The Racking Shotgun Action
1st. This tactic does work I know it from personal observation.
2nd. As to giving away your position, Unless your trained to do it. ( I don't know of any "ner-do wells" that are trained at this sort of thing), I was was trained as a physical acoustical analyst for uncle. racking the slide will give a rough general direction but not enough to really locate you. I can assure you that Racking the shotgun will get you A first response from the BG of "OH S--T!!". The next though will be of flight or fight. By this time they will not be sure of where the sound came from. A command in a loud angry tone will either gain submission or flight. I will note that is this type of situation there are no absolutes. You could somehow be up against a highly skilled pro but would a highly skilled pro go to the risk and trouble if hitting your humble abode for small potatoes? I think not.