For this week’s trade of the week I thought we’d go abroad, to Italy.
On or around 19 June, with Italy getting a lot of economic bad press, I decided to take some punts on several Italian stocks that might recover from what looked liked historic low prices. One of these stocks was Immobiliare Grande Distribuzione (IDG). I established a long position at a price of 53.23 as shown by the solid horizontal line in the IG Index chart below, and at the time of writing I have a better-than-break-even stop order (dashed line) in place at 58.98 to hopefully stop me out for at least 5.75 points of profit. Or, I could close it right now for the £8 “paper profit” on my minuscule £0.50-per-point bet.
In case you’re wondering, I chose IG Index for this particular trade for two reasons:
- IG Index is the only spread betting company that made this Italian equity available for trading via the web.
- IG Index, like ETX Capital, has nice charts that show how existing open positions are performing. So I can show you here how it’s going.
In the final reckoning — although I hope it continues for some time — my pyramided positions look like this:
Disclaimer: this posting is for general education only; it is not trading advice.