While the set-up is a jewel it does have a couple of rough edges - the main one was on display today in several stocks but is best shown in DNDN.
As you can see Philip's set-up is extremely powerful in a down or sideways trending market. In an up trending market Philip's set-up signals an approaching top. You can tell this by the fact of all green volume bars - the down trend method has a mix. This might be the reason why it doesn't back test that well - I'll check it out when I have the time.
I've seen this several times today among the several stocks I have been watching - so that's another good indicator. This one is great - long and short indicator for the price of one.
I sold off on the indicator at 13:00 (the confirmation) but didn't buy the one at 15:00 because I don't like trading in the afternoon as a general sense.