Yesterday during the non-regular trading hours (RTH) S&P 500 futures (ES) had a strong rally up and broke out 3156 swing high level followed by narrow range during the US session. It further tested the axis line as the resistance level at 3180 followed by a reaction during the Asian session today.
Check out the video for a complete walk through of the daily market analysis of S&P 500 futures (ES) for 07 Jul 2020 trading session. In this video, I am going to show you the market recap on the last session, plus a trade review in the M3 timeframe (including entry, exit and the rationale behind) during the US session based on a reversal setup near the key support level. Going forward, I will cover the bias, the key levels to pay attention to, the potential setup for the US session later.
I encourage you to watch my daily market analysis video yesterday if you haven't in order to better relate to the market recap and the trade review.
In case I missed it, for the trade u took, what was the stop u used? Asking cos seems like the candle made a lower low, which would probably had taken ur trade out if ur stop is at the low of the candle.
mingjong
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@The_Undefeated_Trader, Great question. My rationale was based on 3156 swing high as a support. My stop was below the low from the small structure (M3) on 6 Jul, at 3154, almost stopped out by the second test.