FOUNDATION BEGINNER
Futures Trading Sessions and Market Hours
This lesson explains when the futures market is open, how the Asia, London, and New York sessions differ, and why price behavior can change throughout the trading day. By the end of the lesson, you should be able to identify the major trading sessions, understand regular and extended trading hours, prepare for scheduled economic news, and choose a consistent trading window that fits your schedule and trading plan.
- The Futures Market Is Open Nearly 24 Hours
Unlike the regular stock market, equity index futures such as NQ, MNQ, ES, and MES can be traded for nearly 24 hours each weekday.
Current CME Globex trading hours for these equity index futures generally run from Sunday at 6:00 PM Eastern Time through Friday at 5:00 PM Eastern Time. Trading pauses each weekday from 5:00 PM until 6:00 PM Eastern Time for daily maintenance. Holiday schedules may change these hours.
This means a trader may see price moving:
• During the evening
• Overnight
• Before the stock market opens
• During the regular stock market session
• After the stock market closes
The fact that futures are available nearly 24 hours does not mean every hour provides the same trading conditions.
Price movement, volume, speed, and liquidity can change depending on:
• Which global markets are active
• Which traders and institutions are participating
• Whether important economic news is being released
• Whether the United States stock market is open
• Whether the market is approaching a major open or close
• Whether the market is experiencing an unusual event
A disciplined trader does not trade simply because the market is open.
The trader chooses a specific session and waits for conditions that match the trading plan.
- The Daily Maintenance Break
Equity index futures generally pause each weekday from:
5:00 PM to 6:00 PM Eastern Time
During this maintenance period, traders normally cannot enter or exit positions through the regular CME Globex session.
The market reopens at approximately:
6:00 PM Eastern Time
The reopening begins the next futures trading session.
For example, the futures session that begins Sunday evening is connected to Monday’s trading date.
The session that begins Monday evening is connected to Tuesday’s trading date.
This can be confusing for beginners because the calendar date may still be Monday evening, but the trading platform may already display Tuesday’s futures session.
Always check how your charting platform labels:
• Trading dates
• Daily candles
• Session opens
• Overnight data
• Settlement periods
Different platforms may display session information differently depending on the chart settings being used.
- Futures Hours Versus Stock Market Hours
Futures traders often pay attention to the United States stock market even though futures begin trading long before the stock market opens.
The core United States stock market session runs from:
9:30 AM to 4:00 PM Eastern Time
The New York Stock Exchange identifies 9:30 AM through 4:00 PM Eastern Time as its core trading session.
This period matters to NQ, MNQ, ES, and MES because the companies represented by the Nasdaq-100 and S&P 500 are actively trading during these hours.
When the stock market opens, participation may increase as:
• Stock traders enter the market
• Investment funds execute orders
• Institutions adjust positions
• Options activity increases
• Overnight positions are closed or adjusted
• New information is priced into the market
This can create stronger movement, increased volume, and faster changes in price.
The futures market does not begin at 9:30 AM.
However, 9:30 AM often represents an important increase in United States market participation.
- What Are Trading Sessions?
Trading sessions are broad periods of the day associated with activity in different parts of the world.
Futures traders commonly divide the market into:
• Asia session
• London or European session
• New York session
These labels help traders understand which global markets are most active.
They are not always exact exchange-defined periods.
Different traders, brokers, and charting platforms may use slightly different beginning and ending times.
For this lesson, all times are shown in Eastern Time.
You should always confirm how your own platform marks each session.
- The Asia Session
The Asia session takes place during the evening and overnight hours in the United States.
A broad reference window is approximately:
7:00 PM to 2:00 AM Eastern Time
The exact timing may shift depending on daylight-saving changes and which Asian market a trader is following.
During this period, financial markets in countries such as Japan, China, Hong Kong, Australia, and Singapore may be active.
The Asia session may have:
• Lower volume than the New York session
• Slower movement during normal conditions
• Smaller price ranges on some days
• Periods of consolidation
• Reactions to Asian economic news
• Strong movement when major global events occur
Lower activity does not mean price cannot move significantly.
Unexpected news, geopolitical events, central-bank decisions, or major economic releases can create large overnight movements.
