Has anybody ever looked at a strategy of the following:

By simply looking at major movers on the day and then placing a long or a short depending on what the major move is, i.e. riser place a long, down place a short the same day. Obviously this does not catch the up or down move but statistically the price would usually follow the same direction the next day. Obviously not always the case but I have done some checks over the last few days and the percentages are 70% in favour 30% against. So if you utilise sensible Stop Loss then this may be a good stratergy albeit mind numbingly simple.

I would be interested if anybody has used this and can shoot me down in flames if it hasn't worked for them.

Just sometimes the simplest statergies are often the best.

Obviously there are issues of spreads charged etc but if you select your stocks cleverlyl i.e. avoid some of the larger stocks.

I would also look at utilising some TA i.e. Trends and support and resistance levels.

Anyway I am ready for being shot down.