Forex Trading Sessions --- September 2012 - April 2013

Beginner Questions
1

For the past year, I have updated the Table of Forex Trading Sessions, whenever Daylight Saving Time changes have occurred in major forex trading centers. The thread where all those updates appeared has gotten too long, so I will start a new thread.

This thread will pick up where the previous thread left off, and will cover the upcoming six-month period. Then, I’ll start a new thread next March for the following six months. And so forth.

Most of the Notes on time zones and time changes, together with Notes on how to use the Table, will be transferred from the previous thread to this one, and will appear below the next updated Table (in post #2 of this thread).

Time changes occurring over the next 5 weeks

All the major forex-trading regions of the world will be affected by time changes occurring between September 30 and November 4, 2012. These time changes will occur on 4 separate dates, as follows:

• September 30 — New Zealand will go onto Daylight Saving Time (DST)

• October 7 — southeastern Australia (Sydney, Melbourne, Canberra, Adelaide, etc.) will go onto DST

• October 28 — all of eastern, central, and western Europe, and the U.K., will return to Standard Time

• November 4 — the U.S. and Canada will return to Standard Time

Other countries and regions experiencing time changes on (or about) those 4 dates will be updated in the Table, as well.

For example, Brazil will go onto Daylight Saving Time on October 21, and most of Mexico will return to Standard Time on October 28. Both of those countries will be included in the October 28 update.

ICT Kill Zones

If you follow the methods taught here on the Babypips Forum by Michael Huddleston (screen name InnerCircleTrader), be aware that the Kill Zone times (which are key to his methodology) will change along with the time zone changes listed above.

The current Table of ICT Kill Zones can be found in Michael’s previous thread. However, that thread is now “locked”, and appears as a “sticky” on the Newbie Island Forum.

So, beginning this weekend, I will post updated Kill Zone times in Michael’s new thread.

World Clocks

Time changes can be confusing for newbies and veterans alike.

You might find this to be helpful — At any time of day (or night), you can find out what time it is in any one of 30 different locations around the world by going to — World Clocks - Time Zones of The World

I have checked the times displayed on that site — through several Daylight Saving Time cycles — by comparing them to the times at timeanddate.com (the bible of time zones and time changes, in my opinion). I have found the times shown on the “World Clocks” page to be accurate and up-to-date.

Time changes occurring this weekend

The next post will include the Table of Forex Trading Sessions, showing the first of the 4 updates listed above.

2

On Sunday, September 30, New Zealand will go onto Daylight Saving Time. The time zone in New Zealand will change from NZST (GMT+12) to NZDT (GMT+13).

Beginning with the opening of the retail forex market in New Zealand on Monday morning, October 1 (Sunday afternoon, New York time), and continuing for one week:

• The opening and closing times of the New Zealand (Wellington) Trading Session will change by one hour for all forex traders EXCEPT traders in New Zealand, and

• The opening and closing times of the other six Trading Sessions will remain unchanged for all forex traders EXCEPT traders in New Zealand.

The Table of Forex Trading Sessions has been updated to reflect these changes. The updates are highlighted in yellow.

Notes following the Table explain the format of the Table, and how to use it, and give general information on time zones and time changes.

The next update to the Table will occur in one week (when southeastern Australia will go onto Daylight Saving Time).

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How to use this Table:

1. The upper portion of the Table lists the opening time and closing time of the normal (8am-5pm) business day in each of the 7 principal forex trading markets. These opening and closing times are shown for each of 27 different GMT time zones. In most cases, you will be concerned with only one of those 27 time zones — the time zone where you are located.

2. Each horizontal line in the upper portion of the Table refers to a particular GMT time zone. The times shown on that line are local times in that time zone.

3. If you know your current GMT time zone (accounting for daylight saving time, where applicable), you can use the upper portion of the Table to find opening and closing times in 7 markets. Those times are current in your time zone.

