For those of you who have read our strategy entitled “Using Copper To Trade Aussie Dollars“, and are wondering how to execute this trade on your MT4 platform, this article is for you.
We needed to compare Copper Futures price action and execute trades on AUDUSD. So we live chatted with our friends at Forex.com:
Tommy: It is based on an underlying futures contract. The current underlying futures contract is based off of March futures.
gho: and we are trading the CFD correct?
gho: how frequently is price data updated?
Tommy: The price data is real time.
Tommy: You are trading a CFD based on underlying futures.
Tommy: We receive roughly 3 rates per second.
gho: what if we switch to daily charts
gho: it will be once a day
gho: do u know what time?
Tommy: Each new candle starts at 22:00 GMT.
Tommy: If you are holding the position at the time of expiry, you will be closed at the prevailing market rate at the time of expiry.
Tommy: Then, you would be able to manually enter a new position in the next contract month at your discretion if you wish.
So Forex.com provides live prices for copper CFDs based on the underlying copper futures. We compared this with Bloomberg using the function HG1 Comdity – the copper charts on Forex.com’s MT4 displayed similar chart patterns with the copper futures chart on Bloomberg.
There you go, Forex.com will be a convenient MT4 indicator platform for this strategy.