Its a 'Hold and Hope' system. EURUSD is choppy enough that this can work for quite a while UNTIL.... BOOM!!!! - Having to wait till the currency makes your entry profitable can stress you out while watching the drawdown get higher and higher. These are systems where you withdraw profits on a regular basis until your playing with 'House' money then you can up the risk slightly and sleep easier.
These systems CAN work and be profitable but you must play with cash you can afford to lose, withdraw profits regularly and keep risk low enough to tolerate the drawdowns without triggering margin calls. As long as you observe these rules you'll be OK. Its gambling for sure but the odds are seriously stacked in your favor. Just don't let the numbers fool you into thinking its risk free.
It ain't easy being Cheesy!