ake way for this week’s Trade of the Week winner!
Let’s all give a hand for our winner,
In his entry, he shorted AUD/USD at market and plans to short another half position at the break of the rising channel.
Here’s the lowdown of his plan:
Long or Short: SHORT
Entry Point: Half position at market (1.0687) and the other half when/if the price
retrace the rising channel line
Stop Loss: The high of the candle inside the channel i.e 1.0753.
Profit Target/s: Take half profit when the price hits 100 SMA (yellow line) and move stop loss
to brake even.
Reward-to-risk Ratio: Risking 40-60 pips stop loss in order to win at least 100.
Risk percentage: Risk 2% of your account.
Indicators used: 100 SMA, stochastic (14,5,5), EMA 55
To know more details about his idea, check out his AUD/USD entry right here!
Light Yagami will not only have his name up on our home page, he will also join the ranks of Jabroni and littlebopip in the Trade of the Week Hall of Fame!
Alright, that’s it for the contest this week! Next week make sure you tune in for the opening of the contest and see if you can submit your trade ideas!
Till next week!
Valentine’s is almost here. Why don’t you show some love and cast your votes for this week’s Trade of the Week contest? We have five trade ideas, each involving the U.S. dollar. Check ’em out!
- USD/CAD Short by littlebopip
- AUD/USD Long by Jabroni
- USD/HKD Long by akantardjian
- AUD/USD Short by Light Yagami
- NZD/USD Long by monstapips
Cast your votes on the poll below and tune in on Sunday (November 12, 2011) at 12 midnight EST to see which idea won as the Trade of the Week!
Before you go enjoy your Valentine’s weekend, make sure you check-in and submit your ideas for next week’s Trade of the Week contest! Trust me, submitting a trade setup is much easier than giving a present to your significant other!
All you gotta do is:
- Go to the BabyPips.com forums and create a thread under the Reader’s Choice: Trade of the Week forum.
- Read the official rules and regulations and make sure that you follow the submission format.
Remember, submission period is from 3:00 am EST to 11:59 pm EST Friday, February 10, 2012.
What are you waiting for? Get on those charts and start looking for that piptacular setup!