Thank you, Matt. Is there no opening time like the US stock market at 9.30 EST? I thought the pit opened at 8am? wanted to work out the opening so to trade the volatility
Whatever old book or text you dusted off in the public library, if it still teaches the opening range breakout or similar opening range strategies, just throw it into the garbage. The only markets that still have a defined open and close are single equities. Crude is basically always traded somewhere in the world
As my colleagues here mentioned, there are no pit hours. Hard to tell for the Crude and Gold because there are sessions that they have lots of volatility at night time and some times during the day. I would say as a VERY general statement that you can trade the gold during it's most liquid hours that are aligned with the start market that opens at 9.30 EST.
That is correct. There used to be a time when the London Metals Exchange Pit hours heavily influenced the Comex contract on Globex - but now the daily prompts, monthly, and quarterlys are traded electronically from 01.00 to 20.00 (London time) via LMEselect. In other words - Comex was the traditional US hours driver and the LME was the traditional European hours driver; but these days everything is blended into electronic 23 hour per day access. As a side note, the LME drives more commercial order flows than Comex as a general rule - especially for non-ferrous industrial metals. It can also be a challenge for small retail types to get access to the LME. The LME has a highly developed physical transfer and warehousing system established. I have a few clients that trade LME - and they have fairly deep pockets.