S&P 500 Strong bias costs me a missed reward to risk ratio of 4

As expected, S&P 500 futures (ES) continued to trend higher and closed at 3300 yesterday. It is expected to continue to challenge the all time high once it can surpass the gap resistance formed at 3310–3340.

Check out the video for a complete walk through of the daily market analysis of S&P 500 futures (ES) for 5 Aug 2020 trading session. In this video, I am going to show you the market recap on the last session, plus trade reviews in the three-minutes timeframe (including entry, exit and the rationale behind). In one of the trades, I will focus on how I missed out a potential reward to risk ratio of 4 (or R multiple of 4) from a up thrust after distribution setup by having a strong directional bias. Going forward, I will cover the bias, the key levels to pay attention to, the potential setup for the US session later.

Check out my daily market analysis video yesterday below if you haven't in order to better relate to the market recap and the trade review.


Bias - bullish (Day trading); bullish (long term)

Key levels - Resistance: 3310–3340; Support: 3300, 3273, 3230, 3190, 3170–3180, 3105

Potential setup - Look for potential reversal setup near the key support and resistance levels.


Disclaimer: The information in this presentation is solely for educational purpose and should not be taken as investment advice.