how you DAYtrade off the daily? you SWING off the daily,not daytrade the 'daily' may provide insight to sentiment/macro-trend,but thats where it ends?
Sell/cover signals are generated off the timeframe you enter on, but it's good to have multiple timeframes up so you can see looming support/resistance to give you a heads up that your trade may be coming to an end. I have all timeframes visible from 1 minute to weekly for each underlying I trade but my entry/exits are generated off the 2 minute.
If you're not careful you'll get your neck broken with this back and forth action right now. Daytrader's delight, a swingtrader's nightmare.
Yes--but I would need to see upside momentum as well. I would also entertain the proper looking upside momentum without a break of 2030. We are also nowhere near oversold on the daily.