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Thank you, and you're correct to wait for the extremes. However, 23.5 was busted at the open. The question one must settle for himself is how much he's willing to pay to find out if he was correct or not. That can be a tick or 5pts or no stop at all.
I should point out in case it's not obvious that traders all over the world are doing exactly what the SLAyers are doing: poking and prodding and testing and looking to see if there are buyers at level X or sellers at level Y. If there aren't, the experienced traders get out and go back to watching. Mostly watching each other. They don't know about you or care about you. All they care about is making a profitable trade.
Absent that, they're thinking about where they're going to go for lunch. Or that hottie they saw on the elevator this morning.
Could you further elaborate on this? Yes 23.50 was busted at the open. Traders didn't like that area. Price couldn't get to 41 and headed back to 23.50 - not quite as low the next time. Followed by a HH but then no more progress. Is that what you mean by busted? Broken through but nothing further?
Traders "broke" 23.5 then retreated to 38.5. That tells me that 23.5 is not an important extreme, at least for entering a short. As traders don't want to go lower nor do they want to go higher, I do nothing but watch. At least till 1100.