Remember when trading futures (primarily Russell futures) to keep the first hours high and low plotted. Use these levels through the day as areas for which price may look to retest and act as magnets or simple S/R. I tend to decipher between the upper range and the lower range of these levels. What do I mean by this?
I simply take the 50% retracement of these levels to split this range into a lower and upper. This helps guide me when determining strength and weakness. I look for price to display traits that would lead me to believe that we head to the low or to the high. The most typical trait I look for is the weak bounce. It goes without saying that if you begin to see weak bounces you will not see strength.
Of course like anything else price may hold to the tick at these levels or peak through slightly to clear out traders. If I'm really unsure of what may happen I may look for a fake out break out or any other possible scenarios that may give me the best risk reward area. It's important just as any other material you have seen on here to not over complicate it. Determine how you want to play it and place your self in the best risk reward opportunity.
The TF futures in my opinion can always be traced back to the activity of the S&P 500 futures though not as strong as in the past. Your main concern when looking at the levels we spoke of before is that we aren't fighting pivot points on the S&P 500 futures though there are cases when we want to be looking for price to capture pivots.
FULL RISK DISCLOSURE: Futures trading contains substantial risk and is not for every investor. An investor could potentially lose all or more than the initial investment. Risk capital is money that can be lost without jeopardizing ones financial security or life style. Only risk capital should be used for trading and only those with sufficient risk capital should consider trading. Past performance is not necessarily indicative of future results.