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Martin,
The silver chart was only for illustration of how to calculate the lines.
The lines can be drawn by other software such as DT (as sears says) which
is about 7 times the price of the one I am using, (and was given for free).
The H line (parallel line) can be used to find support when the initial
move was very strong.
For more information another good source is Tom (GET) Joseph.
I think his program may use it and it is far better than DT.
Most of the time the Andrews lines are used to find turning points and in
some special cases as noted above
prices ignore Andrews lines and go to the Schiff line.
Some find it useful to combine this schiff line with Fib numbers.
By the way to be anal retentive about this type of line is actually called
the Modified Schiff
ML. The original Schiff ML that was developed by N.Y. Exchange Member and
floor trader Jerome Schiff
had a slightly different calculation.
Jerome has quite a reputation for only entering a trade at a risk slightly
more than cab fare and getting in at tops and bottoms.
The attached chart does not contain todays data and shows that so far the
market stopped at the Schiff line.
Regards
RM
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