4. If you do not know your current GMT time zone, use the lower portion of the Table to find the correct time zone for your location, for this particular time of year. Then, refer to your GMT time zone in the upper portion of the Table, and read the current opening and closing times in 7 markets.

Example: Let’s say that you are in Singapore, you want to find out when the New York Session begins and ends, but you don’t know your GMT time zone.

• Step 1 - Find Singapore in the lower portion of the Table, and you will see that its GMT time zone is GMT+8.

• Step 2 - Go to the upper portion of the Table, find GMT+8, and read across to the column labeled “New York Session”. There you will find the times you are looking for. These times are local (Singapore) times.

On that same line of the Table, you will find the opening and closing times for the other 6 Trading Sessions, in your local (Singapore) time zone, as well.

5. The list of countries (and regions) in the lower portion of the Table is not a complete list of the countries of the world.

Basically, 4 groups of countries (and regions) are listed in the Table: (1) the 7 principal forex trading centers (e.g., the U.K., Japan, etc.), (2) other major forex markets (e.g., most of Europe, Canada, etc.), (3) other countries where active Babypips Forum members reside (e.g., Indonesia, Mexico, etc.), and (4) a few other countries (or regions) included as geographical reference points (e.g., Pakistan, west-central Russia, Greenland, etc.).

For a much more complete list of countries, together with DST information for each of them, refer to — Daylight Saving Time Around the World 2012

Additional notes on the Table, plus some time zone factoids:

1. The 7 markets shown in the Table are considered to be the “principal” forex markets, because they are the “home markets” of the 10 most heavily traded currencies in the world: the U.S. dollar (USD), the euro (EUR), the Japanese yen (JPY), the British pound (GBP), the Australian dollar (AUD), the Swiss franc (CHF), the Canadian dollar (CAD), the Hong Kong dollar (HKD), the Swedish krona (SEK), and the New Zealand dollar (NZD). Altogether, these 10 currencies are involved in more than 90% of all currency transactions worldwide.

2. The 7 forex markets in the Table are listed (from left to right) in the order in which they open on a daily basis.

By international agreement, a new calendar day begins at midnight at the International Date Line, in the Pacific Ocean, east of New Zealand. So, a new calendar day begins first in New Zealand, then in Australia, then in Japan, and so forth.

For the purpose of our Table, we are saying that a new business day begins at 8am in each location. So, following the sun, a new business day begins first in New Zealand, then in Australia, Japan, Hong Kong (and the rest of mainland Asia), then later in Europe, the U.K., and North America.

Looking at a map, it’s clear that the business day progresses from right to left (east to west, as the sun moves across the map). But, our Table reads from left to right, because it’s written in English.

3. The International Date Line splits one time zone down the middle: east of the Line, that time zone is called GMT-12; and west of the Line, the time zone is called GMT+12. When you cross the Line from east to west, you cross from one day on the calendar, into the next day.

On the other side of the world, the Greenwich Meridian (which runs through the London suburb of Greeenwich) splits the GMT time zone down the middle. In this case, however, the time zone is the same on both sides of the Meridian: GMT+0.

Altogether, counting the GMT+0 time zone, there are 24 hourly time zones circling the earth, from GMT+12 on the west side of the International Date Line, to GMT-12 on the east side of the Line. In addition, there are several half-hour time zones (for instance, GMT+9½ in Northern Territory, Australia).

4. You will not find the GMT+13 time zone on some time-zone maps. The GMT+13 time zone is an artificial time zone designating New Zealand (and some other Pacific island nations) when they are on Daylight Saving Time. When New Zealand is on Standard Time, their time zone is GMT+12.

5. Each sovereign country decides for itself what the time of day shall be within its borders, and therefore what time zone, or zones, the country shall lie within. This can lead to some wild distortions of the time zone map.

China, for instance, has decided that their entire country will be one time zone (GMT+8), even though it is a very large country (east to west). China extends all the way to Pakistan (GMT+5). So, if you were to walk across the border from Pakistan, into China, you would be stepping across 3 time zones. (And, probably, you would be shot.)

