Paper trade: NZD/USD entry stop 0.7040

I’ve placed an entry stop for NZD/USD at 0.7040. It is at the 23% Fibonacci level and a support of the current uptrend, see Figure 1. This would correspond with my view of strengthening US Dollar and USD/CHF pushing to 1.045.

Entry stop: 0.7040

Trailing Stop: 0.6985

Target: 0.7170

Reward / Risk = 130 / 55 = 2.4 < 3 …

The R/R is kinda low. So I’ve changed it to a 1/3 position instead of 2/3. Now, let’s just wait and see if USD can continue going up.

NZD/USD

Related posts:

1. Paper trade: NZD/USD short stop entry 0.7262, exit trailing stop 0.7300
2. Paper trade: USD/CHF entry 1.0320, stop 1.0300
3. Paper trade: Short NZD/USD 100% @ 0.73701, stop 0.7480
4. Paper trade: Short NZD/USD 50% @ 0.7381, stop 0.7430
5. Paper trade: Long USD/CAD 25% @ 1.02988, stop 1.02080