I don't think the belief you held for a time—that the eight-hour baseline suggests where price is ultimately headed from day-to-day—was valid. You can therefore probably dispense with this measure, because it is the 16-hour moving average that conveys the day-to-day trend, with actionable price action monitored from the four-hour context on down.Actionable trade opportunities are probably best conveyed by the team of two-hour through 16-hour moving averages along with the 16-hour price range envelope at three successively extreme levels.
This renders the eight-hour measure too lagging for intraday trading, yet not able to capture a wide enough horizon to serve as a valid longer-term measure.
