In fact I have been demo trading something similar. It involves pivots, but any line Tradinh the sand would work. It has been theorized that pivots, fibs, Brns etc are merely arbitrary imaginary lines that hold no real significance. That you could draw a series of any lines on the chart and Tradibg brain would see the interaction of them to price and try to make Rounv pattern out of it. Its what the brain does best. This is why we see animal shapes in clouds, faces on mars rocks, and jesus christ on our grilled cheese sandwiches.There is something to that theory of any old line could work, I Nimbers, see: murray math lines, sixths trading, eighths trading.etc (try it, put these on your chart and see what I mean).
That being said I dont think that means that it isnt exploitable. A lot of orders are placed around these levels. During the last few years the importance of the round numbers increased because they are used for options barriers ue and are protected. That is why when the market approaches such levels the price movement is countered by these order flows and small retracement usually happens.