Hi Traders! EURNZD forecast follow up and update is here. On September 3rd I shared this “EURNZD Forecast” in Trading View. In this post, let’s do a recap of this setup and see how it has developed now. If you would like to learn more about the way we trade and the technical analysis we use then check out the Traders Academy Club. Spoiler alert – free memberships are available!
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Now let’s summarize the idea first:
EURNZD H4(4 Hours) Chart Current Scenario
Based on the above-mentioned analysis my short term view was bullish and I was expecting corrections to happen here. The market provided us with various facts supporting this bullish view such as bullish divergence, 20 candles Bollinger Bands ride, and engulfing candle pattern. The price action followed my analysis and moved higher exactly as I expected it to, delivering 220+ pips move so far.
You can see this move clearly on the H1 chart below:
Currently, on the H1 chart, we have a potential bearish divergence that is forming at the moment, this is something that we need to pay attention to. As I always suggest when you see contradictory signs like this, then you should consider managing your trade and secure your profits (cash out or partial cash out or trailing protections or partial hedge, etc.. depending on the strategy that you work with).
Note: If you want to learn about Money Management you can find it here
As traders we always have two choices, the first one is to fall in love with our analysis and try to convince the market and expect the price to move in the direction as per our wish. The second one is to follow the facts that the market provides us and make the right actions according to that. As you know the first option won’t help us and as you can see in the example above what happened when we followed the facts that the market hinted us and took the right action according to that.
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To your success,
Vladimir Ribakov
Certified Financial Technician
