I read a thread where a guy posted a system. It traded based on the fact that the market tends to establish a daily high or low before like 11:00 AM. Historical data also backed this up.
Isn't this a little bit too simple to possibly work? I just can't imagine systems like this to even exist. I'm sure someone out there is trading an uber-simple system like "the market always reverses direction at 10:43" and making consistent profit off it. And I'm sure that I can find any number of other systems that are 80% accurate every day.
I'm a skeptic, and it seems impossible for these systems to be profitable. If they were, wouldn't they be abused to extinction by literally everyone? What is the logical basis for such simple systems to actually be profitable?
You are confusing simple vs. easy ... There are many good simple systems out there, but that does not mean they are easy and can be used by anyone.