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Winner: 2011-5-30 00:00

Aaand the votes are in! Drum roll please! So many brilliant ideas, but one stood out from the rest. The winner of the Trade of the Week Contest for May 16 to 20, 2011 is none other than newbie poster salt-n-pipper!

Here’s salt-n-pipper’s trade idea:

USD/CAD, Daily

USD/CAD Daily Chart

Long or Short: Short
Entry Point: .9800
Stop Loss: .9900 or the close of the first candle above the trendline
Profit Target/s: .9500 (previous low)
Reward-to-risk Ratio: 3:1
Risk percentage: 0.50%
Indicators used: Stochastic (14,3,3)

Trade Rationale:

Though anti-risk sentiment is weighing down high-yielding currencies lately, I think that CAD will soon get back on its feet when the continuously weaker-than-expected economic data from the U.S. finally takes its toll on the Greenback. Read more…

For those who didn’t win, don’t give up! Put your thinking caps on for this brand new week and keep your eyes peeled for ’em sexy setups! Who knows, it may be your name that I’ll proudly be announcing next week.

Also check out my Best Forex Trade System of the Month contest. If you know of any good mechanical systems out there, feel free to submit them. Let’s help each other out find the best systems out there.

Voting: 2011-5-28 00:00

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.

We’ve got a nice set of trade setups this week as I received some quality ideas from monstapips, salt-n-pipper, and Ray_1. Check ’em out!

Submission: 2011-5-27 00:03

I know you’ve all been dying to share what you’ve learned from the School of Pipsology. Now’s your 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 May 30 to June 3, 2011.

Don’t hesitate, mate! 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, May 27, 2011. Just remember to post your trade ideas under a new thread in the Readers’ Choice: Trade of the Week forum.

Don’t have a trade idea to share? Not a problem! You can still participate by casting your vote for the Trade of the Week! The polls will open 12:00 midnight EST on Friday (May 27, 2011) and will close 12:00 midnight EST on Sunday (May 29, 2011).

So what are you waiting for? Let the games begin!

Check out the official rules and regulations.
Then submit your trade idea in the Readers’ Choice: Trade of the Week forum!