India has decided that they don’t like being either GMT+5, or GMT+6; so, they have established themselves as GMT+5½.

6. Many countries do not observe Daylight Saving Time (DST). In the Table, above, those countries (or regions) which do not observe DST are marked with an asterisk (*).

In the U.S., the states of Arizona and Hawaii do not observe DST. Portions of Canada and Mexico do not observe DST. In Australia, the states of Queensland, Northern Territory, and Western Australia do not observe DST.

7. Russia has decided to remain on Daylight Saving Time permanently. The Russians have had some fun claiming that they’ve permanently banned winter from Russia. In the western region of Russia (Moscow, St. Petersburg, etc.) the time zone will remain GMT+4 year-round.

Overall, Russia spans 9 time zones from GMT+12 (on their Pacific coast) to GMT+4 (at their border with Latvia) — but, they skip the GMT+5 time zone, so they actually use 8 of the 9 time zones.

8. My favorite time zone factoid: Daylight Saving Time at the South Pole —

All time zones converge and disappear at the North Pole, and at the South Pole. But, the South Pole has been assigned a time zone. Furthermore, its time zone, GMT+13, obviously indicates that the South Pole is currently on Daylight Saving Time. But, between September and April (approximately), the sun never sets at the South Pole. So, what’s the point of Daylight Saving Time there? Wikipedia explains —

“There is no a priori reason for placing the South Pole in any particular time zone, but as a matter of practical convenience the Amundsen-Scott South Pole Station keeps New Zealand Time. This is because the US flies its resupply missions (“Operation Deep Freeze”) out of McMurdo Station which is supplied from Christchurch, New Zealand.”

So, when New Zealand went onto Daylight Saving Time on September 30, the South Pole went onto Daylight Saving Time, as well.

But, what about the North Pole? From Wikipedia:

“There is no permanent human presence at the North Pole, and no particular time zone has been assigned. Polar expeditions may use any time zone that is convenient, such as Greenwich Mean Time, or the time zone of the country they departed from.”

9. The best website for finding accurate, reliable time-zone and time-conversion information (in my opinion) is — timeanddate.com

That site was used to check (and double-check) all of the times, and time zones, shown in the Table, above. If you find errors in the Table, no doubt the fault will be mine (or yours), not the fault of the timeanddate.com website.

3

Thanks a lot :slight_smile:

4

Thanks for all you efforts Clint. After looking at you table I have learned something I did not know. I always though the US session close time did not overlap any other forex session and this is why I have used it for the close of the trading day. However by reading your table it appears I am wrong and the wellington session does in fact over lap with the new york session.

Just when you think you know it all :slight_smile:

5

prego :slight_smile: — edit: I thought you were in Italy; now you’re in the U.K.?

Hey, Bob

You [B]should[/B] use 5pm NY time as the end of one forex trading day, and the beginning of the next trading day, because typically [B]total world trading volume reaches a minimum in the hour between 5pm and 6pm New York time,[/B] every day.

Here’s a study I did on hour-by-hour forex trading volume — 301 Moved Permanently.

Regarding overlaps, you are correct. The Wellington (New Zealand) Session currently overlaps the New York Session by 2 hours. After November 4 (after all the DST changes have occurred), Wellington will open at 2pm New York time, and Sydney will open at 4pm New York time — so, from November until next April, both of those sessions will overlap the New York Session.

But, keep in mind that these are overlaps of the [B]normal (8am-5pm) business day[/B] in these locations.

When we discuss “trading sessions”, we are concerned with [B]trading volume.[/B] Most of the daily forex trading volume in each country occurs during normal business hours — that’s why we use each country’s normal business hours as their local “trading day”, or their local “trading session”. And that’s why all the “trading session times” in the Table are based on “normal” 8am-5pm business hours in each country.

