Pending Order Strategy: high volatility currency pairs

[Papzen]

Is it a potential successful strategy regarding the above said strategy?

Playing the most volatile currency pairs during the most active market session, in the following manner:

- Placing Sell Stop without an expiring date.
- After an effect on Sell Stop, cancel the Buy Stop pending order.
- Placing Buy Stop without an expiring date.
- After an effect on Buy Stop, cancel the Sell Stop pending order.
- monitoring change in price directions in order to close.

Does this strategy sound a bit theoretical/practical and profitable/loss?