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This is a new indicator (9-5 count) developed by Earik Beann, former floor trader in the T-Bonds pit at the Chicago Board of Trade and software developer. I am not sure how recently he invented it. I have been tracking it on a few contracts with good intraday volatility, and trying it out on E-mini S&P contracts (traded on Globex). It looks easier to trade than it actually is, as I have found out the hard way. I personally prefer just using the golden 5 blowoff signals instead of all his red and blue 9 signals (blue for buy, red for sell), although they both seem to hold up statistically. I just find it too hectic to try and catch all of those swings while at the same time servicing my customers' brokerage accounts.

Also, it is probably not well suited to pit traded contracts, since you must act quickly and move your stops frequently. With a good electronic trading platform where you get your fills back within a couple of seconds, that is much easier to do.

Anyone else here using that indicator? I am wondering about what strategies other people have devised for putting it to good use.

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