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 Forex Trading Sessions – Everything you

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In this how to guide, we unpack Forex trading sessions and explain everything you need to know
from strategy to execution in the four timelines: Sydney, Tokyo, London, and New York.

While the Forex marketplace is open 24/7, five and a half days a week, there are periods when there is
consistent volatility and periods where nothing much happens.

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Understanding the trading sessions and the best times to trade is important for any Forex day trading Enter rst name

strategy or any other strategy for that matter.

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The idiom – timing is everything – is particularly applicable for the Forex market, so get out your
Sign Me Up
calendar and start planning around the International Date Line!
 
 
powered by MailMunch
 

What is the International Date Line (IDL)?

 

The IDL is an imaginary line on the surface of the earth which outlines the border or boundary between
one day and the next day. This line is the reference point for the world’s time zones, which were created
to ensure a common time system.

As you can see in the image below the IDL runs from the North pole to the South pole dividing the
earth between east and west hemispheres.

How is time measured?

 

GMT – Greenwich Mean Time is the starting point of where earth’s time zones are measured found at
the London Greenwich Observatory.

UTC – Co-ordinated Universal Time took over from GMT and is time maintained via clocks in labs
located around the world.

Time zones in Africa

 

There following are time zones relevant to this article:

West Africa Time Zone WAT (UTC+1)

Central Africa Time Zone CAT (UTC+2)
East Africa Time Zone EAT (UTC+3)
Nigeria Time
South Africa Time Zone (UTC+3)
Egypt Cairo Time

It is agreed that the new Forex calendar day starts according to the International dateline. The first
market on the dateline to open is New Zealand and so the first market to open is the Sydney session.

Most Forex traders will hone in on the most popular trading periods known as a “Forex 3-session
strategy” focusing on Tokyo, London and New York sessions.

Below we have created a table of all four trading sessions and the conversions based on Summer/Spring
and Autumn/Winter periods.

South African Forex Market trading times

 

Hours for trading Forex means the time when you can place an Open/Close position, exchange currency
and speculate on price changes of pairs.

Basically, the trading hours are based on the time in which investors, banks and companies would be
open. Typically, in South Africa that is between 9 AM and 5 PM.

The Forex market operating hours in South Africa, Johannesburg are: 

SAST Period Start and End Times

Download only  05:00 AM – 08:00 AM
Admin and download 08:00 AM – 09:00 AM
Automated trading 09:00 AM – 05:00 PM
Admin 05:00 PM – 06:00 PM
Market in Download only 06:00 PM – 03:00 AM
 

Please note: At 5 PM every day, New York time, the market closes for a few minutes – exactly for how
long depends on the broker but is usually anywhere between two to five minutes.

All Four Trading Sessions for Autumn/Winter in South Africa **

** Not including Day light savings

Season dates: Mar/Apr to Oct/Nov

TIME UTC/GMT SAST South African Time Zone

Sydney Open 22:00 Open 23:00

Sydney Close 06:00 Close 8:00

Tokyo Open 00:00 Open 1:00

Tokyo Close 08:00 Close 10:00

London Open 08:00 Open 9:00

London Close 16:00 Close 18:00

New York Open 13:00 Open 14:00

New York Close 21:00 Close 23:00

The 24-hour market in SA, during winter Season looks like this:

Some Forex trading sessions overlap so they are both open at the same time and you will find these
are some of the busiest times in your trading day.

