Yes, HODL does work.
When talking about my strategy of HODL, for me, I don't judge it on a regular and short term basis, I just have to set a good target and wait until that target will be achieve. For me, HODL means I'll be able to hold for a long term if the right timing has not come yet.
For example, I bought at peak in 2017, that means I am still holding until now, and I will never get panic despite of what would happen to the market.
That's right, bitcoin is a very good investment most especially for long term investments not more of a short term investment because the price moves so much almost every minute or every and that investing short term can be stressful and disappointing. I myself is hodling my coins an little by little got profits from it, I don't do day trading much because I have lost quite an amount already and it seems day trading isn't for me.