Going Scandinavian

My first ever Norwegian stock traded. Wish me luck on this.

I’ve placed an order to buy LONG tomorrow on Marine Harvest (MHG.OL). a Norwegian stock. A Salmon supplier in fact. I know nothing about them, only that I like the look of the chart. It’s trending long and has been for a little while. I’m a little bit late in the trend but if it continues for some time it could be a little earner for me. The spread was actually very good from IG Index at 464.9 / 466.5, not like some of those 30pt spreads I seem to see on a lot of non-US/UK stocks.

I’ve gone in at very low risk on this. With a 70 pt stop i’ve risked £21.00 meaning i’m playing at 0.30p per point. I figured that I could have gone higher, but it’s my first Norwegian stock and i’m just playing it carefully. I’ve used a guarenteed stop loss on this as well just in case (made the spread 1pt bigger which I can handle). It it continued to rise i’ll raise my stake on it, but this is a level I feel comfortable with for now.

One of the problems i’ve faced is not being able to find the chart in my charting software. I’ve relied on free charts online but whilst they all have Simple Moving Average indicators on them, I have struggled to find any with Donchian Channels. Something I rely upon for my stops. I’ve had to guess at a suitable stop loss using MA’s and Bollinger Bands. It’s not ideal but that’s another reason why i’ve gone in cheaply for now. To me this is more of a test.

Excited to see what happens with it.

On a side note, I just wanted to say i’m using Twitter a lot more now. Tend to share any stocks/shares news articles I come across as well as announce blog updates or when I open new positions. Mainly though I just like to chat to other traders. I pick up quite a bit from everyday chat. If you use Twitter then hit me up on
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