  SESSION OPEN
  SESSION OVERLAP
SESSION CLOSED
SA TRADING TIME
 

24 HOUR
SYDNEY TOKYO LONDON NEW YORK
DAY
00:00 AM OPEN
01:00 AM OPEN OPEN
02:00 AM OPEN OPEN
03:00 AM OPEN OPEN
04:00 AM OPEN OPEN
05:00 AM OPEN OPEN
06:00 AM OPEN OPEN
07:00 AM OPEN OPEN
08:00 AM CLOSE OPEN
09:00 AM OPEN OPEN
10:00 AM CLOSE OPEN
11:00 AM OPEN
12:00 PM OPEN
1:00 PM OPEN
2:00 PM OPEN OPEN
3:00 PM OPEN OPEN
4:00 PM OPEN OPEN
5:00 PM OPEN OPEN
6:00 PM CLOSE OPEN
7:00 PM OPEN
8:00 PM OPEN
9:00 PM OPEN
10:00 PM OPEN
11:00 PM OPEN CLOSE
 

Open and close times for sessions

Remember day light savings when clocks are set forward or backward depending on the seasons –
Autumn (Fall)/Winter and Spring/Summer – and which hemisphere a session is in.

Depending on the season you will need to factor in the time shift as countries move to or from daylight
savings  – luckily you will only have to factor it in for three trading sessions because Tokyo does not
have day light savings.

Day light savings takes place in Mar/April and Oct/Nov, therefore the open and closing times of the
Forex market will need to be adjusted.

During the Northern Hemisphere’s winter, when the New York session closes it will be midnight
(00:00) in South Africa.

When is Forex Trading closed?

 

Nearly all financial institutions, except the Middle East, are closed over weekends. Therefore, there is no
liquidity and not much point trading in Forex over weekends.

The Forex exchanges only close on two dates

Christmas Day
New Year’s Day

Forex Trading Strategies

 

To be a successful trader, there are many qualities and attributes that you need, amongst them
are:

The ability to work and keep calm under stress

Being a risk taker
Persistence and tenaciousness
The ability to make quick decisions

But none of these will matter if you do not have a good solid trading strategy that you feel comfortable
with and stick to.

If it is a solid well-reasoned strategy that other traders have used extensively with great success than
you will be able to have the confidence needed to stick to your strategy and be disciplined about it with
“following your gut” or doing erratic trades.

A Forex trading strategy is a system that a Forex trader uses to determine when to buy or sell a currency
pair.

A good Forex trading strategy allows for a trader to analyse the market, recognize specific indicators
and market conditions and confidently execute trades while mitigating risk as much as possible.

Timeframe for your trading

 

There are many types of trading styles and they are in different time frames from short to long. All of
them have been widely and successfully used.

Great traders will acquaint themselves with different strategies, and it’s best that beginner traders stick
to one strategy and look for those indicators that mark the strategy you are following.

More experienced traders will have built enough knowledge and experience to use the right strategy for
the current market conditions.

There are three criteria traders can use to compare different

strategies on their suitability:
 

Time resource required

Frequency of trading opportunities
Typical distance to target
Risk and reward

For example, position trading typically is the strategy with the highest risk but can give you the highest
reward with little time spent on the trade.

Scalping, on the other hand, is much lower risk because you are dealing with lower value amounts but
requires a great deal of time and a remarkably high frequency of trades.

It is important to get to know the different strategies and what suits your personality and lifestyle.

Do you love to do research and spend lots of time making trades? Or can you not be bothered?

Do you want to invest and just ride the trade out for a bit of time?

As you read all the following strategies try, and see which ones resonate with you.

What informs a Forex trading strategy?

 

Technical analysis and fundamental analysis is key

The two main analysis styles that traders use in formulating their strategies are technical analysis and
fundamental analysis.  They aren’t always mutually exclusive but more often than not, one will be used
as the primary analysis tool.

Technical analysis is the study of price movements in a market.

It has become a popular approach to trading due to the advancement of technology which allows real
time analysis as well as charting packages and platforms that can handle large amounts of data very
quickly.

In technical analysis traders use historic chart patterns and indicators to predict future trends in the
market.

These charts can show past and present performance of a market and can help predict future trends
before entering a trade.

Fundamental analysis on the other hand is all about looking at the economic well-being of a country,
and how the state of a country can affects its currency.

It does not focus on currency price movements but rather the strength of that currency itself.

A trader that uses fundamental analysis will be looking at a country’s inflation, trade balance, gross
domestic product, unemployment/employment rates and their central bank’s benchmark interest rates.

