$FB has a good correlation for trading it

Correlation trading strategy idea analysis.

In my previous posts, I showed some good situations for correlating trading.
Today I will show you one more stock suitable for this strategy.

Facebook has a huge weight in S&P500, so the correlation predetermined to be notable.
Look at the $SPY and $FB charts.
Actual corresponding support&resistance levels look so much alike.
Correlation is good enough to expect future similar moves.

Due to possible market trend U-turn, there are a lot of freshly formed support&resistance levels.
So, there are many opportunities to catch the strongly correlated move.

Following the correlation trading strategy, it is reasonable to wait for correlated level breaking.
When $SPY and $FB simultaneously break their resistance levels, It will be possible to buy $FB.
When $SPY and $FB simultaneously break their support levels, It will be possible to short $FB.

Do not view this idea as a recommendation for trading or investing. It is published only to introduce my own vision.
Always do your own analysis before making deals. When you use any materials, do not rely on blind trust.
You should remember that isolated deals do not give systematic profit, so trade/invest using a developed strategy.

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