Asia session example
Imagine NQ trades between:
20,000 and 20,050
during the Asia session.
The Asia session range is:
50 points
The session high is:
20,050
The session low is:
20,000
Those prices may remain important later because traders can see where overnight buyers and sellers were active.
The Asia high and low may become areas where price:
• Reacts
• Breaks through
• Reverses
• Consolidates
• Targets resting orders
The existence of a session high or low does not automatically create a valid trade.
It only gives the trader useful information about where previous price activity occurred.
- The London and European Session
The London or European session becomes active during the early morning hours in the United States.
A broad reference window is approximately:
2:00 AM to 8:00 AM Eastern Time
The exact timing may change depending on daylight-saving differences between the United States and Europe.
During this session, European financial markets become active.
The London session may:
• Increase overnight trading volume
• Break the range created during Asia
• Continue the direction established during Asia
• Reverse an earlier overnight move
• Create new session highs or lows
• React to European economic announcements
The London session often helps shape the market before the New York session begins.
London session example
Suppose Asia trades between:
20,000 and 20,050
London then moves above the Asia high and reaches:
20,100
The trader now knows:
• Asia created a 50-point range
• London broke above that range
• Price established a new overnight high
• Buyers were able to move price higher before New York opened
This does not guarantee that New York will continue upward.
New York could:
• Continue the London move
• Retrace part of the move
• Return inside the Asia range
• Reverse the overnight direction
• Consolidate near the London high
The trader should observe what New York does with the information created overnight instead of assuming that the earlier direction must continue.
- The New York Session
The New York session is the primary trading period for many NQ, MNQ, ES, and MES day traders.
A broad New York session reference is approximately:
8:00 AM to 4:00 PM Eastern Time
The period from approximately 8:00 AM to 12:00 PM is often referred to as the New York morning session.
The period from approximately 1:00 PM to 4:00 PM is often referred to as the New York afternoon session.
The New York session may have:
• Higher trading volume
• Faster price movement
• Larger intraday ranges
• Strong reactions to United States economic news
• Increased participation around the stock market open
• More institutional order flow
• More opportunities for both continuation and reversal
More movement does not automatically mean easier trading.
Faster conditions can also create:
• Larger losses
• Increased slippage
• Emotional decisions
• Poor entries caused by fear of missing out
• Rapid stop-outs
• False breakouts
• Overtrading
The New York session provides opportunity, but it requires preparation and risk control.
- The New York Morning Session
The New York morning is one of the most closely watched periods for equity index futures.
Important activity may occur around:
• 8:30 AM economic releases
• 9:30 AM stock market open
• 10:00 AM economic releases or market developments
• The first several hours of regular stock trading
These times should be treated as areas of increased attention, not automatic entry signals.
The morning session may:
• Continue an overnight trend
• Reverse the overnight move
• Break an overnight high or low
• Create the main move of the trading day
• Consolidate while waiting for news
• Produce multiple false moves before choosing direction
A trader should not assume that the first movement of the morning will become the final direction of the day.
- The New York Stock Market Open
The regular stock market opens at:
9:30 AM Eastern Time
This can create an increase in:
• Volume
• Volatility
• Order flow
• Speed
• Price gaps
• Short-term reversals
• Breakouts
The first few minutes after 9:30 AM can move quickly.
Beginners sometimes believe they must enter immediately when the stock market opens.
That is not true.
The open may initially move in one direction and then reverse.
It may also produce:
• A false breakout
• A liquidity sweep
• A sharp retracement
• A large candle followed by consolidation
• Movement in both directions
There is no rule stating that a trader must participate at 9:30 AM.
Waiting for the market to provide more information can be a valid decision.
- Why the First Move Can Be Misleading
At the beginning of an active session, the market may need to process a large number of orders.
Some traders are:
• Opening new positions
• Closing overnight positions
• Taking profits
• Protecting losses
• Reacting to news
• Adjusting institutional portfolios
This activity can cause price to move sharply in one direction before reversing.
For example:
NQ opens at 20,000.
Price quickly rises to 20,060.
A beginner may enter long because the market appears bullish.
Price then reverses and falls to 19,950.
The first upward movement did not guarantee continued buying.
The trader still needed:
• Context
• A valid level
• Confirmation
• Defined risk
• A reason for the entry
Speed should not be confused with confirmation.
