Highs and lows
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After trend lines, markets tend to place the greatest amount of emphasis on period highs and lows as points of support and resistance. You can pinpoint support or resistance levels from highs and lows by simply noting the price high or low, but give yourself a few pips of latitude (5 to 10 pips), because different charting systems have different data feeds, which may have slightly different high/low readings.
When you’re looking at a daily chart, you can pretty easily identify the relevant high or low. But when you’re looking at charts in shorter time frames, it’s not always clear which high/low you should use. A general rule is to look for significant price reactions from recent prior highs and lo
The more sharply prices move away form a high or low, the more significance that high or low carries as support or resistance. The more slowly or less dramatic the price movement off the high or low, the less significance that high or low usually carries. Look for long tails on shorter-term candlestick charts, like 5-minute or 15-minute time frames.