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Summer (approx. April - October)
|Time Zone |EDT |GMT |
|Sydney Open |5:00 PM |9:00 PM |
|Sydney Close |2:00 AM |6:00 AM |
|Tokyo Open |8:00 PM |12:00 AM |
|Tokyo Close |5:00 AM |9:00 AM |
|London Open |3:00 AM |7:00 AM |
|London Close |12:00 PM |4:00 PM |
|New York Open |8:00 AM |12:00 PM |
|New York Close |5:00 PM |9:00 PM |

Winter (approx. October - April)
|Time Zone |EST |GMT |
|Sydney Open |5:00 PM |10:00 PM |
|Sydney Close |2:00 AM |7:00 AM |
|Tokyo Open |7:00 PM |12:00 AM |
|Tokyo Close |4:00 AM |9:00 AM |
|London Open |3:00 AM |8:00 AM |
|London Close |12:00 PM |5:00 PM |
|New York Open |8:00 AM |1:00 PM |
|New York Close |5:00 PM |10:00 PM |

Let's take a look at the average pip movement of the major currency pairs during each trading session.

|Pair |Tokyo |London |New York |
|EUR/USD |76 |114 |92 |
|GBP/USD |92 |127 |99 |
|USD/JPY |51 |66 |59 |
|AUD/USD |77 |83 |81 |
|NZD/USD |62 |72 |70 |
|USD/CAD |57 |96 |96 |
|USD/CHF |67 |102 |83 |
|EUR/JPY |102 |129 |107 |
|GBP/JPY |118 |151 |132 |
|AUD/JPY |98 |107 |103 |
|EUR/GBP |78 |61 |47 |
|EUR/CHF |79 |109 |84 |

From the table, you will see that the European session normally provides the most movement.

Below is a table of the Asian session pip ranges of the major currency pairs.

|Pair |Tokyo |
|EUR/USD |56 |
|GBP/USD |54 |
|USD/JPY |30 |
|AUD/USD |65 |
|NZD/USD |58 |
|USD/CAD |39 |
|USD/CHF |40 |
|EUR/JPY |57 |
|GBP/JPY |72 |
|AUD/JPY |65 |
|EUR/GBP |23 |
|EUR/CHF |- |

Below is a table of the London session pip ranges of the major currency pairs.

|Pair |London |
|EUR/USD |83 |
|GBP/USD |82 |
|USD/JPY |36 |
|AUD/USD |60 |
|NZD/USD |64 |
|USD/CAD |66 |
|USD/CHF |58 |
|EUR/JPY |80 |
|GBP/JPY |102 |
|AUD/JPY |86 |
|EUR/GBP |40 |
|EUR/CHF |- |

Below is a table of the New York session pip ranges of the major currency pairs.

|Pair |New York |
|EUR/USD |77 |
|GBP/USD |68 |
|USD/JPY |34 |
|AUD/USD |68 |
|NZD/USD |62 |
|USD/CAD |67 |
|USD/CHF |56 |
|EUR/JPY |72 |
|GBP/JPY |77 |
|AUD/JPY |71 |
|EUR/GBP |36 |
|EUR/CHF |- |

These pip values were calculated using averages of past data from the month of May 2012. Take note that these are NOT ABSOLUTE VALUES and can vary depending on liquidity and other market conditions. Also, the session range for EUR/CHF has not been included since the Swiss franc has been pegged to the euro at 1.2000 during the period.

Below is a chart of average pip range for the major pairs for each day of the week:

Pair |Sunday |Monday |Tuesday |Wednesday |Thursday |Friday | |EUR/USD |69 |109 |142 |136 |145 |144 | |GBP/USD |73 |149 |172 |152 |169 |179 | |USD/JPY |41 |65 |82 |91 |124 |98 | |AUD/USD |58 |84 |114 |99 |115 |111 | |NZD/USD |28 |81 |98 |87 |100 |96 | |USD/CAD |43 |93 |112 |106 |120 |125 | |USD/CHF |55 |84 |119 |107 |104 |116 | |EUR/JPY |19 |133 |178 |159 |223 |192 | |GBP/JPY |100 |169 |213 |179 |270 |232 | |EUR/GBP |35 |74 |81 |79 |75 |91 | |EUR/CHF |35 |55 |55 |64 |87 |76 | |As you can see from the chart above, it would probably be best to trade during the middle of the week, since this is when the most action happens.

Fridays are usually busy until 12:00 pm EST and then the market pretty much drops dead until it closes at 5:00 pm EST. This means we only work half-days on Fridays.

The weekend always starts early! Yippee!

So based on all these, we've learned when the busiest times of the market are. The busiest times are the best times to trade because they give you a higher chance of success.

Best Times to Trade:

• When two sessions are overlapping of course! These are also the times where major news events come out to potentially spark some volatility and directional movements. Make sure you bookmark the Market Hours cheat sheet to take note of the Opening and Closing times. • The European session tends to be the busiest out of the three. • The middle of the week typically shows the most movement, as the pip range widens for most of the major currency pairs.
Worst Times to Trade:

• Sundays - everyone is sleeping or enjoying their weekend! • Fridays - liquidity dies down during the latter part of the U.S. session. • Holidays - everybody is taking a break. • Major news events - you don't want to get whipsawed! • During American Idol, the NBA Finals, or the Superbowl.

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