June 2012
Beginner
420 pages
10h 19m
English
book
Getting Started in Currency Trading, + Companion Website: Winning in Today's Market, 4th Edition
by Michael Duane Archer
Content preview from Getting Started in Currency Trading, + Companion Website: Winning in Today's Market, 4th Edition
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Appendix B
Time Zones and Global FX Trading Hours
The following table emphasizes the importance of the effect of time of day on FOREX market activity and volatility based on hours of operation around the globe. The top row is Greenwich Mean Time (GMT) expressed in 24-hour military format. Banking hours are arbitrarily assumed to be 9:00 A.M. to 4:00 P.M. around the globe. See Figure B.1.
The FOREX markets open at 5:00 P.M. Eastern Daylight Time (EDT) on Sunday (local time) and close at 3:00 P.M. EDT on Friday (local time).
During the week, the trading moves from Asia’s Asian session to Europe’s European session to the Americas’ North American session as a function of time. Of course, traders from all three locations can trade 24 × 7 when any session is active.
Examples of chart usage are:
- Locate Denver (row 6, or GMT less 7 hours). The first darkened cell in this row indicates when Denver banks open relative to other world banks.
- Move upward to the top row to see that the concurrent time in London is 17:00 or 5:00 P.M., where British banks are now closed.
- A FOREX trader in New York must trade between 3:00 A.M. and 11:00 A.M. Eastern Standard Time in order to follow the heightened activity in central European markets (GMT + 1: Zurich, Frankfurt, Vienna, Copenhagen).
- San Francisco banks are closing while Sidney banks are opening, and so on.
Figure B.1 Global Banking Hours
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