- The 10:00 AM Period
The 10:00 AM period can be important during the New York morning.
By this time:
• The stock market has been open for 30 minutes
• The market has had time to process some opening orders
• An initial high or low may have formed
• Economic information may be released
• Traders may begin reacting to the opening range
The 10:00 AM candle or price level can provide useful information about how the market is behaving after the opening activity.
However, the fact that the clock reaches 10:00 AM does not automatically create a trade.
Time is only one part of the analysis.
A complete trading decision still requires:
• Directional context
• A meaningful location
• Price confirmation
• An invalidation point
• A logical target
• Acceptable risk
Tick Lab will help you understand these individual concepts.
The complete rules for executing a specific trading model require more than simply watching a clock.
- The New York Lunch Period
Market activity may slow during the middle of the day.
A broad lunch-period reference is approximately:
12:00 PM to 1:30 PM Eastern Time
During this period:
• Volume may decrease
• Price may consolidate
• Movement may become less consistent
• Breakouts may have less continuation
• Traders may become bored
• The market may remain inside a narrow range
This does not mean the market will always be slow during lunch.
Strong trends, major news, or unusual market conditions can keep price moving.
However, beginners should understand that lower activity can lead to:
• Choppy movement
• Repeated reversals
• False breakouts
• Poor risk-to-reward opportunities
• Unnecessary trades caused by boredom
A trader should never enter simply because nothing has happened recently.
- The New York Afternoon Session
The afternoon session may become more active after the lunch period.
A broad reference window is approximately:
1:00 PM to 4:00 PM Eastern Time
During the afternoon, traders may:
• Continue the morning direction
• Retrace the morning move
• Rebalance positions
• Prepare for the stock market close
• React to Federal Reserve announcements
• Create a late-session reversal
• Push toward the high or low of the day
The final hour of the stock market session, from approximately 3:00 PM to 4:00 PM Eastern Time, is sometimes called the power hour.
This period can experience increased participation as institutions and traders adjust positions before the close.
The afternoon session is not automatically better or worse than the morning session.
It is simply a different trading environment.
A trader should study the session they plan to trade instead of moving between sessions without a reason.
- Regular Trading Hours and Extended Trading Hours
You may see the terms RTH and ETH on your trading platform.
RTH means:
Regular Trading Hours
ETH means:
Extended Trading Hours
For many equity index traders, regular stock market hours are associated with:
9:30 AM to 4:00 PM Eastern Time
Extended hours include the futures activity occurring outside that core stock market period.
Your charting platform may use its own session template when displaying RTH and ETH candles.
This can affect:
• Daily candle highs and lows
• Volume calculations
• Indicators
• Opening prices
• Session ranges
• Volume profiles
• Previous-day levels
Two traders may look at the same market but see slightly different daily candles if their session settings are different.
Before copying someone else’s levels, confirm whether they use:
• Regular trading hours
• Extended trading hours
• A custom session template
• Eastern Time
• Central Time
• Another time zone
- Why Overnight Price Action Matters
Some beginners ignore everything that happens before 9:30 AM.
That can leave out important information.
Overnight price action may show:
• Where the market opened
• Whether price moved higher or lower overnight
• The Asia session high and low
• The London session high and low
• Whether price is trending or consolidating
• Whether the market is near a previous high or low
• Whether overnight traders are holding profits or losses
• Whether price has already made a large move
For example, if NQ has already moved 250 points higher before 9:30 AM, that information matters.
The trader should not analyze the stock market open as though the trading day began from a neutral position.
Price arrives at the New York session with a history.
- Important Session Reference Points
Traders may mark several reference points throughout the day.
These can include:
• Futures session open
• Midnight open
• Asia session high
• Asia session low
• London session high
• London session low
• Premarket high
• Premarket low
• 9:30 AM stock market open
• 10:00 AM open
• Previous day high
• Previous day low
• Current day high
• Current day low
These prices may help a trader understand:
• Where price previously reacted
• Where buyers or sellers may be positioned
• Where liquidity may exist
• Whether price is trading above or below an important open
• Whether the market is expanding or consolidating
A marked level is not automatically an entry.
It is a place where the trader should observe how price behaves.
