The Sproule System

[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.

Resulted in Loss Call, lost 18 pips.

Now we wait for a candle that doesn’t touch the EMA100.

[hoato]

just a quick question, maybe I’m a bit slow but on the attached picture I can’t see why was an Entry 2 coz the previous candle is below 100ema but it should’ve been above.
Anyone please help me I try to get the rules but I cannot…:o

[aidysproule]

just a quick question, maybe I’m a bit slow but on the attached picture I can’t see why was an Entry 2 coz the previous candle is below 100ema but it should’ve been above.
Anyone please help me I try to get the rules but I cannot…:o

Hi Hoata,

Yes, this 2nd entry was incorrect on the chart shown, it’s should have been the next candle along.

[hoato]

another question, and thanks for the reply, anyway.
so why did you enter with 5. candle on the Entry 1 why not 4 candles before?

[aidysproule]

so why did you enter with 5. candle on the Entry 1 why not 4 candles before?

The chart only shows a few setups to give anyone a visual on the trade openings, not every trade is shown.

[lucariga]

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

Exact. The entry 1 for me is totally wrong according to the system rules, in fact the previous candle is a PIN bar with the high well ABOVE the 100 EMA. Isn’t it?
The entry one for me should be at about 0.9445 (close of the long white candle) and results in a loss of 45 pips. Please correct me if i’m wrong and sorry for my bad english.

Thanks in advance

[Gdis]

Great sytem

[Oztrader21]

I downloaded the Spoule System which was modified by JDeel and instantly my account went into freefall.
After less that 24 hours I have disabled the indicator this due to 18 bad signals out of 20, when each trade was triggered @ a mini lot .10, the indicator would close the trade at between 1.5 -3 pip loss.
I have run the indicator with the default settings,ie, as downloaded. I haven’t made any adjustments to it.

It seems to me the trades have been triggered at the end of a fairly substancial run in the direction that the trade is triggered. then the general movement of the market closes the trade at a small loss.
Out of 20 trades the system closed 2 trades @ .55 & .75 of a pip in profit the rest of the trades closed @ between a 1.75 pip and 3 pip loss.

I am a newbie trader, I haven’t traded with EAs before is this a common result for trading with EAs.

[pips85]

I downloaded the Spoule System which was modified by JDeel and instantly my account went into freefall.
After less that 24 hours I have disabled the indicator this due to 18 bad signals out of 20, when each trade was triggered @ a mini lot .10, the indicator would close the trade at between 1.5 -3 pip loss.
I have run the indicator with the default settings,ie, as downloaded. I haven’t made any adjustments to it.

It seems to me the trades have been triggered at the end of a fairly substancial run in the direction that the trade is triggered. then the general movement of the market closes the trade at a small loss.
Out of 20 trades the system closed 2 trades @ .55 & .75 of a pip in profit the rest of the trades closed @ between a 1.75 pip and 3 pip loss.

I am a newbie trader, I haven’t traded with EAs before is this a common result for trading with EAs.

I’ve just found exactly the same problem. The first trade it took was perfect and resulted in a nice profit but every single trade after that (over a period of days) has been closed within seconds of opening for a 1-3 pip loss but the trades are good entries??

It’s probably something i’ve done but i’m curious how to resolve. Any help would be appreciated.

[laxmi8876]

how do i add this indicator to the metatrader i am using fxcm trading platform

[yogesh12]

how is performance of this method now??? as i can see its giving around -99% loss. does this method works?? not asking about EA but manual one…