Hi Luca,
I had never thought to use the
Locked Cow hitch as a mid-air binder !

When I saw your knot, I grasped the first rope that was near me and
ran to my laboratory ( the two central heating pipes in my living room, where I test the binders...

). I am sorry to report that it was a great disappointment - compared to the
rock-solid hitch on a pole, the same hitch around two rope diameters was...
soft, to say the least !

The mechanical advantage does not seem to work, and the Tail End, without the support of a solid surface underneath it, can not be squeezed enough, so, in its turn, can not push and block the slippage of the Standing End - which blockage of the Standing End, I should stress, in this case it is not even required most of the times - because binders are supposed to always remain under some minimum tension. Noope, definitely this hitch, marvellous when tied around poles, is just mediocre when tied around a pair of ropes segments.
The golden standard remains the
Gleipnir - nowadays I use the Gleipnir with a Clove hitch instead of a single or a double nipping loop, because, once tensioned enough, the Clove hitch accumulates the induced tension and remains tight - so it provides a more stable basis for the Gleipnir arrangement, even during a possible temporary release of the loading. In other words, I have learned to use the jamming characteristics of the Clove hitch, and I have implemented this trick in the Gleipnir just as in the recently presented Bull / Clove hitch. (1)
it is very difficult to nip a tensioned straight rope segment - the only thing we can do is to insert the Tail end into the nipping structure only after it has just made an L-shaped deflexion, a "hook" that can more easily be attached to a corresponding "handle" provided by the Standing Part.
The most effective nipping structure I have met is the double/crossed nipping loop of the Pretzel adjustable loop (2) - because it is very tight AND very well balanced, in relation to the axis of the loading. It will not rotate, so the L-shaped deflexion of the Tail End before it enters into the nipping structure will not run the danger to be straightened out. However, I have not yet figured out how to combine, and
merge two such nipping structures into one, as a possible alternative to the Gleipnir / Clove.
1.
http://igkt.net/sm/index.php?topic=4748.0 2.
http://igkt.net/sm/index.php?topic=4464.msg28357#msg28357