On the Globex chart, I use the 178 bar moving average of the pivot (H+L+C) / 3. Typically, the market is in an uptrend when it is above this average, and a down trend when it is below this average. On the 5 minute day chart, I use the 100 bar average for the same reason. Today, the market used these two averages as support.
I derived at these numbers by first starting with the number of bars on each chart per day. On a 24 hour time span, the Globex chart has 144 bars and the 5 minute day chart has 81 bars. If you multiply each number by 1.234, which is a Fibonacci retracement number, you get 178 and 100. Interestingly, the market appears to follow these lines most of the time. Weird but true.
Charles
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