Best Forex Trading Strategies

 

We will be looking at some popular and tested strategies that traders use to be consistently successful;
each strategy involves different investment of time, frequency and risk.

They will incorporate different timeframes as well as different types of analysis and show a wide range of
strategies so that you can see which type suits your demeanour,  personality,  amount of time available,
and amount of risk you are willing to take into account.

PRICE ACTION TRADING

 

Price action trading is a technical strategy that is formulated by studying the history of the price of a
currency.

You can use this technique alone or you can also use it with indicators.  Price action can be used as a
stand-alone technique or in conjunction with an indicator.

Length of trade
 

You can implement Price Action Trading in various time periods (long, medium and short-term). The
ability to use multiple time frames for analysis makes price action trading a valuable trading analysis
tool.

Entry/Exit points
 

There are many methods to determine support/resistance levels which are generally used as entry/exit
points: Some of them are: Candle wicks, Trend identification, Fibonacci retracement, as well as indicators
and oscillators.

Within price action, there is range, trend, day, scalping, swing and position trading.

These strategies adhere to different forms of trading requirements which will be outlined in detail below.

The examples show varying techniques to trade these strategies to show just how diverse trading can
be, along with a variety of bespoke options for traders to choose from.

RANGE TRADING STRATEGY

 

In range trading you need to recognize support and resistance points and place trades around these key
levels.

This is a good strategy for when the market is fairly stable and not showing a lot of volatility, as well as
not showing clear signs and patterns of any particular trend.

Length of trade
 

This type of strategy can work for any time frame but you need to keep in mind that breakouts can
occur and so you need to have a risk management strategy in place as well.

Entry/Exit point
 

Oscillators such as the Relative Strength Index (RSI), Commodity Channel Index (CCI) and stochastics are
a few examples of timing tools that can be used in combination with price action to confirm and validate
signals or breakouts in this strategy.

Range trading can be a very profitable strategy but can come with a hefty time requirement as well.

TREND TRADING STRATEGY

 

Trend trading is a strategy that tries to ride a markets ongoing directional momentum to make profits.

Length of trade
 

It is difficult to limit the time frame of Trend trading since the trends themselves differ in length.  But
usually it will be a medium to long-term time strategy. You can also use multiple time frame analysis in
trend trading.

Entry/Exit points
 

An oscillator like RSI, CCI etc would normally determine the entry point and exit points are calculated on
a positive risk-reward ratio that still mitigates any risk.

Traders can use stop level distances, of equal the distance of the movement, for example, to keep from
staying with the trade for too long.

One type of strategy within this strategy is a 50-pip strategy where the stop level is placed 50 pips away
from the entry point in order to manage risk.

When you see a strong trend in the market, trade it in the direction of the trend.

Trend trading can be time and labour intensive, but it can also give you great trading opportunities with
manageable risk compared to the profit that can be made.

This is a strategy, however, for traders that have a strong grasp of technical analysis.

POSITION TRADING
 

Position trading is a long-term strategy that is more aligned with fundamental factors however, technical
methods can be used as well.

This strategy takes a look at the wide and comprehensive view of the market in the long term and is not
concerned with the small market and price fluctuations that happen in the short and even medium
timeframes.

Length of trade
 

Position trades have a long-term outlook of weeks, months or sometimes even years.

This type of strategy is for the trader that either has an extreme amount of patience or just does not
have the time or desire to do higher frequency of trades.

This is also for the trader that has a strong grasp of a country’s economic factors and how they will
affect markets.

Entry/Exit points
 

Looking at the key levels on longer time frame charts (weekly/monthly) are the most useful for position
traders due to the comprehensive view of the market and its movement over longer periods of time.

Entry and exit points can be judged using fundamental analysis as well as technical analysis as per the
other strategies.

DAY TRADING STRATEGY

 

Day trading is a strategy where you start “from scratch” every day and open trades at the start of the
trading day to close them all within the same trading day.

