1. Clear every stop loss of bulls w/ false breakout (capitulation).
2. Convince crowd/cattle to get in the opposite direction.
2a Use mass media and gurus if necessary.
3. Get in the opposite direction of crowd.
4. Enjoy the short squeeze.
Not investment advice. Sometimes price patterns fail.
$EURAUD pair is trading in a nice upward channel on 15m TF. Bouncing precisely off the lower parallel AND 61.8% Fib. The chart is showing, in addition, how the vicious stop hunting works...
Targets... 1.median line and 2. upper parallel.