This contribution is devoted to optical characterization of five layered planar waveguide sensors with a dielectric core sandwiched between two identical left handed material (LHM) layers, all immersed in water. Making use of the transmission matrix technique, the field amplitudes of the TM polarized waves within the layers are derived. Consequently, the dispersion relation, the power flow and the sensitivity of the sensor are also derived. The study shows that the fundamental even mode is absent in the dispersion curves and that the dominant odd mode is very sensitive to changing in waveguide width. The overall flow of power and the wave propagation of the fundamental mode are shown to be backward in the proposed structure.