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Best Times For Forex Trading
There is continous action in Forex markets that are open 24/5. What this means is that forex market is a round the clock market that closes only during the weekends. This continous action confuses many new traders who have been previously trading stocks. Most can't figure out what are the best times to trade forex.
Stock markets have fixed hours. NYSE is open for trading from 9: 00 AM EST to 4: 30 PM EST. You can only trade stocks on NYSE during this time. The best way to divide the 24 hours forex market is to divide it into three trading session based on the three locations from where forex gets traded heavily.
Asian Session in the forex market starts from 7 PM EST to 4 AM EST. Most of the trading takes place from Tokyo followed by Hong Kong, Singapore, Sydney. USDJPY, GBPJPY & AUDJPY are the most heavily traded currency pairs during this time.
The most important trading session that takes place in the 24 hour currency market day is the European Session with London as it's center. The European Sessions starts from 2: 00 AM EST and ends at 12: 00 PM EST. London is the center of the global currency market with roughly like 30% of the total daily currency transactions originating from London. This is the session that sets market mood for the rest of the day. Major moves usually start and end during this time. Liquidity and volatility is high during this time. There is a trading strategy known as the London Rush Hour that uses this time to make maximum pips. The currency pairs that get heavily traded during this time are EURUSD,[link widoczny dla zalogowanych], GBPUSD,[link widoczny dla zalogowanych], CHFUSD, CHFEUR, JPYUSD and JPYGBP. If you trade one of these currency pairs then you should monitor this session carefully as a major move might get started any time requiring you to change your stops.
The US Session starts from 8 AM EST and ends at 5PM EST. New York and Chicago are the main centers from where large currency transactions take place. New York is the second largest currency center in the world. USDEUR,[link widoczny dla zalogowanych], USDGBP, USDCHF & USDCAD are heavily traded during this time. These larges currency transactions have the potential of moving the market in new directions.
Now, after knowing these three different currency centers and the trading sessions based on them, you must have observed that some overlapping between these three trading session does take place. Yes,[link widoczny dla zalogowanych], it does. The two most important trading sessions namely the US and the European Sessions overlap from 8: 00 AM EST to 12: 00 PM EST. This is time when the currency market is most active. Volatility is high and large currency transactions almost close to 70% of the total daily volume takes place during this time. This is the time for those traders looking for volatility in the market to become active as ranges become wide and pip making potential increases. Whatever happens during this time of the day can leave it's impact for the rest of the day or for that matter rest of the week or even month.
Similarly, you must have observed that the Asian and the European Session overlaps from 2 AM EST to 4 AM EST. Most of the time the market is not active during this time as European Session has just started and the Asian Session is closing. During these 2 hours most of the time the market is consolidating and waiting for the activity to pick up in London.
As a trader what you need to do is break the 24 hours into three 8 hours session. Further break these 8 hours into 4 hour session and try to time these 4 hour sessions with the above trading sessions that match with the currency pair that you want to trade most!
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