Glossary
Trading session
In short
A trading session is the time when a major financial centre is open. In forex, the trading day is split into the Sydney, Tokyo, London and New York sessions.
Sessions have a character
The Asian session is often quieter and builds a range. London and New York bring most of the volume, and the hours in which both are open are usually the most active of the day.
Session highs and lows
The high and low of a session are pools of liquidity. A typical pattern is London taking out the Asian high or low before the real move of the day starts.
Daylight saving time
The US, Europe and Australia change their clocks on different dates. Sessions defined in fixed UTC hours therefore drift several times a year; sessions in exchange time do not.