This thread is a little hard for me to understand, I'll add my $.02 worth.
Think of two limit switches. These "catch" over travel and the HIGH limit would normally never be reached. Motor basically shuts down fast.
The LOW limit is used in almost the same way. Now, let's create a precision position sensor called ORG or ORIGIN. This would be located a little bit away from the LOW limit sensor. That ORG sensor has the ability to be precisely adjusted.
So, when the system powers up, it has no idea where it is, but it knows the direction toward HOME (The ORG sensor). It goes in that direction until it sees a spike on the ORG sensor and then slows down. If it happens to find the LOW limit, the motor will stop. It then moves very slowly toward the ORG sensor until it finds it.
I operation, the stepper can know to slow down when it's approaching ORG.