Do you have a spare 4.8v battery to power the receiver seperately from the ESC ?
If so power up the receiver (No ESC connected) and have 1 to 3 servos connected - AER (aileronelevator and rudder). See if they work, that eliminates the receiver and confirms its still bound to the transmitter, It will also confirm the problem is specific to the ESC.
Dont know what system your using but for example: Spektrum, the receiver uses the order TAER ch 1 is throttle. If you plug your ESC lead into ch3 by mistake the stick will be central not at zero. Some ESC's have a safety feature that wont allow it to start if it powers up with the throttle stick NOT IN THE OFF POSITION. So if the ch3 is being used, instead of ch1 it will not be at zero so the ESC wont activate.
One other point there is power to the ESC as you have a red LED active,are you sure you got the signal and negative the right way around when you reconnected?
I am sorry dont mean to try and teach my grandmother to suck eggs. I dont know what level of experience you have, so sort of starting with basics.