I sure do trade the FAZ/FAS. The best part about them is you only need to follow a chart for one of them seeing as they're inverse of each other. I choose to follow FAZ, when my chart fails at resistance points, I simply jump into FAS. When it bounces off of support, I hope back into FAZ. I use strategic stop losses placed in relation to certain trend lines on my chart. In this most recent case with FAZ, there was a gap between 12.70-13.18 on the chart. Therefore, I took a position when the gap started to fill (@12.89) and put my stop loss @ 12.70. When FAZ cleared the gap @ 13.18, I then moved my stop up just pennies below the base of the gap (@13.169). Sure enough, on Thursday, the stock bounced off of gap support @ 13.20 and bounced. Something of note is the failure at downward trending resistance in the 13.80 area. After breaking above 14.00, I moved my stop up to 14 and was then stopped out as FAZ moved toward 13.50. Here is the most updated chart I use, keep in mind I drew all these lines about 2 weeks ago:
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