The Dolphin Vomit Strategy is based on a strategy by Saty Mahajan (SATY VOMY). The idea is to wait for a strong trend to develop on the 10 minute chart (although it can work on other timeframes too), based on the 8/21/34 ema’s. A Ripster style ribbon is displayed to help identify the trend.
As the ribbon develops, it starts to look like a Dolphin. You then wait for a break of the EMAs (specifically the 48ema). This indicates a potential reversal developing (The Vomit), and you enter the trade. It is important to take note of any major support/resistance levels nearby as that could invalidate the 48ema break, causing a fake out.
Saty Mahajan has a great write up on how to trade the VOMY setup. This strategy is traded frequently by Gobi Calls here at Spyder Academy.