Hi Traders! EURNZD and Gold forecast update and follow up is here. I shared this “EURNZD Forecast” and “Gold Forecast” in Trading View, in this post, let’s do a recap of these setups and see how they have 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
EURNZD – My idea here was as follows:
H4 – The price which is moving inside a range has currently bounced from the bottom of it. Bullish divergence.
H1 – Bullish divergence , the price which is moving higher has currently broken above the most recent downtrend line.
Currently, it looks like a correction is happening, we may expect further continuation higher after correction.
Gold
H4 – Price has broken above the downtrend line and has also created higher highs.
There are no signs that show the trend is over.
H1 – Price has created a bullish trend pattern.
We have a key support zone that has formed by the 38.2% (1724.29) – 50% (1718.13) fibonacci retracement zones of this bullish trend pattern.
Until this key support zone holds my view remains bullish here and I expect further continuation higher.
These two trade setups are perfect examples of why we should maintain a perfect risk-reward ratio while trading. Because as you can see above the EURNZD trade worked perfectly and delivered a huge move and alternatively the Gold trade failed. Let’s say for example the risk-reward ratio for both these trades is at least 1:2, so in this case even if we lose one trade, on the whole, we will still end up on the profit side as we would have collected good profits on the other trade. This is why I always recommend having a proper money management plan when it comes to trading.
Note: If you want to learn about Money Management you can find it here
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To your success,
Vladimir Ribakov
Certified Financial Technician
