Once again, a familiar name tops my Trade of the Week contest!
For the 6th time in the past six months, Pip Devil’s trade idea has been voted as the winner and will have his name etched into the Trade of the Week Hall of Fame! Congratulations!
Pip Devil gathered 44.12% of the votes with this divergence setup on GBP/USD:
Long or Short: Long
Entry Point: Market (1.5425)
Stop Loss: 1.5360
Profit Target/s: 1.5500 (but I suggest putting a trailing stop also of 50 pips)
Reward-to-risk Ratio: A little over 1:1 in the beginning but can be more depending on how the position is managed
Risk percentage: 2%
Indicators used: RSI (9)
Read up on Pip Devil’s rationale behind this trading setup by checking out this post.
Do you think you have what it takes to join the Hall of Fame? If you’re brave enough, tune in later this week and submit your trade ideas for next week’s contests!
Submission time is over, boys and girls!
It’s time to give props to the brave souls who put up their trade setups! Here are the details of each trade idea:
- Long GBP/USD by PipDevil
- Short USD/CHF by donnapinciotti
- Long EUR/CHF by Pinggwyn
So which of the trade ideas listed above is your best bet as the Trade of the Week this week? Make your vote count!
It’s the first edition of Trade of the Week for 2012! Let’s start the year the right way, folks! I know you’ve all had plenty of time to come up with awesome trade ideas in the past few weeks, so share them with the BabyPips.com community now!
All you have to do is follow these 3 easy steps:
- Create your very own thread under the Readers’ Choice: Trade of the Week forum.
- Make sure you follow the simple format stated in the official rules and regulations of the contest.
- Watch fellow forex fanatics vote for your trade!
Remember, you only have until 11:50 p.m. EST on Friday, January 6, 2012, to submit your entries. So what are you waiting for?! Get those trade ideas in now!