S&P 500 – How to trade the descending or falling wedge with high winning rate [Video]

Ming Jong Tey Independent Analyst

Check out the video for a complete walk through of the daily market analysis of S&P 500 futures (ES) for 28 Sep 2020 trading session. In this video, I am going to show you the market recap during the last session and trade reviews in the three-minutes timeframe (including entry, exit and the rationale behind). In the market recap, I will explain why this falling wedge could possibly mark the temporary bottom of S&P 500 and how to trade the descending or falling wedge pattern with high winning rate. Going forward, I will cover the bias, the key levels to pay attention to, my trading plan for the session later.

Check out my daily market analysis video in the last session if you haven’t in order to better relate to the market recap and the trade review.

Bias — neutral (Day trading); bullish (long term).

Key levels — Resistance: 3320, 3360, 3420–3450; Support: 3200–3230, 3280–3300.

Potential setup — Look for potential reversal at the key levels.

Author

Ming Jong Tey

Independent Analyst

Ming Jong Tey has been trading since 2008. He started his learning journey from technical analysis (indicators, Fibonacci, etc...) to value investing. Throughout his journey, he develops an interest in price action with chart pattern trading.

EUR/USD trims gains, back below 1.1800

EUR/USD now loses some upside momentum, returning to the area below the 1.1800 support as the Greenback manages to regain some composure following the SCOTUS-led pullback earlier in the session.

GBP/USD off highs, recedes to the sub-1.3500 area

Following earlier highs north of 1.3500 the figure, GBP/USD now faces some renewed downside pressure, revisiting the 1.3490 zone as the US Dollar manages to regain some upside impulse in the latter part of the NA session on Friday.

Gold climbs to weekly tops, approaches $5,100/oz

Gold keeps the bid tone well in place at the end of the week, now hitting fresh weekly highs and retargeting the key $5,100 mark per troy ounce. The move higher in the yellow metal comes in response to ongoing geopolitical tensions in the Middle East and modest losses in the US Dollar.