- Session Highs and Lows
A session high is the highest price reached during a selected trading session.
A session low is the lowest price reached during that session.
For example, imagine the Asia session reaches:
High: 20,100
Low: 20,000
The Asia range is:
20,100 − 20,000 = 100 points
These levels can help the trader see:
• The size of the overnight range
• Whether London remains inside the range
• Whether London breaks the range
• Whether New York trades above or below the range
• Whether price returns to a previous session level
Session highs and lows are visible areas that many traders can identify.
Because they are visible, orders may collect around them.
However, the trader should not automatically buy every session low or sell every session high.
Price may react to the level, move through the level, or ignore it completely.
- What Is a Session Range?
A session range is the distance between the session high and session low.
The calculation is:
Session high − session low = session range
Example
Asia session high:
20,120
Asia session low:
20,020
Calculation:
20,120 − 20,020 = 100 points
The Asia session range is:
100 points
A session range can help a trader understand whether the market has been:
• Quiet
• Active
• Consolidating
• Expanding
• Trending
A narrow overnight range may leave room for expansion later.
A very large overnight move may change the quality of opportunities available during New York.
A session range alone does not predict direction.
It provides context.
- Volume Changes Throughout the Day
Volume measures the number of contracts being traded.
Trading volume is not evenly distributed throughout the entire futures session.
Volume may increase around:
• Major market opens
• Economic announcements
• Breaking news
• The stock market open
• Federal Reserve decisions
• The stock market close
Volume may decrease during:
• Quiet overnight periods
• Lunch hours
• Holidays
• Sessions with limited participation
• Periods when traders are waiting for news
Higher volume can create stronger movement, but it can also create faster losses.
Lower volume can create slower movement, but it can also create irregular price action and sudden jumps.
Volume should be viewed as information.
It should not be treated as a guaranteed buy or sell signal.
- What Is Volatility?
Volatility describes how much and how quickly price is moving.
A highly volatile market may:
• Move many points in a short period
• Create large candles
• Move through levels quickly
• Produce greater slippage
• Require wider stop losses
• Increase emotional pressure
A low-volatility market may:
• Move slowly
• Create smaller candles
• Remain inside a narrow range
• Produce fewer clear opportunities
• Tempt traders to force trades
Volatility affects the amount of risk created by a position.
For example, a 10-point stop may behave very differently when NQ is moving slowly compared with when NQ is moving 30 points within seconds.
A trader should not use the same expectations in every market environment.
- Scheduled Economic News
Economic announcements can create significant movement in NQ, MNQ, ES, and MES.
Examples of high-impact events include:
• Consumer Price Index reports
• Employment reports
• Federal Reserve interest-rate decisions
• Federal Reserve press conferences
• Gross domestic product reports
• Retail sales reports
• Inflation-related reports
• Consumer-confidence reports
• Manufacturing and service-sector reports
• Speeches from important central-bank officials
The exact release time depends on the report.
Many important United States announcements occur before or during the New York morning session.
A trader should check an economic calendar before trading each day.
- Why News Creates Volatility
Economic reports can change expectations about:
• Inflation
• Interest rates
• Economic growth
• Employment
• Consumer spending
• Federal Reserve policy
• Company profits
When the information is released, traders and automated systems may react immediately.
Price can move sharply because participants are attempting to adjust their positions at the same time.
During a major release, the market may:
• Move rapidly in one direction
• Reverse within seconds
• Move in both directions
• Create large spreads
• Fill orders at unexpected prices
• Move through a stop before filling it
• Produce candles much larger than normal
A trader should know that news volatility can create losses larger than the original risk calculation because of slippage.
- Check the Economic Calendar Before Trading
A trader should check the economic calendar before the session begins.
The trader should identify:
• What reports are scheduled
• What time they will be released
• Whether the report is considered high impact
• Whether a Federal Reserve speaker is scheduled
• Whether the stock market has an early close
• Whether the futures market has holiday hours
• Whether major company earnings may affect NQ
This preparation should happen before entering a trade.
Discovering that major news was released after being stopped out is not proper preparation.
Basic news checklist
Before trading, answer:
What major reports are scheduled today?
What time will they be released?
Am I allowed to trade during the release?
