I'm often asked how one should study a market, so here are some thoughts:
Studying a market is different, from learning how to trade.
Learning how to trade includes everything from managing risk to managing yourself.
Studying a market is simply the process of looking for an edge.
Once you have identified an edge, you still have to learn to trade it.
The best way to study a market is to watch it as closely as you can but always using a frame of reference.
You should pick a frame of reference and exhaust its possibilities.
For example, you could use a time-based approach.
You could study how the market moves at certain times of the day, week or month.
I knew of one trader who made his money (and he made a lot of it) by studying specifically how the ES behaved at the end of each month. His entire edge was created around this.
I know of another successful trader who focused exclusively on the 8am open in FTSE futures.