You just need to submit limit orders in advance, so that when the spike hits your orders will execute and you'll get the profit automatically.  You need to stay on it to make sure the orders are always at least a certain minimum percentage away from spot.  Because the moves that retrace are the sudden ones.
For example when the exchange rate was .016, you could have put a sell order at 10% above spot or .0176.  In this case it would have executed.  Of course, there would be no way to know at the time that that was going to happen.  So if instead the price had gradually increased to say .017, then it would have been time to cancel the .0176 sell and submit a .0187 sell.
Try it.  Submit sell and buy limit orders at 10% above and below spot.  But stay on top of it, because you will probably have to change those orders to stay at least 10% away from spot.  In fact you might want to put in orders at say 15% or even 20% above and below, and change them when the price gets within ten percent of your limit orders.