cdeeley, I wasn't intending to lay out a system really. Just a focused discussion on one question: Can a moving average give real-time, tradeable information? So for the purposes of my test, I was excluding market exceptions. In particular, what I was excluding was a case where price gaps down below the 20-day ma when everything looks bullish otherwise. This is a rare event. Generally the gap ups will occur when price is already above an up-sloping 20-day ma, and gap downs happen when price is below a down-sloping 20-day ma.
Hope that answers your question.
Ted