In other words, all positions are closed before the market closes. This can be a single trade but typically
a day trader will make multiple trades throughout the day.

Length of trade
 

Trade times range from very short-term (matter of minutes) or short-term (hours) depending on the
market conditions and the patterns and indicators recognized.

But as stated, all trades will be opened and closed within the trading day.

Entry/Exit points
 

There are many ways to recognize entry and exit points depending on what pattern strategy you are
following.

You could be using a continuation, reversal or neutral chart pattern for the current market condition and
be following a pennant, head and shoulders or triangle pattern.

All these will have their own “rules” about entry and exit of that breakout and how to best manage risk
while making a profit.

This type of strategy is becoming immensely popular with traders because it allows a great number of
trading opportunities and it has a medium risk to reward ratio.

It does, however, require a lot of time spent every day and also a solid foundation of technical analysis is
required.

FOREX SCALPING STRATEGY

 

Scalping describes the strategy of taking small profits on a frequent basis by opening and closing
multiple positions throughout the day.

Traders can do this process manually but with the software, tools and algorithms available nowadays,
traders tend to automate this process with predefined guidelines as to when/where to enter and exit
positions.

Length of trade
 

This strategy is all about short-term trades quick as 1 minute to 30 minutes, as with small returns but
with great frequency to maximize daily profits if possible.

Entry/Exit points
 

Because this strategy is so short and quick, the most essential part is to identify a trend as it is about to
happen.

Indicators such as the moving average are crucial tools to spot trends. Using these key levels of the
trend on longer time frames allows the trader to see the bigger picture.

These levels will create support and resistance bands.

Scalping gives you the greatest number of trading opportunities in comparison to all the other Forex
strategies but it requires a LOT of time invested, with a strong foundation of technical analysis and it has
the lowest risk to reward ratio.

SWING TRADING
 

Swing trading is an attempt to profit from the swings in the market.  These swings are comprised of
two main parts, the body and the swing point.

In this strategy you want to time your entries so that they catch most of each swing body, somewhere
between the extreme top and bottoms of a swing to maximize profit.

Length of trade
 

Swing trades are usually medium timeframe positions that are generally held anywhere between a few
hours to a few days but can last up to a few weeks.

Entry/Exit point
 

Much like the range bound strategy, oscillators and indicators can be used to select optimal entry/exit
positions and times.

Swing trading poses a substantial number of opportunities to trade in a medium risk to reward ratio, but
it requires a strong foundation in technical analysis and requires a lot of time.

CARRY TRADE STRATEGY

 

A Forex carry trade involves borrowing a currency in a country that has a low interest rate and low yield
to fund the purchase of a currency in a country that has a high interest rate and high yield.

Holding this position overnight will result in an interest payment being made to the trader based on the
“positive carry” of the trade.

The lower yielding currency is referred to as the “funding currency” while the currency with the higher
yield is referred to as the “target currency”.

Length of trade
 

Carry trades are dependent on interest rate fluctuations between the associated currencies and lend
itself to medium to long-term trades that can last weeks, months and even years.

Entry/Exit points
 

There are two aspects to a carry trade: exchange rate risk and interest rate risk.  Therefore, the best time
to open the positions is at the start of a trend to capitalise fully on the exchange rate fluctuation.

In terms of the interest rate, this will remain the same regardless of the trend as the trader will still
receive the difference int the interest rate between the target currency and the funding currency.

Carry trading doesn’t require a lot of time investment and it has a medium risk to reward ratio, however
you need to have a strong understanding of the Forex market.

Also, if you are someone who enjoys the rush of doing many trades this may not be for you because
there isn’t a lot of trading opportunities since you hold positions for longer periods of time.

Forex Trading Strategies to use in the Major

Sessions
 

While you can invest in the Forex market from any African region during the major trading sessions,
trading when the market is the busiest will lead to better profits.

Greater volume and volatility of the Forex market as buyers and sellers make their moves, creates the
best opportunities for traders.

