Originally I thought coding an indicator for this would be very difficult but the more I think about it the more it could be done.

First of all, you would need one of those zig zag swing line indicators. You can use this to establish the swing high/lows and filter out the smaller swings based on an average daily range for the currency pair in question.
This would reduce the amount of reversal points projected, and the remaining ones would be much greater in strength.

Run this indicator on a daily chart, and only trade with the expected reversal direction on the intraday time frame. I think it would be a very powerful scalping method.

TO MICHAEL - A QUESTION

Have you ever tested this method on tick fill charts instead of time based charts? I wonder what the difference would be.
The answer to that would tell us whether the reversals are based on time or a geometric linear projection.