In North America (meaning, essentially, New York), the local “trading day” would be 8am-5pm New York time, regardless of trading volume patterns in the rest of the world.

Therefore, [B]it’s only a coincidence[/B] that worldwide trading volume reaches its minimum each day at approximately the same time that the New York forex market “closes”.

[B]Lastly, when you’re considering session overlaps, you have to keep relative market sizes in mind.[/B]

The New Zealand forex market accounts for [B]$9 billion per day[/B] of worldwide forex volume.

Australia accounts for [B]$192 billion per day.[/B]

And the North American market (U.S., Canada and Mexico, which all trade basically in the 8am-5pm NY time period) accounts for [B]$983 billion per day[/B] of worldwide forex volume.

In the afternoon (NY time), the N. American market (which is winding down for the day) is not greatly influenced by either New Zealand or Australia (even though those two markets are ramping up for the day). One reason for this is that neither country is big enough to push the N. American market around very much. But, there’s another reason…

[B]The N. American market takes its cues from the European/U.K. market (combined $2,773 billion per day)[/B], which is nearly 3 times the size of the N. American market — and nearly 14 times the size of the Pacific market
(New Zealand and Australia).

The Zurich/New York overlap ends at 11am NY time, and the London/New York overlap ends at noon NY time, so there tends to be a lot of position-squaring around 11am-1pm New York time (in all three markets — Europe, U.K. and U.S.).

[B]The New Zealand and Australian markets, on the other hand, are heavily influenced by the Asian market (Japan, Korea, Singapore, Hong Kong, China and Taiwan), $898 billion per day,[/B] which is a much bigger market than New Zealand and Australia combined.

Wellington overlaps Tokyo by 5 or 6 hours each day (depending on DST), and Sydney overlaps Tokyo by 7 or 8 hours each day (again, depending on DST). But, those three markets don’t begin to overlap until Tokyo opens at 6pm or 7pm New York time (depending on whether the U.S. is on DST).

So, trading volumes in New Zealand and Australia tend to be skewed toward late morning (local time), as those two markets wait for Asia to indicate market direction.

Hence, the so-called “dead zone” in world forex trading volume — 5pm-6pm New York time — as Europe and the U.K. are done for the day, New York is closing, and Wellington and Sydney are waiting for the Asian Sessions to get rolling.

Edit:

Daily volume figures mentioned above were taken from the BIS 2010 Central Bank Survey. Data for that survey was gathered in April 2010, so those country-by-country volume figures may be somewhat out-of-date. However, the 2010 Survey is the most recent one published.

There is strong evidence that the $4 trillion per day worldwide foreign exchange market (as measured in April 2010) has grown to something like $4.7 trillion per day currently. Therefore, it’s possible that all of the country-by-country figures shown above are low by 15%, or so.

6

You’re like some kind of forex Wikipedia. Feel like staying in my house for a few years?

7

Fantastic information and service. Thanks, Clint. You are one of a kind. :wink:

8

Great man Clint…It was really helpful!

9

On Sunday, October 7, the southeastern portion of Australia — South Australia, New South Wales, Victoria and Tasmania — will go onto Daylight Saving Time.

In South Australia (Adelaide, etc.), the time zone will change from ACST (GMT+9½) to ACDT (GMT+10½).

In New South Wales, Victoria and Tasmania (Sydney, Melbourne, Canberra, Hobart, etc.) the time zone will change from AEST (GMT+10) to AEDT (GMT+11).

Beginning with the opening of the retail forex market in Sydney on Monday morning, October 8 (Sunday afternoon,
New York time), and continuing for three weeks:

• The opening and closing times of the Sydney Trading Session will change by one hour for all forex traders EXCEPT traders in southeastern Australia, and

• The opening and closing times of the other six Trading Sessions will remain unchanged for all forex traders EXCEPT traders in southeastern Australia.

The Table of Forex Trading Sessions has been updated to reflect these changes. The updates are highlighted in yellow.

