The best tool a day trader can use are "floor traders pivots". The gold futures chart above shows on Friday gold open higher and hit the R1 pivot $ 956 and sold off to the S1 pivot $947. Day traders where shorting at $956 and covering at S1 for 10 pt's or $1000 per gold futures contract. Most charting software now has pivot pivots as a study or indicator. Pivots have been around for 50 years and still are used by millions of traders everyday.Pivots are a calculation of the previous days high+low+close/3.
http://www.pivotpointcalculator.com/
