I look at several things when I am reading a passage of Scripture...
1. What was going on behind the scenes... what questions could the people have asked the author of that book or what provoked the writing of the passage.
2. God's promise, command, warning, character, & nature
3. Applies to studying any part of the bible in general -how does this apply to me today?
If I am studying a book of the bible,
then I pull out commentaries, a strong's concordance, dictionary in case I want a fuller definition of a particular word, a greek/hebrew lexicon, and my study bible.
You have to find a method that most definitely suits you.