gixxer11, here is what I do...
[1] For quick scalping UVXY, the only thing I watch is the candle
stick chart with 10 (data point) simple moving average.
The volume doesn't seem to matter as much like other stocks.
[2] I have 4 charts exactly positioned as follows:
[SPY 1 minute chart] [SPY 60 minute chart]
[UVXY 1 minute chart] [UVXY 60 minute chart]
[3] By watching 1 minute and 60 minute charts of SPY and UVXY,
combined with how Asia and Europe market fared, I can estimate
probable maximum low or high points.
[4] I then watch for simultaneous reversal patterns in both SPY &
UVXY and if that's somewhat near the predicted high or low points,
then I boldly enter (long or short).
[5] I also favor long if UVXY gaps down big in the pre-market,
and I favor short if UVXY gaps up big in the pre-market for my
initial trade in the morning.
[6] I am also aware of when important economic and Fed Reserve news are released, and I listen to timely update on Bloomberg Radio for
their short and sweet commentary.
[7] One very interesting pattern that occurs reliably is
UVXY spikes are short lived and they retract. Rarely UVXY gaps up
and runs all day like some strong stocks do at times, even if
market is falling. This is probably because put option bets on
VIX futures slows once it reaches certain point.
Knowing this, I am more confident to enter on the short side with
more relaxed stop limit or no stop limit at all.
[8] The opposite also seems to be true in that once UVXY gets to
certain support area , it doesn't seem to want to fall much below, even if market rally continues. So knowing this, I can enter a long
position with reasonable confidence.
The key difference between [7] and [8] is that, retracting from
spikes seems to be more reliable and quicker than bouncing off the
bottom in terms of speed (time) and change (price).
In other words, when I short near the HOD range, I am mentally
ready to cover possibly in seconds, as .10 cents pullbacks can
happen instantly. In contrast, when I long near the LOD range,
.10 cent move could develop at slower pace than the above.
[9] Also, .10 cent move is the desired target, but I'm watching
the chart actively, so sometimes I'll adjust to secure or grow
the profit by just taking few cents or letting it run much more.
This is all based on what news has been released and how the
market is doing right then.
[10] Lastly, I use a real time market scanner (called Trade Ideas) which can be configured to detect stocks on the move now.
It also provides real time graph on how many stocks are
hitting the LOD vs. HOD, which is an excellent signal for market
direction and how long it'll continue that direction.
They offer free access to their tool if you want to evaluate it,
but the data feed is 20 minutes delayed. Or you can just sign up
for 1 month at ~$80, which is nothing in comparison to the
opportunity it finds for you. If you are planning to become a
short term trader, some sort of real time scanner tool is a MUST.
UVXY, USLV, and NUGT are becoming my favorite stocks to scalp these
days due to "nice" up/down volatility.
Good luck.
Market Data 
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