The London currency session kicks off at 3 am Eastern, and that is when more institutional money starts flowing into global markets.

The New York currency market opens at 8 am Eastern, when another glut of institutional money begins flowing.

This creates an interesting dynamic in Bitcoin, one that also appears in the EURUSD.

The high and low created between when the London and New York currency sessions open provide extremely attractive price targets during the New York session (8 am to 5 pm Eastern). The pre-existing London high and/or low is hit a staggering 98.35% of the time over the last six months during the NY session, and 98.36% over the last year. Essentially, this says that New York expands on the range of the pre-existing London session. I say pre-existing because London remains open well into the New York session.

Bitcoin has broken the high or low 58.36% of the time over the last year. It has broken both the high and low 40% of the time. This means that only 1.64% of the time did the price remain within the pre-New York London High and Low after New York opened. And nearly all those occurrences were on holidays or Saturdays.

Statistical data for “market session breakout” provided by Edgeful. A research engine that provides probabilities on a wide range of patterns and market occurrences so you can build your edge.

If you are saying, “Who cares?” you could be missing out on opportunities or enhancements. Price nearly always reaches those levels. Targeting those levels can provide a big reward:risk ratios when the right setups form.

The statistic doesn’t tell us which one it is going to hit first; that is where you need to do your own analysis and incorporate your own entry tactics. This can just potentially help capture some bigger trades when relevant.

The double break statistic is especially intriguing. About 40% of days, the price will clear both the high and low of the pre-New York London session, during the New York session. While only breaking one side of the range indicates more trending or complacent behavior, double breaks mean strong expansions, failed breakouts, and reversals.

Use it how you wish.

Cory Mitchell, CMT

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