I have seen this type of trading strategy being used by some traders where they mark the chart as weekly open and weekly close. And they think the next week's market will sweep both the weekly highs and lows. Some traders mark the Monday High and the Monday Low and they think the market will grab the liquidity set on the first days of the week for the trading markets.

Similarly, you are playing with last month's high and low, which I think can be used as one of the confluences to take the trade along with many other measures of course. You cannot just use this to always trade as this is also not a 100% accurate way to place your trades.