Thought About Credibility
I read a lot of blogs and trading journals. I've yet to find a trader that will admit to making a mistake in a trade. I have a different approach. My credibility as a nascent trader goes up as you see me stumble and slowly improve over time. Not-to-mention, the 3am Grid has to allow the user to make mistakes. Any system that requires perfection to succeed is too strict for the average person. I made a dopey error today. I woke up to trade the 3am GBP candle (4am in this brief period between the beginning of DST in the US and the UK). I didn't notice that my trading software wasn't open. As the opportunity approached to get into the trade, by the time the package had opened, the moment had passed. I won't make this mistake again, but it illustrates how as humans, we make mistakes that prevent us from being at our best.
Today's Reverse Trade
The 3am GBP candle (4am for the few days) was 65 pips. The 3am Grid predicted that the GBP would never get to 1.3678, and that instead, after crossing the SELL at 1.3603, with a 87% probability, would get to the BUY @ 1.3893.
The Breach of the SELL
With the release of the monthly Manufacturing Production figures from the UK at 5:30am, the US dollar surged in value relative to the pound. It briefly went past the SELL.
The 3am Grid Delivers
Shortly after 8am, the GBP hits the BUY neatly completing the reverse for a handsome 90 pips profit.
Bottom Line
The 3am Grid did it's job. I didn't do mine. I missed the boat with a dumb mistake. Lesson learned.
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