Yep that can happen for sure.
The key seems to be having reliable IP software, the resource to visualise how a race is likely to pan out (Pace cards), the resource to visualise how it's actually panning out. (BA IP Trader 20ms). If both match up, then there's an increased probability that a successful IP trade can be achieved.
As most know, the market IP moves fast, even though the volume is getting better, trading out when it goes against you has more risk, so not for the feint hearted or for those that can't handle their emotions.
One option available to an IP trader is the one where a trade becomes a "let it ride" opportunity. These are few and far between, but when they happen, it gives the IP trader the chance to party like it's 1999....