It's very risky when you are on many levels of your bet but I can say that if you are betting using the martingale strategy with less than $100 then I could say it will work and not just a stupid strategy. It's fun on that level but your heart slows its beat when you have now multiplied your bets into $1k.
You seriously need to try it out yourself and see what happens. In gambling what will be the number of red streaks does not depend on your strategy. When gambling based on martingale method, you can face an endless red streak of more than 32reds and this will wipe out a lot or maybe your entire balance. Does that mean its going to be the method of ultimate profit? In fact there is no such method which can give profits on every roll. Its just luck.
Anything is possible in gambling and so no strategy is going to be fool-proof or full-proof. If you manage to get lucky you may win but you may also lose if you are unlucky.