Starting to trade in forex everyone wonders when the best time is to place a trade. However, It is dependent on the timezone in which a trader resides or is immediately available. But universally the New York session is considered to be the most liquid forex trading session. The time when the New York session overlaps with the London session, it becomes the most liquidated period of the trading day.
The Timing of New York Session
The New York session opens at 8:00 AM (Eastern Time) and closes at 5:00 PM (Eastern Time). The ‘overlap’ between the New York session and the London session takes place between 8:00 AM (Eastern Time) and 12:00PM (Eastern Time) as the London session opens at 3:00 AM (Eastern Time) and closes at 12:00PM (Eastern Time).
The forex market is generally seen to be more volatile at the beginning hours of the New York session rather than the later part of the session.
Best Forex Pairs to Trade During the New York Session
As we are focusing on the New York session, anything paired up with USD would give a great value during the session. All the major currencies like EUR/USD, USD/JPY, GBP/USD, EUR/JPY, GBP/JPY, and USD/CHF also gains good value during the session. But if we have to focus on a single currency pair then, we would say that it’s EUR/USD, the safest pair to invest in during the session and the overlap.
Combinations of USD, CAD, XAU, and EUR are other pairs that may work well throughout the New York session. The Sterling Pound (GBP) and the Swiss Franc (CHF) can also be included in the potential pairs. However, once the London session ends, the value of EUR drops significantly as the business places and shops closed in Europe by that time. In a situation like this, if a trader feels like investing in trades, JPY(Japanese Yen) would be an ideal option.