Does my trading plan require me to wait?
Could the release affect my planned stop distance?
Is the market likely to behave differently today?
The answer does not have to be complicated.
The goal is to avoid being surprised by information that was already scheduled.
- News Does Not Automatically Determine Direction
A report may appear positive while the market moves lower.
A report may appear negative while the market moves higher.
This can happen because:
• Traders expected a different result
• The information was already priced into the market
• One part of the report was stronger than another
• Interest-rate expectations changed
• Large traders took profits after the release
• The market reacted to positioning instead of the headline
A beginner should not read a headline and immediately assume they know which direction the market must move.
Price action shows how the market is responding.
The headline alone does not provide a complete trade.
- Time Zones Matter
This lesson uses Eastern Time.
Your charting platform may display:
• Eastern Time
• Central Time
• Pacific Time
• Coordinated Universal Time
• Your computer’s local time
A time-zone mistake can cause a trader to mark the wrong candle or enter at the wrong time.
For example:
9:30 AM Eastern Time is:
8:30 AM Central Time
6:30 AM Pacific Time
Before following any time-based lesson, confirm the time zone being used.
You should also confirm whether your chart automatically adjusts for daylight-saving time.
- Daylight-Saving Time Can Change Session Relationships
The United States and other countries do not always change their clocks on the same date.
For several weeks each year, the relationship between Eastern Time and European market hours may temporarily shift.
This can affect how the London session appears on an Eastern Time chart.
Rather than memorizing one time permanently, traders should:
• Confirm current market hours
• Check their chart’s time zone
• Verify daylight-saving adjustments
• Review holiday schedules
• Confirm the session template on the platform
Session labels are tools for organizing information.
They should not replace checking the current schedule.
- Choosing a Trading Session
A beginner does not need to trade Asia, London, and New York.
Trying to trade every session may create:
• Exhaustion
• Inconsistent sleep
• Overtrading
• Too many different market conditions
• Poor decision-making
• Difficulty collecting useful data
It is usually more productive to choose one session and study it consistently.
When choosing a session, consider:
• Your work or school schedule
• Your sleep schedule
• Your time zone
• The market you trade
• Your strategy
• Your emotional energy
• The amount of volatility you can manage
• The hours you can follow consistently
The best session is not simply the one that moves the most.
It is the session you can prepare for, observe, and trade responsibly.
- Why Tick Lab Focuses on New York
Tick Lab primarily uses the New York session when teaching NQ and ES market behavior.
This provides students with a consistent environment to study.
The New York session includes:
• Major United States economic announcements
• The regular stock market open
• Increased participation in United States index markets
• Defined morning and afternoon periods
• Clear session highs and lows
Focusing on one primary session helps students collect cleaner data.
Instead of testing random trades across all hours, students can compare trades taken under similar conditions.
- Create a Personal Trading Window
A trading window is the specific period during which you are allowed to look for trades.
For example, a trader may choose:
9:30 AM to 11:30 AM Eastern Time
This does not mean the trader must remain in a trade until 11:30 AM.
It means new trades must meet the plan within that window.
A defined trading window can help prevent:
• Trading all day
• Chasing missed moves
• Entering during lunch
• Revenge trading later in the session
• Taking low-quality afternoon trades
• Watching charts until an entry is forced
The correct window depends on the strategy being traded.
Do not choose a window only because another trader uses it.
Test the window and confirm that it matches your trading model.
- The Market Does Not Owe Every Session a Trade
Some sessions produce clear movement.
Other sessions may remain:
• Choppy
• Slow
• Unclear
• News-driven
• Overextended
• Trapped inside a range
The market being open does not guarantee that a valid setup will appear.
A trader may prepare correctly, watch the entire trading window, and take no trade.
That can still be a successful day.
The trader protected capital and followed the plan.
Not trading is a decision.
Common Beginner Mistake
“The market is open, so I should be able to find a trade.”
The availability of the market does not create an opportunity.
A beginner may sit at the chart for several hours and begin forcing trades because:
• They are bored
• They want to make money that day
• They missed an earlier move
• They believe every session should provide an entry
• They see other traders posting results
This often leads to entries during:
• Low-volume periods
• The middle of consolidation
• Unplanned news events
• Lunch hours
• Late-session volatility
• Conditions that do not match the strategy
A trading schedule should define when you are allowed to participate.
