Sessions and events
Session overlap
The hours when two trading sessions are open at once. The London-New York overlap, roughly 13:00 to 16:30 UK time, carries the highest volume and the tightest spreads of the day.
GFN’s figure
Trading during the overlap cuts the spread component of a trade's cost, but commission is unchanged at $3.50 per side, $7 per lot round turn and the daily loss limit is the same figure at every hour.
In detail
Session overlap,explained
Overlaps concentrate liquidity, which means tighter spreads, better fills and larger moves in the same window. For a cost-sensitive strategy it is the most efficient part of the day to trade.
It is also the window with the most scheduled data, so the volatility comes with the news-window rules attached.
Related
Terms thatcome with it
Most rules only make sense next to the ones they interact with. These are the entries this one depends on.
London session
The European trading window, roughly 08:00 to 16:30 UK time. It is the highest-volume session in forex, and the one where the euro and sterling pairs do most of their daily range.
New York session
The US trading window, roughly 08:00 to 17:00 Eastern time. Most scheduled US data lands at its start, which makes the first ninety minutes the most volatile stretch of the trading day.
Liquidity
How much can be traded at a given price without moving it. Deep liquidity produces tight spreads and reliable fills; thin liquidity produces wide spreads, slippage and gaps.
Spread
The gap between the bid and the ask price. It is the cost paid on entry: a position opens slightly underwater by the width of the spread before the market has moved at all.
Economic calendar
A schedule of upcoming data releases with their expected impact, previous readings and forecasts. Checking it before a session is the cheapest risk control available to a trader.
Also governed by /rules/trading-hours
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