UPDATE #5: EURUSD:Gartley TP1 (+123 pips) + Next Wk Sneak Peek

Ok, before I retire for the weekend, here's one more post. This Gartley I posted about 2 days ago has come through unscathed by the NFP. In fact, the NFP turned out to be almost a non-event! Big build-up. Big let-down. Now we wait for the next "big" news release: the FOMC for clues about the interest rate hike speculated in September. Meanwhile, this pair will probably remain in consolidation. This is backed by the fact that prices failed to break the lower bounds of the triangle pattern and in fact, bounced off of it a second time confirming it's validity.

Well, let me get back to the Gartley as this was to be a short post ('cause I'm tired and drained after this week). The Gartley TP1 has been hit for a cool +123 pips (from my entry. Your profits may vary depending on where you took this trade.). Is it going to get to TP2? I'm thinking yes. Having bounce off the lower trend line twice in quick succession, I don't think it's going to do that again soon. If it does head straight back down there without first getting to the upper bounds of this triangle, then it's probably going to dive through that lower trend line and start a new down trend.

But let me leave you with this.....food for thought for next week....isn't it pretty? I'll be doing an analysis on this over the weekend. Till then...have a good weekend!