The Sproule System

[aidysproule]

Last trade of the week on my real account closed with a TP of 100pips profit!!!

:35:

[dgouveia]

Hi,

I’ve build an EA using your rules but the results are completely different. I couldn’t test it with real data because the markets are closed but could it be due to the modeling quality of the historical data?

[aidysproule]

Hi,

I’ve build an EA using your rules but the results are completely different. I couldn’t test it with real data because the markets are closed but could it be due to the modeling quality of the historical data?

If your comparing your results with the MyFXBook I have on this thread, the results will be different as the myfxbook is using an EA based on this strategy.

[littlemay]

If your comparing your results with the MyFXBook I have on this thread, the results will be different as the myfxbook is using an EA based on this strategy.

could you tell me what the heck EA is?

[aidysproule]

could you tell me what the heck EA is?

EA stands for Expert Advisor. It is a program that runs on Metatrader, developed based of people’s trading strategies and automatically trades on your behalf. It’s then put on a computer running 24/7 which means the program will trading 24 hours a day while the markets are open so no need to sit in front of a computer to trade. Depending on the EA you can enter your lot size, TP and SL or let the EA do it for you based on what percentage of risk you are willing to take. Every EA varies, the best place to have a look for info on EAs, go this BabyPip thread -Expert Advisors and Automated Trading

[littlemay]

EA stands for Expert Advisor. It is a program that runs on Metatrader, developed based of people’s trading strategies and automatically trades on your behalf. It’s then put on a computer running 24/7 which means the program will trading 24 hours a day while the markets are open so no need to sit in front of a computer to trade. Depending on the EA you can enter your lot size, TP and SL or let the EA do it for you based on what percentage of risk you are willing to take. Every EA varies, the best place to have a look for info on EAs, go this BabyPip thread -Expert Advisors and Automated Trading

so…how can i run this programme in MT4? where can i get this stuff?

[dgouveia]

If your comparing your results with the MyFXBook I have on this thread, the results will be different as the myfxbook is using an EA based on this strategy.

Yes, i’m comparing the results with the MyFXBook but my EA is also based on the strategy you posted here and that is why i don’t understand why the results are so different. I’m going to let it run during the week and see if my luck dhanges…

[aidysproule]

Yes, i’m comparing the results with the MyFXBook but my EA is also based on the strategy you posted here and that is why i don’t understand why the results are so different. I’m going to let it run during the week and see if my luck dhanges…

The EA is based on this strategy, not exactly the same as the EA uses multiple timeframes so it still will be different.

[cda08]

Dear aidysproule
Here i have a lil question for you, i just toying with your system i found a situation at where i need your suggestion, so please look at the pic i uploaded and tell me what to do as per your system - when situation like that comes again?
here the pic :

here the direct link of the pic http://i42.tinypic.com/35kqs5u.gif

and one more thing u told in ur first post 'bout the Entry Conditions of this system as

BUY
Enter a buy position when the current price is above the 100EMA and the previous low is above the 100EMA.
SELL
Enter a sell position when the current price is below the 100EMA and the previous high is below the 100EMA.

So my question is what u wanna say by previous low / high ? did u mean to say just previous candle’s low / high or in over all chart picture the last located chart pattern’s low / high ?

Thanks and not only aidysproule, any kind soul are welcome to solve this questions
thanks once again
cda08

[zirzovat]

Dear aidysproule
Here i have a lil question for you, i just toying with your system i found a situation at where i need your suggestion, so please look at the pic i uploaded and tell me what to do as per your system - when situation like that comes again?
here the pic :

here the direct link of the pic http://i42.tinypic.com/35kqs5u.gif

and one more thing u told in ur first post 'bout the Entry Conditions of this system as

So my question is what u wanna say by previous low / high ? did u mean to say just previous candle’s low / high or in over all chart picture the last located chart pattern’s low / high ?

Thanks and not only aidysproule, any kind soul are welcome to solve this questions
thanks once again
cda08

very good question … i will be waiting to see the answer

[aidysproule]

Sitting in the airport at the moment. I will be home and able to reply fully in 6-7hrs.

[cda08]

Sitting in the airport at the moment. I will be home and able to reply fully in 6-7hrs.

No problem, take your time, i ain’t no hurry
i just testing and seeing the system from different angle and its the first set of expression - my previous asking i mean to say - so time i spend on it i will ask u more whenever i will find sometin askable
Thanks at upfront and waittin for your next full reply

[aidysproule]

No problem, take your time, i ain’t no hurry
i just testing and seeing the system from different angle and its the first set of expression - my previous asking i mean to say - so time i spend on it i will ask u more whenever i will find sometin askable
Thanks at upfront and waittin for your next full reply

Hi cda08,

In the situation that you have shown, I would look at a larger timeframe to see the trend, then I would wait until the at least 3-4bars on the H1 chart have moved in that direction, keeping an eye on the candlesticks to make sure that none are showing a reversal.

