This move works with all types of scenarios. Best used with knife defence for Eskrima, this move helps in evading the attackers No 5 (thrust) while giving you the options of disarm, takedown, and joint manipulation.
Trapping and sweeping your opponent with this hold in grappling situations is also very effective. It leaves you with many options for offense while leaving your opponent with only his physical strength to escape.
Here is a sequence used in live grappling. Hope you find it effective in your arsenal of tricks.