I've been testing this strategy, in one variation or another as I try to perfect upon MM and probability, since last year.
Although my max gain, whether I close on the 1st or the 7th sequence, is a little more than $1k per intraday trade, one can enter into multiple trades during the day. However, I believe the trends with minimal whipsaws, barring news events, occur during the first hour of the trading day.
The expected win/loss ratio is at least 80%; although I'm entering new territory with the equity markets. Specifically, I will test it with the ETFs having tight spreads. As I forward test it, I'll be more certain...