Scroll back to posts #1 and #2 on this thread for Notes explaining the format of the Table, and how to use it; and for general information on time zones and time changes.

The next update to the Table will occur in 3 weeks (when Europe and the U.K. will return to Standard Time).

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10

On Sunday, October 28, eastern, central and western Europe, the U.K. and Ireland will return to Standard Time.

In eastern Europe (Finland, Ukraine, Bulgaria, etc.) the time zone will change from EEST (GMT+3) to EET (GMT+2).

In central Europe (Switzerland, France, Germany, etc.), the time zone will change from CEST (GMT+2) to CET (GMT+1).

In western Europe (Portugal), the time zone will change from WEST (GMT+1) to WET (GMT+0).

In the U.K., the time zone will change from BST (GMT+1) to GMT.

In Ireland, the time zone will change from IST (GMT+1) to GMT.

In addition, time changes in Brazil, Greenland, and Mexico are included in this update. Refer to the Table for details.

Beginning with the opening of the retail forex markets in Zurich and London on Monday morning, October 29:

• The opening and closing times of the Zurich and London Trading Sessions will change by one hour for all forex traders EXCEPT traders in Europe, the U.K., Ireland, Greenland, and most of Mexico.

• The opening and closing times of the other five Trading Sessions will remain unchanged for all forex traders EXCEPT traders in Europe, the U.K., Ireland, Greenland, and most of Mexico.

• The opening and closing times of all seven Trading Sessions will change for forex traders in Brazil.

The Table of Forex Trading Sessions has been updated to reflect these changes. The updates are highlighted in yellow.

Scroll back to posts #1 and #2 on this thread for Notes explaining the format of the Table, and how to use it; and for general information on time zones and time changes.

The next update to the Table will be the final update for this season, and will occur in 1 week (when the U.S. and Canada will return to Standard Time).

11

Good job! I’m waiting for next table!
PS: I’m Italian but I’m away now, so “prego” was right :wink:

12

On Sunday, November 4, the U.S. and Canada will return to Standard Time.

Five time zones will be affected in the U.S. (including Alaska), and six time zones will be affected in Canada (including Nova Scotia and Newfoundland).

In the eastern U.S. and Canada, which includes the key New York market, the time zone will change from EDT (GMT-4) to EST (GMT-5). This will change the London / New York time difference from 4 hours (currently) to 5 hours (which is typical for most of the year).

Also on November 4, Bermuda and Bahamas will return to Standard Time.

Beginning with the opening of the retail forex market in New York on Monday morning, November 5:

• The opening and closing times of the New York Trading Session will change by one hour for all forex traders EXCEPT traders in the U.S., Canada, Bermuda and Bahamas.*

• The opening and closing times of the other six Trading Sessions will remain unchanged for all forex traders EXCEPT traders in the U.S., Canada, Bermuda and Bahamas.*

Scroll back to posts #1 and #2 on this thread for Notes explaining the format of the Table, and how to use it; and for general information on time zones and time changes.

This is the last update to the Table for this season. The times shown here will apply through Friday, March 8, 2013.

*These statements do not apply to Arizona and Hawaii in the U.S., or to certain portions of Canada, because those places do not observe DST.

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13

Here is a cleaned-up copy of the current Table of Forex Trading Sessions. The previous yellow highlighting has been removed. No other changes have been made to the Table as posted on November 2. This Table will remain current until March 8, 2013.

For instructions on how to use this Table, and for general information on time zones and time changes, scroll back to post #1 and post #2 on this thread.

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1 Like
14

Here is a great tool/website that I use!!!

Forex Market Hours

15

Here’s another link that lists FxMarket hrs from Oanda.
Now that in the USA, we’re in daylight savings time, is there really an hour gap between the NY and Sydney sessions? I think that there is, but the ForexMarketHours links (which I had always used) doesn’t show this gap.

16

This thread is out of date. The Table posted in this thread expired on March 8.

