The 21:00 GMT gap between New York close and Sydney open

[Fairman]

The 21:00 GMT gap between New York close and Sydney open

There is a thin hour that few discuss. New York's active session winds down by 21:00 GMT, Sydney and Wellington are just beginning, and Tokyo is hours away. The market is in the narrowest part of its daily cycle.

The impact varies by pair. EURUSD barely twitches. USDJPY might drift. AUDUSD and NZDUSD start to show life as local banks arrive. The spreads on all pairs are at or near their daily widest, apart from rollover itself.

A characteristic of this hour is the single-order move. A mid-sized order meets almost no depth and pushes price several pips. The reversal is slow because nobody is eager to take the other side.

Scalping this window is a harsh test. Spreads eat the targets, fills are unpredictable, and moves are not tied to anything fundamental. The occasional win feels like skill but is often just luck.

Some scalpers still choose it deliberately because they like the lack of competition. That works only for those who have measured the spread and slippage carefully and sized accordingly.

What did the cost per trade look like in this hour compared with the rest of the day, once measured?