Wrong english translation. Nos olvidamos means we forget ourselves!
What was the english translation?
It’s right, but it is another out of context phrase, to say that you need a previous phrase saying what was that thing that later you say you forgot.
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Anyway, the Spanish verb is reflexive, so “We forgot ourselves” would be something like “Nos olvidamos de nosotros (mismos).”
English Translation
We forgot.
Above comments are not really correct. This sentence is using olvidarse, which means to forget when there is not a direct object.