Currency pairs and trading sessions

 

The session times are important to consider when choosing currency pairs, for example EUR or GBP
pairs should be traded in the London Forex trading session.

The best times to trade the pairs below are from 8:00 AM to 12:00 PM EST because this is when both
New York and London sessions are active.

EUR/USD
GBP/USD
USD/CHF

It is also important to know about the other trading sessions because the Forex market is contingent on
fundamental analysis which is informed by major news, reports, indicators and other data.

Indicators are usually, but not always, released to coincide with active trading sessions on the Forex
marketplace.

It is always good to select your currency pair and then see which Forex trading session is most active,
alternately you can do it the other way around as well.

Ultimately you want to consider all the information available to you which will inform the best trading
times to execute trades, along with your preferred trading strategies.

The Tokyo Session (also called the Asian Session)

 

The Asian Session is the world’s third largest Forex trading hub with 20% of all Forex trading taking
place during this session made up from trades in Hong Kong, Singapore, and Tokyo.

Below are some of the strategies you could use in the Tokyo session:

OPPORTUNITIES STRATEGIES
Price Action Trading

Action takes place early in day

Potential breakout trades later in the day

Economic data and news coming from

Forex news trading
Australia, New Zealand, and Japan
Japan’s economy is highly dependent
on exports, because China is a major
trade player there are a lot of trades
happening daily. Day trading – daily pivot strategy

There are periods where little trading

Range Trading
happens – ranges hold their positions
Consolidation could take place after
Breakout trading strategy   – enter trade
market moves taken in the New York
based on support and/or resistance
session.
 

Pairs to trade in the Tokyo Session

 

The AUD/JPY is one of the most volatile pairs during the Tokyo trading session.
One will also see moves in Asia Pacific currency pairs such as AUD/USD and NZD/USD.
Yen pairs are good because of the multitude of Japanese companies doing business.

The London Session (also called the European session)

 

The London session has nearly 43% of all Forex trades in the world, making London the centre of Forex
trade in Europe alongside Paris, Edinburgh, Geneva, Luxembourg, Frankfurt, Zurich, and Amsterdam.

Below are some of the strategies you could use in the London session:

Trading Opportunities Forex Strategies

London morning breakout strategy
High liquidity and lower transaction
costs
Scalp Trading

Volatility subsides at lunch time (the middle

The most volatile Forex trading session of the session) and as traders wait for New
York to open
Price Action Trading  
Overlap with New York and some of
Tokyo session
Swing Trading

Trend Trading

Trends will begin during this session and

most times continue to the start of the Reversal trading – trends can sometime
New York trading session reverse at the end of the London session
because European traders lock in profits

Pairs to trade in the London session

 

Due to the sheer volume of trading that occurs and the high liquidity you can trade nearly any Forex
currency pair.

It is always good to stick with major pairs because they have the tightest spreads and are influenced by
any news announced during the London session.

EUR/USD
GBP/USD
USD/JPY
USD/CHF
Yen crosses such as EUR/JPY and GBP/JPY are also actively traded at this time but do have wider
spreads than major pairs

The New York Session (also called the North American

session)
 

The New York session is the financial centre of trading in the U.S. with around seventeen percent of all
Forex transactions taking place there.

Because eighty five percent of all Forex trades involve the Dollar, when great U.S. economic data is
announced, it can move the markets.

Below are some of the strategies you could use in the New York session:

Trading Opportunities Forex Strategies

Forex breakout strategy to take
High liquidity in the morning – overlap advantage of volatility due to overlap
with London session makes it the most
liquid period of the day
Scalp Trading

Economic reports are released at the

Trend Trading
beginning of this session
Volatility and liquidity lower as the Moves are smaller – use a different strategy
London session ends such as Range Trading
Reversal trading – chance of reversals in
second half of session as traders’ close
Friday afternoon has little movement
positions for the weekend to limit exposure
to any news
 

Pairs to trade in the New York Session

 

Because there is such a high volume of trading in this session nearly any Forex currency pair can be
traded, although is always best to choose the majors.

