Can I make (small) money this way?

Many time we do not know the direction of the market. If I buy both QID and QLD in the same time, set stop loss on both, when one (e.g. QID) gets stopped out, the other one (QLD) can still run and give me small profit (subtract loss from QID). The only problem is the big intraday swing may punish me both ways (both stop out).

Will this work or at what % stop loss will it make sense?
thanks!