that quadruple bottoms is rare - and it ended with a nice break
If you measure the length of 22 Aug $1.63 and the base at $1.41 , you get $0.22
and the break out is at $1.50 , the peak of this break out is $1.725 (1.50 + 0.22)
This is a text book example of a break out
To predict the next move we can draw a new channel and use Fib :
today's candle found support at 61.8% and closed at 50% and that 61.8% level is the previous lower high, this seems to suggest Fib is working on this chart, also the new channel seems to be correct so far
The game plan is to trade this channel , put a stop below the channel ... as long as your entry is near the channel base, and have a stop below the channel, you should not stuff up on this one too bad (worst case scenario: gap down on bad news the stop loss will not work to save you, if you hate gap down, try FX instead)
