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Winner: 2011-6-20 00:00

Aaand the votes are in! We received two brilliant ideas, but there can only be one winner. Drum roll please! The winner of the Readers’ Choice: Trade of the Week Contest for June 20 to 24, 2011 is none other than jenesaisquoi!

Check out his trade idea that let him bring home the bacon this week:

USD/JPY, 1-hour
USD/JPY Hourly Chart

Long or Short: Long

Entry Point: 80.50

Stop Loss: 80.30

Profit Target/s: 81.00, possibly higher

Reward-to-risk Ratio: at least 2.5:1

Risk percentage: 1%

Indicators used: 100 SMA, Fibo

Trade Rationale: Purely technical. We have the 100SMA, Fibos, and the rising trend line all lining up at around 80.50. Read more…

Trade Adjustments: Depending on the strength of the move, I might consider aiming for a new high and closing just half my position at 81.00.

Congratulations! Every trader will now freeze in awe at the sound of your name. Okay, maybe not. But don’t be too surprised if someone asks you for an interview or an autograph!

That concludes this week’s Trade of the Week Contest. Put your thinking caps on for this brand new week and keep your eyes peeled for ’em sexy setups guys! Don’t be shy to submit your trade ideas. Who knows, it may be your name that I’ll be proudly announcing next time!

Voting: 2011-6-18 00:02

The submissions are in, so it’s time to vote for your favorite trade setup for this week! Today, we have an intense “mano-a-mano” between jenesaisquoi and littlebopip. Here are their trade ideas:

Submission: 2011-6-17 00:01

It’s Friday, Friday, Friday. Y’all know we gotta get down on Friday!

You can now submit your brilliant trade ideas to be chosen as the Trade of the Week for June 20 to 24, 2011.

Don’t hesitate, mate! 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 midnight EST Friday, June 17, 2011.

Official Rules and Regulations
Submit Ideas at Readers’ Choice: Trade of the Week forum
Trade of the Week Hall of Fame (Past Winners)

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 at midnight EST on Friday (June 17, 2011) and will close at midnight EST on Sunday (June 19, 2011).