Can you? sure. Should you? Fuck if I know, but if it's a trend day I'm going to scalp out part at the first measure and swing the rest until it breaks down or we reach the next target.
Here one I found (in retrospect). Notice I projected from 933am 1min bar because it was the low close of that initial down move off RTH open:-
Didn't he say from the open to 10:20? You're only measuring the first 10 minutes. Anyway, in order for his MM to work, we would need to retrace back down to 3860 (then rally 40 points up to 3900). But then again, you have that long chop. I'm of the opinion that extended chop like today invalidates measured moves.
True, but I measured the first move regardless of time elapsed. Turns out (again in retrospect) it was an important level - continuation:-
I measure moves like Brooks and go close to far, watching the reaction at each. I also take my scalps off at a 1:1 for various reasons (I say scalps for anything 1:1 or less). I trade off the 5 minute so I skipped the first measured move SunTrader posted when I saw what happened after the implied pullback on bar 5 and took my scalp off at that 1:1 using the height of the spike where that trap happened. The end of the spike took place at bar 10 which I use in my trading so I took the 1:1 measure of the spike without the pullback for a doubling of the range because it was close enough to a typical measured move but fell where a projected level also was.
I use two types of measured moves; the height of a pattern/range/spike doubled, and a 2-legged move (ABC). What I mean by close to far is identifying where different measured moves land starting with whatever is closest to price, using the M5 chart to infer what price is doing on different timeframes. For example, I didn't take any profits on that first measured move you pointed out because it was too close given the context of what was happening. Bad math given the risk and it was too bullish to take anything less than a 1:1 on the initial entry.
Well we all have our plan so I wouldn't try to dissuade you following it. Anyway I put a fib retracement on the move from that 933am bar to HOD and 100% move represents (can't believe the symmetry sometimes) 78.6% of total = 3871.52 (off by 0.02). But 78.6% of total move is not too close in my book.