Manual scalpers - what do you do when monitoring the market for a trade?

As in, what do you literally look for in a chart when waiting for a trade?

When manually executing short term trades (eg im trading on 5 min charts), is it pretty much, identifying the next price target (in both directions) for the current price action, then waiting for (the price, and thus) your entry indicators to be strong enough to let you trade?

A key emphasis being looking out firmly for those price targets it seems..

Breaking down every scenario of price action where you're -not- in a trade, what you looked for pretty much distilled down to those two steps.. doesn't matter what state the market is in.

Curious on what everyone did also Thanks!

Just in case: what i use for price targets is previous days highs and lows drawn horizontally, as well as fibonacci over a recent significant trend (if any), any overlapping lines are stronger. Though the fundamental process is the interesting question.

My strategy is based on supports and resistances, i prefer these pairs: EUR/USD, USD/CHF and USD/JPY .. i think that they are best for scalping .. i looking for psychical levels, double top, double bottom, RSI + levels and some fundamental news .. Im making around 3 - 8 trades a day with 85% success .. my advice for all scalpers is trade with pyramide scheme and be really fast + trade with ECN broker

I shouldnt write this, but sometimes i trade for fun, because i really love it

Although I've been demoing for about a week now, I will usually use the larger time frame charts to see what kind of trend is happening, then I'll usually go down a timeframe and try to pick a low to make a buy, or a high to make a sell. I'll generally try to wait for stronger trends and see how far that'll take me.

After that I cross my fingers.

I find that indicators don't really seem to help me out too much, maybe in time they may.

By pyramid do you mean using multiple timeframes? Yeah that seems to be the way to go. same for non market maker brokers, and being fast!

Reading over my original post it wasn't that clear.. was just curious or not whether when you're looking for an opportunity to trade, is the 'first' activity you're doing pretty much looking for a price target, which for me are pretty much support and resistance levels (before entering a trade.. other indicators can suggest a change when in a position).

Aside from being a strong influence when looking to exit, where the current price is in relation to strong SR levels seems be a really valueable for making good entries also! Very simply, you'd want the price to be breaking through one of these, or be quite happying in between them before getting into a trade.

Was curious as to how important this consideration is for entries for other traders

Thanks!!

I dont mean using several timeframes by term pyramide scheme (but im using several timeframes 5min + 1H + 4H) .. i mean open several positions, not only one .. example - i think that level 1.4250 will be support .. place SL at 1.4246 for all trades .. first trade i will open at 1.4260 with 1lot, second at 1.4257 with 3 lots and third at 1.4253 with 8 lots .. advantage of this is that with bigger position i risk only several pips but if i will have true i will make much more money