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I'm adapting @ Cory's MidMATrend indicator which he derived from your setup ... I expect that your suggested 27/70 MAs for a 5 Minute chart should guide me to achieve a setup for a 5 Range chart. Meanwhile, I'll test-drive the 5 Minute chart setup, as you've just done ... your Entry was @ point 4, Right ?
What criteria do you use to draw the green S/R for the 5 Minute chart ?
the s/r is calculated very simply by using the 50% fib line on the split of the 2 ma's -as shown in the chart below -i removed the green line for clarity
Do you have to draw the Fib (using the in-built chart Fib tool) to derive the S/R ... and why do you choose to derive the S/R at that specific point ... why not a little bit earlier ? Does that specific point have a specific characteristic that made you to draw the Fib there ?
