Replies to post #40031 on lowtrade

[lowtrade]

There are all kinds of ways to locate support/resistance. Moving averages, price points being revisited several times, new price highs/lows, ETC.

IMO once a strong move happens, I feel the most important is the FIBs retracement lines. Each line broken on the way down becomes resistance on the way up. If the price needs to break 3 resistance lines, from below 61%, the odds for success decreases 3 times. As the price needed to cross 3 resistance points before it ever reaches top resistance.