Cost snapshot: AUDUSD at the London open

[FXS London Scalper]

A short data post. I logged AUDUSD from 07:45 to 09:00 London time for 20 trading days, to see whether it's worth trading at the London open or whether it's better left to Asia.

Per-minute average spread on my raw account:

• 07:45–07:59: 0.30 pips
• 08:00–08:05: 0.55 pips, with spikes to 1.2
• 08:05–08:30: 0.25 pips
• 08:30–09:00: 0.20 pips

Average range of the 08:00–09:00 hour: about 14 pips, compared with roughly 20 for EURUSD in the same hour.

All-in cost for a trade in the calm part (after 08:05) came to about 0.9 pips including commission. So for a 5-pip target, cost is around 18% of the target. On EURUSD in the same window, I get closer to 14%.

My conclusion: AUDUSD at London open is tradeable but not great. It's fine as a second pair when the Aussie has its own story, such as a strong Asia move or Chinese data, but I wouldn't make it the main London pair.

If anyone has numbers from a different broker, please post them. Curious whether the 08:00 spike looks similar elsewhere.

[Shadow Trader]

Some crosses live in a gap between the sessions of their two currencies. EURAUD is one: the euro is most active in Europe, and the Australian dollar in Asia. In between, there's a handoff, and the pair can look strangely stuck.

At about 7 to 9am in London, the European players arrive and start pushing the pair around. From 9 to 11pm New York, the Asian players take over, with their own flows tied to Chinese data and commodity prices.

In the hours between, the spread widens and the chart can look disorganized. The pair follows its legs, EURUSD and AUDUSD, but their combination creates moves that look random.

For a scalper, there's a pattern in the handoff. The first move after each region's open often fades, because the incoming participants are positioning rather than trading a view.

The cost side shouldn't be ignored. EURAUD spreads are typically 1 to 2 pips on retail platforms, which is a lot of friction for short targets.

Which crosses suit scalping best, and which are only good in a narrow window?