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The overlap between London and New York (roughly 13:00–16:00 UTC) usually has the highest liquidity in major pairs.

Another practical point: the overlap is also when US data and Fed speakers appear most often, so many of the strongest overlap moves are news-driven. Separating news days from quiet days in your results shows which behaviour you are actually trading.

Characteristics:

• Tight spreads and strong moves, especially after US data.
• Trend continuation from London or a reversal at the New York open.
• Activity tends to fade after the London close (around 16:00 UTC).

Scalping approaches:

• Trade pullbacks in the direction of the London trend.
• Watch for reversals at the London high/low around the US open.
• Reduce activity after the London fix (16:00 London time), when flows can be erratic.

Do you trade the overlap, and do you see more continuation or reversal there?

I trade the London New York overlap mainly as continuation after a clean London trend. I skip most reversal attempts at the US open unless the London high or low is clearly tested with a rejected spike.

Separating news days from quiet days in the journal changed how I read my own results. A large chunk of my overlap winners sat on US data mornings, so the session edge was partly a news edge wearing overlap clothes.

Spreads are best there, which tempts overtrading. My rule is two attempts max in the window, then stop, because the third ticket was usually boredom after London had already paid or hurt me.

After 16:00 UTC I cut size or stand down. The London fix flow has stopped me out of otherwise fine trades often enough that I treat that clock as a firm wind down.

Do you see more continuation on EURUSD than on GBPUSD in that window, or is it pair agnostic for you? Mine still favours euro continuation when London was already directional.