Here’s the current Table, effective March 10-29 — 301 Moved Permanently

Regarding Sydney and New York:

Currently there is [B]no overlap[/B] between Sydney and New York, based on 8am-5pm session times in both markets. However, there is [B]no gap[/B] between the sessions, either.

For example, using New York time as the basis, currently the New York Session closes at 5pm New York time, and the Sydney Session opens at 5pm New York time.

This will change beginning April 7, when Sydney (and Wellington) return to Standard Time. Beginning on April 7, there will be a one-hour gap between the New York close (at 5pm NY time) and the Sydney open (at 6pm NY time).

17

I’m attaching a pic showing the Oanda time chart and ForexMarketHours. Oanda shows a gap between NY close and Sydney open, and why I was asking about the gap. Maybe Oanda is not accounting for the period between 03.08 & 04.07?

18

[B]No, Oanda is not showing a gap.[/B] The Oanda chart shows New York closing at 3pm, your time (MDT=GMT-6), and Sydney opening at the same time (3pm, your time). These times are correct.

The Oanda chart is correct for the Tokyo session, as well — 5pm-2am, your time.

[B]The Oanda chart is wrong for the London session. [/B] The U.K. has not gone onto DST yet, so the London/New York overlap is currently 5 hours, not 4 hours as the Oanda chart shows.

The correct times for the London session are — 2am-11am, your time (MDT=GMT-6).

19

I’m missing something obvious, sorry. If Oanda doesn’t show a 1 hour gap between the NY close and SY open, what is the 1 hour block in front of the SY session?
Rich

20

Hey Rich,

Well, I think we both missed something.

You posted two images, side-by-side, and I mistook them for one image. I was checking the left-hand chart (the Forex Market Hours chart), and thinking it was the Oanda chart. So, let me start over.

Everything I said in my previous post applies to the Forex Market Hours chart (on the left), not the Oanda chart. That is, the Forex Market Hours chart is correct, except for the times shown for the London Session. It’s off by one hour on the London Session.

The Oanda chart is very difficult to read. But, based on the 4:46pm (MDT) time stamp, I get the following from the Oanda chart —

Sydney Session: 4pm-1am, your time (MDT=GMT-6) — this is incorrect — should be 3pm-midnight

Tokyo Session: 6pm-3am, your time — this is incorrect — should be 5pm-2am

London Session: 2am-11am, your time — correct

New York Session: 6am-3pm, your time — correct

Now I see the source of your confusion. The Oanda chart does, in fact, imply a one-hour gap between the New York close (3pm) and the Sydney open (4pm), but the Sydney open is actually 3pm (MDT), so there is no gap.

So, just to re-cap, the Forex Market Hours chart has the London Session times wrong, and the Oanda chart has the Sydney and Tokyo Session times wrong.

When in doubt, you can check times at timeanddate.com. I have used that website for years, and I have never caught an error in any of the data they provide. And they provide tons and tons of data.

You can use this feature on that website to convert times from one location to another location.

Here’s an example (I added the yellow highlighting): This conversion shows that 5pm in New York is 8am in Sydney. In other words, just as New York is closing, Sydney is opening. There is no gap between them, at this particular time of year. As stated previously, this will change on April 7, when Sydney returns to southern hemisphere Standard Time.

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A couple of notes:

  1. Don’t confuse the EDT time zone in New York with the EDT time zone in Sydney — they’re different time zones — which is why I like to use the designation AEDT (Australian Eastern Daylight Time) for Sydney, and EDT (Eastern Daylight Time) for New York.

  2. Also, every “market hours” chart that I’ve ever seen, which uses a bar-chart-type histogram to show session times, labels the spaces between vertical lines as times of day (3pm, 4pm, etc.). To my way of thinking, this is dumb. A time-of-day is not a time period; it’s a specific point in time. So, those charts should label the vertical lines (not the spaces between them) as times of day.

I hope that we have cleared up all the confusion.