As FX is a 24 mkt, I'm wondering how it might be best to define the session period in my charting program (Sierra Charts). I ask because this would affect, to an extent, how some of the things I use as support/resistance areas are calculated by the charting program - Pivot Points, Volume Profile value areas, previous session highs/lows. I've read some use 5:00 p.m. EST as the session start, end at 4:59:59 EST. Is there a generally accepted session period? Do you think it makes a difference or should I just use the default 12:00 a.m. EST to 11:59:59 p.m.? Suggestions, thoughts, comments appreciated.
Use London and NY session with fresh and stable liquidity. The wisest step I would consider as a a pre-setup for any trading strategy. There you will get lowest slippage and spreads, which is an important part especially if you are scalper..
I use the London open as the start of the 24 hour session. Logic is simple, the last BIS Triennial survey in 2013 showed 41% of daily FX volume is transacted in the U.K., 19% in the U.S. and less than 6% each in Singapore, Japan and Hong Kong.