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Registered User
Joined: 5/21/2007
Posts: 13
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I am very new to Block Player and I need help in setting up the following for scalper long and Short.
I am day trader and I follow very specific strategy. I need your help in developing in the Block player format.
I usually trade Mini Dow futures or Dow Index.
I use 5 min. chart. I do not trade first 60 minutes as I observe how the market is behaving. I add each 5 minutes bar from 9:30 to 10:30 from high and low range and add the total and divided by 12 to give me average range of each bar. Then I divide it by 2 to give me a sell target.
Example:
9.30 bar: High 13200 low 13190 = 10 points
9.35 Bar: high 13207 low 13194 = 13 points
9.40 Bar: high 13211 low 13201 = 10 points
9.45 Bar: high 13205 low 13190 = 15 points
9.50 Bar: high 13221 low 13201 = 20 points
9.55 Bar: high 13239 low 13219 = 20 points
10.00 Bar: high 13221 low 13212 = 9 points
10.05 Bar: high 13231 low 13220 = 11 points
10.10 Bar: high 13224 low 13211 = 13 points
10.15 Bar: high 13231 low 13211 = 20 points
10.20 Bar: high 13241 low 13230= 11points
10.25 Bar: high 13257 low 13239 = 18 points
10.30 Bar: high 13262 low 13255 = 7 points
Total Points = 177 points
Average range per 5 min bars 177/12 bars = 14.75
Profit Target is half of last 12, 5 min. bar average
14.75/2 = 7.375 rounded to the nearest =7 points.
I need a block player that can continually averaging last 12 bars and give me an average range for each 5 minutes bars.
MY entry of a trade is based on the following strategy:
I like to see minimum three- 5 min bars making higher highs and higher lows. When fourth bars makes a lower high and lower low this give me an indication that the buyers are not in control. I draw horizontal line on the top of the previous high bar and horizontal line on the bottom of lowest bar that is was made 10 minutes previous to the higher high bar.
If the current price breaks either top line or bottom line then I go long or short. My Target sell or buy price is half of my average bar range and stop is 2 points plus average bar range.
10.35 bar: high 13267 low 13255
10.40 bar : high 13279 low 13264
10.45 bar : high 13288 low 13275
10.50 bar high 13270 low 13259
My entry point for long would be 13288 plus 1 point = 13289-- sell target would be 13289+7 points = 13296 and my stop would be 13288 - 15 points = 13273
My entry for short would be low of 10.35 bar 13255 minus 1 point = 13254 buy target would be 13254 minus 7 points = 13247 and my stop buy would be 13254 + 15 points = 13269.
I do the opposite if three 5 minutes bars make lower high and lower low and fourth bar makes higher high and higher low.
I hope I have given you enough information to develop appropriate block player for this strategy.
If you have any question please email me at (email removed by moderator)
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Worden Trainer
Joined: 10/7/2004
Posts: 65,138
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I'll start by saying a Pre-Release version of Blocks with the US Stocks & Indexes (Real Time) feed is currently required to use Bars shorter than Daily in Blocks. This combination can currently only be obtained by actually attending a live training class. If the above is not true, you can ignore my response as I cannot help you create a solution.
I'm not done, but I am at a point where I have some questions. Please start be creating the BEL Value When Last True Custom Code Block from my Monday, January 29, 2007 4:26:43 PM ET post in Code Blocks.
Then save the attached .bWorks file to the following folder:
\My Documents\Blocks Files\Workspaces
You can then open the Workspace via your FILE menu (Open Workspace then My Computer).
It's created up to the point of drawing the lines. My questions relate to the Entry, Target and Stop prices. I'm having problems reconciling the following:
"My Target sell or buy price is half of my average bar range and stop is 2 points plus average bar range."
"My entry point for long would be 13288 plus 1 point = 13289-- sell target would be 13289+7 points = 13296 and my stop would be 13288 - 15 points = 13273"
In this example, is the example Bar Range 13, 14, 15 or some other value entirely?
Is there a reason for plus 1 point Entry?
Are the "points" dollars or cents?
Also if you wish to adjust the appearance of the Plot so far, can you describe the changes?
You may wish to review the following:
Customizing with Properties
Your First 3 Block DiagramsAttachments:
jthanki22325.bWorks - 61 KB, downloaded 512 time(s).
-Bruce
Personal Criteria Formulas
TC2000 Support Articles
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Registered User
Joined: 5/21/2007
Posts: 13
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Hi Bruce:
Thanks for all your work in creating Block Player for me.
The following is my stop strategy:
My Target sell or buy price is half of my average bar range and stop is 2 points plus average bar range.
Sorry for confusion.
Jay
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Registered User
Joined: 5/21/2007
Posts: 13
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Hi Bruse:
Points are for trading Mini Dow futures and each point is worth $5.00 But for trading stock it would be dollar and cents.
I will advice you if any changes are needed once I can open my Block player and can review, what you have done so far.
Thanks
Jay
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Registered User
Joined: 5/21/2007
Posts: 13
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Hi Bruce:
I opened Blocks Player charts and average bar range is not visible in my charts.
What do I need to do to make it active?
Thanks
Jay
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Worden Trainer
Joined: 10/7/2004
Posts: 65,138
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The most likely cause for this would be not meeting the requirements mentioned in my original post:
QUOTE (Bruce_L) I'll start by saying a Pre-Release version of Blocks with the US Stocks & Indexes (Real Time) feed is currently required to use Bars shorter than Daily in Blocks. This combination can currently only be obtained by actually attending a live training class. If the above is not true, you can ignore my response as I cannot help you create a solution.
I've looked up the jthanki account in our system and do not show a US Stocks & Indexes (Real Time) feed as being active. Are you using another account with this subscription active for your tests? If not, the average bar range will not be visible on your charts.
-Bruce
Personal Criteria Formulas
TC2000 Support Articles
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