Cubt,
It is an easy strategy but powerful strategy. i have used many times for intraday in crude oil. but monthly, i will get 3 or 4 trades only.
because open and low, open and high will not be same for all the times. but if i concentrate on multiple stocks or commodities, we can get more chance for this set up.
There is no need for AFL to use this strategy. after the market opening, we can enter at the current price and place the stop loss order at low price for buy signal, at high price for sell signal.
but , risk and reward is the matter. For me, it is giving 10 points decently without any failure. but if i wait till end of the day, there is more opportunity to capture the full profits of the day most of the time because SL will not trigger
Sometimes, it tests SL and bounces back. So it is better to modify some points below the usual SL price to use this strategy effectively.
It is one of the intraday method of Simple Tricks India in Tamilnadu