The text and image watermarks can be positioned independently using this radio button panel - there is one for each watermark type:

Check one of the 9 radio buttons to choose the position for your watermark. Adjustments to these positions can be made using the X/O and Y/O fields from the Style panel:
WV2+ will always position the watermark a small distance (see the nudge value in Preferences) from the edge (except for the central choice), so you may not usually need to adjust the offsets. Note: if you adjust the position too much, the watermark will wrap to the other side of the picture. More on x/y co-ordinates.
If the Repeats option has been chosen then the X/O and Y/O fields are used to determine the adjustment between each repeat. The offset is not applied to the first instance of the watermark.
Note: for the position to be calculated correctly, the width and height of the watermark file should be no larger than those of the target file.
Merge Down: See the Merging Layers section for information on this option.