That's all that you really need to know.
Always ask yourself, 'which area started the move that caused a long term key level to break?'
What is this important? Because it shows a clear imbalance at that price.
It shows that there is interest at this specific zone, at which, there is likely to be unfilled pending orders, as well as a desire to initiate market orders on a return to the zone.
This is why you might notice that sometimes when you trade a breakout, the market may have a deeper retrace into the level, rather than simply using the broken level as support or resistance (and then stopping you out).
You have to interpret price alongside , since the market doesn't care about what YOU think, but where it can find the best liquidity to initiate orders.
In the Cable example shown, you can see that the $1.70 level played a key part in knowing where price support was on the move up to $2.00+.
Using the weekly chart, we can then see where our 'key zone' to sell into is.
This is denoted as a - where you see a candle in a down move just before the key support is broken (or the first candle just before the support is broken).
The opposite is true for a - this is where you see a candle just before the key resistance is broken (or the first candle before a level is broken).
This method is very easy in terms of risk management - your stop goes above the and below the .
I then have a take profit at the next key level - you're just trading between zones.
When you become used to this, you can then go down in your timeframes and have more intraday positions, or intrahour if you so wish.
A few things - it's easier to manage risk on a longer term trade. It's also easier to increase position sizing on longer term trades, as well as higher timeframes having more overall significance and a higher win rate, although the opportunity cost of this is the fact that you have less frequent opportunities and it requires a hell of a lot more patience.