Your setup rules should determine whether you actually participate.
Practical Example
Imagine the following session develops on NQ.
6:00 PM Eastern Time
The new futures session opens at:
20,000
Asia session
Asia trades between:
19,980 and 20,040
Asia high:
20,040
Asia low:
19,980
Asia range:
60 points
London session
London breaks above the Asia high and reaches:
20,090
London then pulls back to:
20,050
8:30 AM Eastern Time
A scheduled economic report is released.
Price quickly falls to:
19,990
Price then returns to:
20,060
9:30 AM Eastern Time
The regular stock market opens.
Price moves above the London high and reaches:
20,120
What does the trader know?
The futures session opened at 20,000.
Asia created a 60-point range.
London broke above the Asia range.
Economic news created volatility in both directions.
The stock market opened above the futures-session open.
Price moved above the London high after 9:30 AM.
What does the trader not know?
The trader does not know with certainty that price will continue higher.
The trader does not know whether 20,120 will hold.
The trader does not know whether price will reverse later.
The session information provides context.
It does not replace the need for:
• A valid setup
• Entry confirmation
• Defined risk
• A logical invalidation point
• A planned target
Knowledge Check
Question 1
When do CME equity index futures generally begin the weekly trading session?
A. Monday at 9:30 AM Eastern Time
B. Sunday at 6:00 PM Eastern Time
C. Sunday at midnight Eastern Time
D. Monday at 8:30 AM Eastern Time
Answer: B
Question 2
When does the regular daily CME maintenance period generally occur?
A. 4:00 PM to 5:00 PM Eastern Time
B. 5:00 PM to 6:00 PM Eastern Time
C. 6:00 PM to 7:00 PM Eastern Time
D. 9:30 AM to 10:00 AM Eastern Time
Answer: B
Question 3
What are the core United States stock market hours?
A. 8:00 AM to 2:00 PM Eastern Time
B. 8:30 AM to 3:00 PM Eastern Time
C. 9:30 AM to 4:00 PM Eastern Time
D. 10:00 AM to 5:00 PM Eastern Time
Answer: C
Question 4
Which session takes place primarily during the evening and overnight hours in the United States?
A. Asia session
B. New York afternoon session
C. Stock market close
D. Power hour
Answer: A
Question 5
Which session becomes active during the early morning hours before New York?
A. Asia session
B. London session
C. New York afternoon session
D. Maintenance session
Answer: B
Question 6
What is a session high?
A. The first price of the session
B. The average price of the session
C. The highest price reached during the selected session
D. The final price of the session
Answer: C
Question 7
What is a session range?
A. The session high plus the session low
B. The session high minus the session low
C. The opening price multiplied by volume
D. The difference between NQ and ES
Answer: B
Question 8
Why should a trader check the economic calendar?
A. To guarantee the direction of the market
B. To determine the exact closing price
C. To identify scheduled events that may create volatility
D. To avoid using a stop loss
Answer: C
Question 9
Which statement is correct?
A. The first movement after 9:30 AM must continue.
B. A session high is always a sell entry.
C. News always tells the trader which direction to enter.
D. Session information provides context but does not replace a valid setup.
Answer: D
Question 10
What does RTH mean?
A. Real-Time Hedging
B. Regular Trading Hours
C. Required Trade High
D. Risk-to-Hold
Answer: B
Question 11
Why should a beginner consider focusing on one session?
A. One session is guaranteed to produce winning trades.
B. It helps create consistency and cleaner trading data.
C. Futures cannot be traded during other sessions.
D. It eliminates the need for risk management.
Answer: B
Question 12
Which statement best describes a successful no-trade day?
A. The trader failed because no money was made.
B. The trader should enter during lunch instead.
C. The trader followed the plan and protected capital when no setup appeared.
D. The trader should increase size the following day.
Answer: C
Lesson Assignment
Complete this assignment before moving to Lesson 4.
Part 1: Build Your Session Map
Set your chart to Eastern Time.
Mark the following periods:
Asia session
London session
New York morning session
New York afternoon session
Daily maintenance period
Regular stock market hours
Write the approximate beginning and ending time for each period.
