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FX never fully closes, but liquidity is not uniform. Operators who size as if every hour is London–New York will eventually meet a thin book.
Tokyo sets the Asia tone — often range-prone in majors unless a regional catalyst hits. London concentrates European and global flow; spreads typically compress and stop density rises. New York overlays U.S. data and equity-linked FX, with the London overlap often the day’s deepest book.
Treat session labels as liquidity regimes, not superstition. Your EA’s aggressiveness, news filters, and max daily risk should acknowledge which regime is live.
The London–New York overlap is where many strategies earn their keep — and where crowded stops amplify moves. Asia–London transitions can fake breakouts that later reverse when the deeper book arrives.
If you run multiple seats, ask whether they all fire into the same overlap. Correlation of timing is still correlation of risk.
Log which session produced your last ten meaningful results. If almost all edge appears in one window, that is your capacity map — not a reason to force trades in dead hours.
Educational only: session awareness improves process quality; it does not guarantee profit.