The tribe has spoken! We had four brilliant trade ideas going neck and neck, but one was able to inch ahead of the rest.
The winner of the Trade of the Week Contest for June 13 to 17, 2011 is none other than monstapips!
Here’s his little trade idea:
USD/CAD, Daily
Long or Short: Short
Entry Point: Short at .9690
Stop Loss: .9910 – above recent highs
Profit Target: .9450
Risk percentage: 1.0%
Reward-to-risk Ratio: 2:1
Indicators used: RSI
Trade Rationale: The pair has consolidated into a really tight range lately and is still trading within a rising wedge. I feel that a break out is coming and I am favoring a break down lower.
Congratulations and welcome to the Trade of the Week Hall of Fame, monstapips!
That’s it for this week, folks! If you’ve got a couple of minutes to spare, check out the submissions for the Best Forex Trading System of the Month contest! Let’s help each other find that Holy Grail system!
Voting
The submissions are in, so it’s time to vote for your favorite trade setup for this week! I have compiled a neat list of the setups that have been submitted by our users. Take a look at which trade you think is best and vote for it. Represent yo!
- USD/CAD Short by monstapips
- USD/CHF Long by Pip Devil
- AUD/JPY Short by Justin Pipper
- EUR/JPY Long by Ray_1
Alright folks, it’s the time of the week again! Here’s another chance to wow your fellow pipsters with your fantastic forex analysis!
You can now submit your brilliant trade ideas to be chosen as the Trade of the Week for June 13 to 17, 2011.
Don’t hesitate, trader! Go ahead and throw your trade idea in the mix before it’s too late!
The submission period is only from 3:00 am EST to 12:00 midnight EST Friday, June 10, 2011.
