This is all correct. I have been trying to find an entry point for GXY but it has been breaking support each time and the bounce doesn't break resistance. This has happened on many occasions. I will be looking at around 20.5c to see if there is a reversal there but if it even slightly pierces 20.5c then its not good news.
If it does reverse before 20.5c (and lets that your 29c) then yes that low point becomes a new support BUT if it does not break resistance (and its a long shot at just under 40c) then its not good news. What you hope then is that the next low does not break that 29c resistance, not even a bit. If it does then its down to 20.5c. If it keeps about the hypothetical 29c then its looking better.
Your building structure as you go along using previous historical data as a sort of scaffolding to help guide you.
It is tricky especially with emotions at play. Set up some rules and stick to them.
General: Share Price, Trades and chart related discussions, page-1618
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