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FWLT

 
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rm



Joined: 05 Apr 2006
Posts: 140

PostPosted: Wed Aug 30, 2006 11:34 pm    Post subject: FWLT Reply with quote

I'm watching for a buy signal on this one.
It made a real nice morning star july 24 which was the second leg of a good looking double bottom.

Then it gapped up aug 9 and it looks to me that some profit taking has been taking place and may be coming to an end.

It is right at all 3 ma's and the stoch's are beginning to turn up.

The overall chart has been relatively well behaved.

rm
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Scooter



Joined: 02 Jul 2006
Posts: 98

PostPosted: Thu Aug 31, 2006 8:39 pm    Post subject: Reply with quote

Nice pick, rm. I see it did well today. Did you get in?

Scooter
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rm



Joined: 05 Apr 2006
Posts: 140

PostPosted: Fri Sep 01, 2006 8:34 am    Post subject: Reply with quote

Yeh, I got in right when it gapped up. Very Happy

I took my profit on MED, I'll watch it to see if it bottoms and then bounces back up.

rm
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Scooter



Joined: 02 Jul 2006
Posts: 98

PostPosted: Fri Sep 01, 2006 8:52 am    Post subject: Reply with quote

Yeah, Med was a bit disappointing. I thought it had much more potential. I got out some time ago.

Scooter
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Scooter



Joined: 02 Jul 2006
Posts: 98

PostPosted: Sun Sep 03, 2006 12:40 am    Post subject: Reply with quote

RM, I see you got sort of a hanging man doji on FWLT on Friday. Are you still in? If so, what are your thoughts?

Scooter
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rm



Joined: 05 Apr 2006
Posts: 140

PostPosted: Sun Sep 03, 2006 2:13 am    Post subject: Reply with quote

I'm in a new pickle Sad

I've been trading with the same company for awhile, I trade quite abit for a rolling 12 month period. Since there is no fine detailed handbook on the rules the company has and it's an ira I've had to learn the hard way on the ins and outs of the trading rules.

I received the no-no letter informing me that I've broken one particular rule 3 times and they put a slight squeeze on me then. It let up and all was well. Trading too close to day trading techniques.

I was told at one time that it was alright to sell a position before the 3 day settlement date as long as I didn't buy the same stock back before the money settled. This was somewhat of a courtesy on their part they say.

Apparently I have done that more times over a period than they care for and now when I try to sell before the 'buy' money has settled I get a warning signal telling me the money hasn't settled and it could be breaking the 'good faith' agreement.

Short story long..... I went to sell FWLT due to the doji and got the warning. I called them to find out what could be done and they said that I was doing it too much and basically I need to not if at all possible.

This now puts me in a place to have to think hard on each sell, I can see a possibility of loosing some of my profits. I have to keep FWLT just one more day then I can sell.

Everybody let me know your thoughts on this and perhaps what everybody does with their settlement dates.
Does every company have a 3 day settlement date?
If so how do day traders get by?

Thanks,
rm


Glad to see Chickenhawk back, congrats on the new job Very Happy
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Scooter



Joined: 02 Jul 2006
Posts: 98

PostPosted: Sun Sep 03, 2006 2:48 pm    Post subject: Reply with quote

I'm not sure what company you are with, rm, or if you even want to divulge that, but I'm with Scottrade, and they pretty much have the same rules. You can enter a new trade using unsettled funds, but if you sell the new position before the funds from the original sale have settled, you are violating the agreement. Obviously that is very restrictive. A swing trader needs as much flexibility as possible.

One way you can get around it (at least at Scottrade) is to sign up for a margin account, which is what I have done. I don't trade with my margin money, but it does get used in the above mentioned scenario when I buy and sell before a previous trade has settled. Otherwise, Scottrade would want me to deposit additional funds into my account to cover the second trade.

These requirements do not apply to day-traders. Scottrade considers you to be a pattern day-trader if you do four roundtrips (buying and selling in same day) in a five-day period. But day-traders are required to keep a minimum of $25,000 in their accounts and they are also subject to interest charges on debit balances past the settlement date.

Hope this helps.

Scooter
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rm



Joined: 05 Apr 2006
Posts: 140

PostPosted: Mon Sep 04, 2006 10:33 pm    Post subject: Reply with quote

Yes it makes things clear.

I realized from your first paragraph what I had done Embarassed
I jumped in on my last 2 trades with money that had not settled, which was causing the warning to come up.

Had I bought these with settled money I would not be getting the warning just by selling before the settlement date.

I had gotten into a habit of occasionally buying with unsettled money because of buy signals but apparently I had not in the past sold my positions within the 3 day period, hence the reason for not getting the warnings before.

No go on the margin account, mine's an ira, cash account only
Confused

Thanks for the info on the day trading rules, I've been curious about them.

rm
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russjackel



Joined: 16 Sep 2005
Posts: 59
Location: niantic ct

PostPosted: Thu Sep 07, 2006 9:22 pm    Post subject: Reply with quote

You are under that restriction because in an ira you are not able to have a margin account the only way I have gotten around it is to trade in a non ira account if i do not have funds available by 3 day rule. I use etrade and violated the rules and was put on 90 day restriction. One good thing is that now with etrade I am able to trade options that are not covered. I have never been able to do this in an ira or sep account before and think it is great as I love the leverage at times since you can not use margin.
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rm



Joined: 05 Apr 2006
Posts: 140

PostPosted: Thu Sep 07, 2006 10:40 pm    Post subject: Reply with quote

Good information thanks, I wound up going through the 90 day restriction awhile back also.

That's why I get so surprised when something new comes up because I try hard to follow the rules, I believe this time all the bugs may be worked out.

I just have to resist looking at any picks if I don't have money settled Sad

rm
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