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Haven't had chance to use it much myself but I've learnt about it. It can be used for any timeframe but best results come when the whole range measured is at least 100 points as your spread is going to eat into any potential gains you have. I was given an example of how it works with silver and how the bottom was picked with silver when it was still trading at 7 or 8 dollars. I think the market got within 4 or 5 cents of the projection before rallying to where it is now, over 7 dollars. So it can work well.
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