Hello otto,
the type of breakout observation you mention in your post is quite a common technical set-up.
previous days high-low, previous week high-low are generally smart levels to have up on your technical charts for reference purposes, especially if these levels also happen to coincide with previous area�s of strong 2 way activity.
another popular breakout set-up (on FX anyway) is the Tokyo range. Marking up a high-low from around midnight to the start of London trade (gmt clock) & playing the break, can often get you in at the inception of a decent percentage move.
as with any breakout type set-up or trigger, it�s not the fact that price penetrates the area, but how you manage your entry & control your risk that determines whether it forms part of your ongoing strategy arsenal.
obviously volatility & liquidity affect how price reacts as it approaches a level or technical hot-spot, but that�s where your trade sizing & risk management come into play.
some traders will play the breakout via a full sized position as price penetrates the level & simply take their chances on whether it pushes on initially.
others play the breakout with half or reduced size, wait for some kind of confirmation & then gradually feed their remaining stake in until full position size is in play.
an alternative option would be to wait for price to breakout, pullback & then climb aboard the pullback with either reduced size (again to test the participation) or a full sized position.
Being a momentum type play, the force of order flow which sometimes fuels breakout trades can result in an aggressive move if sufficient stop clusters and/or order tickets are lurking above or below a significant level. That can reveal itself by the way in which price action behaves on & around the area of interest.
the only way you�ll get a feel for whether this type of technical set-up fits your style is to practice it & ensure you got an each-way plan for a successful & unsuccessful outcome.