It doesn't work. You get whipsawed into too many trades that go a short distance beyond the fractal and then turn around and hit the other swing high/low. Don't try on anything lower than 1H, but even then it is doubtful. I use them in conjunction with PA to judge when to enter on pullbacks and that is better.
You mention Bill Williams' Fractals. Quite correct: they were his 'invention'. But the way you propose to use them is NOT the way Bill Williams designed them to be used (and as a matter of fact both you and Clint have described the exact OPPOSITE use of Bill Williams' method of using them ALTHOUGH, in Clint's case, that is indeed a valid trading system believe it or not).
Bill Williams' trading system (dare I say 'systems' as they're all the same thing with the odd 'teak' here and there) trades Fractal BREAKOUTS. In other words: you place a buy stop order just above the previously COMPLETELY formed (that's when the last bar of a five bar Fractal formation has CLOSED) Fractal (and the opposite to go short). In the FIRST 'version' of his Profitunity Trading System or 'Trading Chaos' your STOP AND REVERSE point was the FURTHEREST of the previous two Fractals in the opposite direction. In a later 'version' your STOP AND REVERSE point became ONLY the previous Fractal. In my opinion: the FIRST 'version' was the more effective (and of course I'm discounting all the other 'fluff' that goes with the system(s) here like the Alligator, AO, AC, Gator, etc.).
In my 'not so humble beginnings' I spent a good year to two 'studying' both Bill Williams and J. Welles Wilder Jnr. Bill Williams' 'stuff' has too much 'fluff' and complications so 'Wilder won' (as is well known about me around these parts). That being said: trading with JUST Fractals using the FIRST 'version' mentioned above (without all of the 'fluff') is indeed a valid trading system although by no means the most profitable of all trading systems. My main trading system (Wilder's 'Swing Index System') uses what I refer to as 'Three Bar Fractals' (as opposed to Bill Williams' Fractals where many variations of bar formations can form a valid Fractal and MetaTrader only shows what Bill Williams refers to as 'Pristine Fractals' but the other formations are too numerous to mention and probably too difficult to code) and the only difference is that Wilder refers to these 'Three Bar Fractals' as 'High Swing Points' and 'Low Swing Points'. Works (well) for me!!!
One word of warning though (as has already been mentioned): DO NOT EVEN BOTHER trying ANY Fractal method of trading on ANY timeframe shorter than the 4-hour timeframe (and preferably the daily timeframe or longer) or you WILL get your 'a*se' whipsawed' more times that your account will be able to withstand.
And one other word of warning (this added after the original above): watch money management!!! Sometimes them Fractals can be REAL far apart!!! LOL!!!