A popular way to use a Footprint chart is for confirmation of support or resistance levels. Fibonacci retracements offer solid areas for support or resistance that markets will often test during pullbacks. Below I have included a regular candlestick chart with the fibonacci retracement applied to the big down move in the ES yesterday afternoon. I took the high of the bar prior to the move and the low of the bar that ended the move. This is the most common way of apply fib retracements. The retracements are automatically drawn on the chart.
This next screenshot shows how to validate a potential reversal from this known 50% retracement level. This is the same fibonacci retracement, I just changed the chart from a candle chart to a bid ask Footprint chart and also changed it to a 4 tick range interval.
While this level may not always hold, it does provide a known target for traders and will often yield some sort of profit taking level for those who were fortunate enough to get long near the lows. Traders partially exiting or fully exiting a long will often put pressure on the market and cause a pause in the move up.
Because Footprint charts provide intra-bar information like volume and order flow, it makes it easy to see when profit taking begins to occur.
Besides just the longs exiting positions, the 50% retracement level can also serve as a spot for aggressive shorts to establish a position for a retest of the low or for just a good scalp.