Blessed be hindsight! Never mind that. That's where I set my lines to mark resistance of the previous range which became support for the june range. I thought I would show the drop down from resistance to 61%.
The conservative trader in my estimation would not trade that. It takes approximately a week for the price to descend near support and of course this is the tricky part determining that it's going to head up and not breakout to the downside, that is why you have protective stops. The point being that you are near support, if it's in a range, and that is the way you're trading it, it's not going to keep going down, the next stop is up. But is it going to head up to resistance, which means you set your fibs, you input at 23 percent or straight away based upon your taste for risk, place in stops under support and watch. You can observe that it increases to just below 61% and squeals back to encourage, yes it squeals. If you maintain your own fibs there you see it go out under the 23% not quite hitting support, really about 43 pips out of support and it reverses and heads to resistance. Remember entry is 23% once you set up your fibs for each move, that is for the squeamish or rather those you to maintain their account to view another day.
The first time you set your fibs it's basically arbitrary, in which you think support is, the remainder will be off of previous price tags. I've highlighted the next fib measurement making it a little more obvious. Notice after it hits 61%, it heads upward, from there it will seem to encourage.
As the time drags about the range starts to weaken or change and this is where you search for momentum indiions. In this case the highs and the lows are getting lower, and it is a great indiion which change is coming.