Personally I think that there must be a different angle to this. As indicators simply display price in a different format, one should start with the obvious: price.
When building a trading strategy I start with the simple question: What kind of system do I want to create? trend/range/pb

Anyway to get a concept of the market ask yourself one question. how is price behaving when its approaching previous days high/low - is it breaking out of the previous weeks range or is it inside. when u build up your thesis on this (market beliefs) you can add indicators. In my oppinion 1-2 indicators are enough