Part 2: Mark Important Session Levels
Choose one completed trading day on NQ or MNQ.
Mark:
• Futures session open
• Midnight open
• Asia high
• Asia low
• London high
• London low
• Premarket high
• Premarket low
• 9:30 AM open
• High of the day
• Low of the day
Write two or three sentences explaining how price behaved around those levels.
Part 3: Calculate Session Ranges
Scenario A
Asia high:
20,150
Asia low:
20,050
Calculate the Asia range.
Answer:
20,150 − 20,050 = 100 points
Scenario B
London high:
20,220
London low:
20,070
Calculate the London range.
Answer:
20,220 − 20,070 = 150 points
Scenario C
New York morning high:
20,300
New York morning low:
20,100
Calculate the New York morning range.
Answer:
20,300 − 20,100 = 200 points
Part 4: Economic Calendar Practice
Choose one upcoming trading day.
Record:
Date:
Scheduled economic reports:
Release times:
High-impact events:
Federal Reserve speakers:
Major company earnings:
Holiday or early-close schedule:
Write one sentence explaining how this information may affect your trading plan.
Part 5: Choose Your Trading Window
Answer the following questions:
Which session can I follow consistently?
What time will I begin preparing?
What time am I allowed to begin taking trades?
What time will I stop taking new trades?
How many hours will I watch the chart?
What conditions would cause me not to trade?
What will I do after my trading window closes?
Write your final trading window below.
My trading window:
My preparation time:
My stopping time:
My reason for choosing this window:
Part 6: Five-Day Session Observation
Observe five completed trading days without trying to predict the market.
For each day, record:
• Asia high and low
• London high and low
• Premarket high and low
• Direction of the first move after 9:30 AM
• Whether the first move continued or reversed
• Time of the high of the day
• Time of the low of the day
• Scheduled economic news
• Whether the day appeared trending or ranging
At the end of the five days, write down any repeated behavior you noticed.
Do not create a trading strategy from only five days of observation.
The purpose is to begin collecting information and training your eyes.
Key Takeaways
• NQ, MNQ, ES, and MES trade for nearly 24 hours each weekday.
• CME equity index futures generally reopen at 6:00 PM Eastern Time after a daily maintenance period from 5:00 PM to 6:00 PM.
• The futures market is open before, during, and after the regular stock market session.
• The core United States stock market session runs from 9:30 AM to 4:00 PM Eastern Time.
• The major global trading periods are commonly described as the Asia, London, and New York sessions.
• Each session may have different levels of volume, volatility, and participation.
• Overnight price action provides context for the New York session.
• Session highs and lows are important reference points, but they are not automatic entries.
• The stock market open can create fast movement and false initial moves.
• The 10:00 AM period can provide useful information, but time alone does not create a valid trade.
• Scheduled economic announcements may cause rapid movement and slippage.
• Traders should check the economic calendar before every session.
• Time-zone and daylight-saving differences can affect session markings.
• Beginners should focus on one session and one consistent trading window.
• The market being open does not mean a valid trade is available.
• A no-trade day can be a successful day when the trader follows the plan and protects capital.
Final Lesson Reminder
Time provides context.
It does not provide confirmation by itself.
Knowing that the stock market opens at 9:30 AM does not tell you whether to buy or sell.
Knowing that price reached the Asia high does not tell you whether the level will hold.
Knowing that it is 10:00 AM does not automatically create a setup.
A trader must combine time with:
• Market structure
• Price location
• Directional context
• Confirmation
• Risk management
• A tested trading plan
Your goal is not to trade every session.
Your goal is to understand when your market is most active and become disciplined within the trading window you have chosen.
In Lesson 4, you will learn how candlesticks are built, what candle bodies and wicks communicate, and why the close of a candle often matters more than its appearance while it is still forming.
Educational Disclaimer
Tick Lab is provided for educational and informational purposes only. Nothing in this lesson should be interpreted as financial advice, investment advice, or a guarantee of trading results. Futures trading involves substantial risk and may not be suitable for everyone. Market hours, holiday schedules, contract specifications, commissions, margin requirements, and trading rules may change. Always confirm current information through your broker, trading platform, economic calendar, and the relevant exchange before placing a trade.