Maybe in the past it's working but if we will based it to the current bitcoin network status, it's not the best thing to do. Price moves a lot even at every second so we don't have no time to waste especially when there is bull market. Include also the fees and confirmation time.

What if the coins on the way got stuck and got a problem as most of the exchanges are experiencing this now because of heavy volumes, it's a problem now and you need to wait for shit response from those exchanges which will take even for weeks. I see this method as good way to earn extra income back then but realized it's not that easy as I think as sometimes it will not go to the thing I really want to happened.