Gather 'round, pipsters! It’s Friday again and you know what that means - time to show off your setup-spotting skills!
Whether you’re the best trader in your forex junkie group or you’re a noob trying to practice your newfound skills, you are invited to submit your best entry for the Trade of the Week Contest!
Why just vote or read the entries when you can have your name up on the Trade of the Week Hall of Fame? That’s right, the winner not only gets his/her name up on our brand-spankin’ new badges on our homepage for the WHOLE WEEK, he/she also joins the ranks of PureMuscle, Jabroni, and lilbopip as the Trade of the Week Hall of Famers!
Just make sure you follow the format outlined in our official rules and regulations, and that you create a thread in the Reader’s Choice: Trade of the Week forum.
The submission period is from 3:00 am EST to 11:59 p.m. EST Friday, November 18, 2011.
Even if you don’t have trade idea to submit, you can participate by voting for your favorite trade setup over the weekend.
What are you waiting for? Get on those charts and start looking for that piptacular setup!
The entries are in and you know what that means - it’s time to exercise your setup-spotting skills! It looks like we have four risk aversion plays battling it out. Which one of these trade ideas will most likely earn you pips next week?
AUD/USD Short by kluebirby
USD/CAD Long by pipballer
USD/CHF Short by Jabroni
GBP/USD Short by littlebopip
Cast your vote on the poll below and tune in on Sunday (November 21, 2011) at 12 midnight EST to see which idea won as the Trade of the Week! Poll here: Voting: Trade of the Week for November 21 to 25, 2011 | Forex Blog: Espipionage
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 November 21 to 25, 2011 is none other than kluebirby!
Check out his trade idea that let him bring home the bacon this week:
AUD/USD, Daily
[B]Long or Short:[/B] Short
[B]Entry Point:[/B] 0.9950
[B]Stop Loss:[/B] 1.0080
[B]Profit Target/s:[/B] 0.9550
[B]Reward-to-risk Ratio:[/B] 3:1
[B]Risk percentage:[/B] 2%
[B]Indicators used:[/B] (None)
[B]Trade Rationale:[/B] Price action shows that the pair is on a downtrend. The pair recently broke below parity, if this doesn’t pull up in the near term it could mean the pair will continue the rally downwards. For this reason the entry point is set 50 points below parity. Read more…
[B]Trade Adjustments:[/B] Since we’re shorting AUD/USD we need to be careful with not letting the trade carry on for to long. If the trade is initiated but doesn’t make progress quickly I’d consider closing the trade because of the high interest that needs to be paid.
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!
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!
