Trade Idea for 03/10/08

Update 03-11-08 7am:
So I wasn't the only one who was wrong with the JPY pairs. All 3 pairs hit their stop loss and closed down 100 pips per lot. Thats a lot of money if you are betting on all 3 positions. Even the GBP/CHF position is way down currently. Luckily I decided not to enter this trade formally.

The Idea:
Today in the OzFX forum, the following signals were given. However, I am skeptical about all of these as some of the indicators already in oversold territory.

1. EUR/JPY - Short - 155.61:

2. AUD/JPY - Short - 92.86:

3. NZD/JPY - Short - 79.99:

4. GBP/CHF - Short - 2.0460:



As you can see in the charts above, the Stoch, RSI & %R indicators for all these pairs are in extreme oversold conditions. While it is possible for these indicators to remain in the oversold condition, it seems too risky to me.

Moreover the other point is that 3 of the 4 signals involve shorting the Yen. I need to check whats bringing the yen down against all these pairs. IN any case, I have opened these trades in one of my demo accounts. But since I wouldn't have opened these trades myself, I will not count these towards my month total.