I thought I would post this for the newbies around here... I interpret moving averages the same way I interpret candles or range breakouts/breakdowns. Price above a moving average shows the bulls are in control, and price below shows the bears are in control. The odds of buying low and selling high with short term trading are better above a moving average, and the odds of selling high and buying low are better below a moving average. I did a bunch of back-testing of this half a year ago. Personally, I don't pay too much attention the slope of moving averages. Whats more important is seeing how many buyers are coming in above the moving average, and how many sellers are coming in below it. Be careful when price is near a moving average transition, as there is always potential for a sudden large reversal. I use a 116 MA on all charts from 5m +. The markets relation to a moving average and it's slope helps analyze the odds of a range breakout/breakdown having some real momentum to it. Anyway, I'm out for the weekend... Would like to hear if others in here have some interesting thoughts about moving averages.