the 124.40 (weekly open) and 124.50 MiPs will provide some solid resistance. However, I also won’t hesitate to go long should price test the bottom of the channel around the 123.00 MaPs and bottom WATR area.

  • WO: 124.40
  • Top WATR: 125.55
  • Bottom WATR: 123.34
  • PWH: 124.83
  • PWL: 123.70

EUR/GBP

EUR/GBP Hourly Chart

If you like ranges, this is another pair to pay close attention to this week. Just like EUR/JPY, EUR/GBP has been stuck in a range, bouncing between the .7900 MaPs and .7950 MiPs. For this week, I’ll be looking to scalp off those levels and make some quick pips. However, if we do see solid candle closes above .7950, or below .7900, I’ll also think about hopping on the breakout.

  • WO: .7911
  • Top WATR: .7961
  • Bottom WATR: .7861
  • PWH: .7958
  • PWL: .7901

Q2 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+

Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>