Yes it makes sense. The horizontal lines marking previous highs and lows are the most significant price points. I do prefer to see them on a 15 or 30 minute chart that will show the most prominent ones rather than ultra short term ones on a 5 minute or less chart that look the same but are weaker and less reliable being so short. The 15 and 30 minute chart clarifies the strong support and resistance pts best from my view. But while price is moving around as long as price remains on one side of the 4ema and going in that direction the trend is intact. And if you look at enough charts you'll see price respect the 20ema as support in uptrends and as resistance in downtrends as a rule of thumb. Only time it whipsaws in sideways markets. But then your horizontal support and resistance lines are there as a guide to trade off of. That's the way I view it in any case.