[cda08]

and i asked another question also, ans plz, here i repeting that once again,

and one more thing u told in ur first post 'bout the Entry Conditions of this system as

BUY
Enter a buy position when the current price is above the 100EMA and the previous low is above the 100EMA.
SELL
Enter a sell position when the current price is below the 100EMA and the previous high is below the 100EMA.

So my question is what u wanna say by previous low / high ? did u mean to say just previous candle’s low / high or in over all chart picture the last located chart pattern’s low / high ?

[aidysproule]

and i asked another question also, ans plz, here i repeting that once again,

and one more thing u told in ur first post 'bout the Entry Conditions of this system as

So my question is what u wanna say by previous low / high ? did u mean to say just previous candle’s low / high or in over all chart picture the last located chart pattern’s low / high ?

Sorry, remember reading your question but forgot to answer.

Yes, the previous high\low refers to the previous candle.

[tradertuck]

@aidysproule

Hi Everyone,

Below is a very simple system that I use both manually and also via an EA that I have written on a live account. It’s easy to setup and doesn’t require you to be sitting at the computer screen all day, only check it every few hours if doing it manually.

Indicators
100EMA applied to close

Time Frame
1 hour chart

Currency Pair
AUDUSD, EURJPY, EURUSD, GBPJPY, GBPUSD, USDCAD, USDCHF & USDJPY

Entry Conditions

BUY
Enter a buy position when the current price is above the 100EMA and the previous low is above the 100EMA.

SELL
Enter a sell position when the current price is below the 100EMA and the previous high is below the 100EMA.

Take Profit and Stop Loss
Set take profit at 100 pips

Set the stop loss at the current 100EMA value and keep moving the SL to the current 100EMA value each hour.

The open position and stop loss do tend to get wider as the trend gets stronger but the price and 100EMA SL will close in on each other minimizing the loss if the trade goes sour.

When it is a side ways trend you can either sit out and wait, or if like me and you use an EA you can take a small number of very small losses (this is because the 100ema keeps moving in on the price) and then you get the long trends.

I have had trades opens for a few days in profit and as long as you keep moving the SL to match your 100EMA you will profit nicely.

In regards to the 100 take profit, it gets hit alot but you also make alot of pips if the the price never reaches the TP, as it comes back to hit the SL that has been moving with the price.

And that’s it… feel free to leave comments and suggestions.

Hi Aidy,

I’m new to forex trading, so I apologise in advance if the answer to my question is obvious … I really love the simplicity of this system, but wish to query the definition of the “BUY” and “SELL” criteria listed above, as I think I may be missing something. I used your hi-res image to look specifically at the entry points of each trade and where the previous high / low is relative to the sell / buy respectively.

For example, your “SELL” states current price must be below 100EMA AND previous high is below EMA too.

If you refer to Entry 1 (a Sell) - whilst the price is below the 100EMA, quite clearly the previous high is not (so this shouldn’t have triggered a trade?). I would estimate the previous high is around 9550 - i.e. way ABOVE the 100EMA. Am I missing something? I’d be grateful of a reply, because as a beginner to forex, I ought to get the proper rules of the system straight in my head.

Thanks in advance,

tradertuck

[tradertuck]

Hi Aidy,

I’m new to forex trading, so I apologise in advance if the answer to my question is obvious … I really love the simplicity of this system, but wish to query the definition of the “BUY” and “SELL” criteria listed above, as I think I may be missing something. I used your hi-res image to look specifically at the entry points of each trade and where the previous high / low is relative to the sell / buy respectively.

For example, your “SELL” states current price must be below 100EMA AND previous high is below EMA too.

If you refer to Entry 1 (a Sell) - whilst the price is below the 100EMA, quite clearly the previous high is not (so this shouldn’t have triggered a trade?). I would estimate the previous high is around 9550 - i.e. way ABOVE the 100EMA. Am I missing something? I’d be grateful of a reply, because as a beginner to forex, I ought to get the proper rules of the system straight in my head.

Thanks in advance,

tradertuck

Hi Aidy - I’ve just seen your response to a previous (similar) question. I understand low/high refers to the previous candle, so that’s great.

[henrypips]

Hi sproule gr8 system thanks 4 sharing may I know exact pairs you trade?

[luckyjim]

eurusd at 1.3116 now 16:42 GMT+1. It moved under the 100EMA line and formed a new candle below the line. So we short and set the SL at 1.3138 (the 100EMA). Right?

Oh and set TakeProfit at 1.3016. Note that 1 hour ago eurusd was at 1.3066.

[henrypips]

Sorry so glaring on post #1, my thoughts are sure the system as it is can work on H4 without amendments?