EUR/USD
USD/JPY
GBP/USD
EUR/JPY
GBP/JPY
USD/CHF

As the dollar is on the other side of most transactions in this session, any big data released from the U.S.
has the potential to wreak havoc on the market as the dollar rises and falls on the back of it.

In conclusion
 

We would love to say that there is one, best strategy that will always ensure that you make profits, but
that is impossible.  There is no single strategy or answer that will fit everyone, even if they are great
strategies in of themselves.

There is no one strategy, just as there is not one best genre of music or film, style of clothes, or cars to
drive.  Why? Because personality is a big part of deciding and feeling what will fit YOU best.

Not all people like the same kinds of music or artists, and not all Forex trading strategies will fit your
personality either.

So, how do you know what “fits” you best?  As in most things, as you start your trading education it is
important to digest as much information as possible and learn as you go, by doing a lot of
experimentation.

Therefore demo accounts are such an incredible tool for you to grow and learn, since you can try “real
trades” without the risk and stress of trading with your real capital.

This how to guide, looked at the Forex trading sessions and explained everything you need to know
from strategy to execution in the four timelines: Sydney, Tokyo, London, and New York.

As you get the feel for which of these strategies best appeals to you and as you gain more experience
and knowledge in Forex trading, you will be able to better incorporate some of these amazing strategies
into your successful trading careers.

Frequently Asked Questions

 
What are the trading times for Forex?

Forex trading is available 24 hours a day.

What time frame is best for trading?

Intraday is the best time frame and Intraday Traders will use minute charts which include 1-minute to
15-minute periods. At the end of the day, these traders will exit the market. Intraday Trading makes way
for plenty of opportunities and fewer risks.

What are the South African Forex Market trading times?

View the forex market operating hours in South Africa Johannesburg here

Can you trade Forex at night?

Yes, you can see that Forex is open 24 hours a day.

How long can you hold Forex?

Traders can hold a position for anything from a few minutes to a few years. Both instances have certain
risks though, that the trader should read up on

Louis Schoeman
Featured SA Shares Writer and Analyst.

Table of Contents
1. What is the International Date Line (IDL)?
2. How is time measured?
3. Time zones in Africa
4. South African Forex Market trading times
5. When is Forex Trading closed?
5.1. Forex Trading Strategies
5.2. Timeframe for your trading
5.2.1. There are three criteria traders can use to compare different strategies on their suitability:
6. What informs a Forex trading strategy?
7. Best Forex Trading Strategies
7.1. PRICE ACTION TRADING
7.1.1. Length of trade
7.1.2. Entry/Exit points
7.2. RANGE TRADING STRATEGY
7.2.1. Length of trade
7.2.2. Entry/Exit point
7.3. TREND TRADING STRATEGY
7.3.1. Length of trade
7.3.2. Entry/Exit points
7.4. POSITION TRADING
7.4.1. Length of trade
7.4.2. Entry/Exit points
7.5. DAY TRADING STRATEGY
7.5.1. Length of trade
7.5.2. Entry/Exit points
7.6. FOREX SCALPING STRATEGY
7.6.1. Length of trade
7.6.2. Entry/Exit points
7.7. SWING TRADING
7.7.1. Length of trade
7.7.2. Entry/Exit point
7.8. CARRY TRADE STRATEGY
7.8.1. Length of trade
7.8.2. Entry/Exit points
8. Forex Trading Strategies to use in the Major Sessions
8.1. Currency pairs and trading sessions
8.2. The Tokyo Session (also called the Asian Session)
8.2.1. Pairs to trade in the Tokyo Session
8.3. The London Session (also called the European session)
8.3.1. Pairs to trade in the London session
8.4. The New York Session (also called the North American session)
8.4.1. Pairs to trade in the New York Session
9. In conclusion
10. Frequently Asked Questions
11.  

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