The first minute of the London open
Posted: Sat Oct 31, 2026 9:47 am
Between 7:55 and 8:05 GMT, a lot of resting orders and a lot of newly arrived algorithms meet. Prices can jump with little warning, and the spread can double briefly.
A common mistake is treating the first minute as a normal one-minute bar. Its range is often several times the average for that hour, and its direction frequently reverses within the next five minutes.
Some traders prefer to let the first two or three minutes pass and trade the structure that forms afterwards. Others trade the first minute specifically, using very small size and very tight management, because the volatility offers reward if the execution is clean.
The key is knowing which of the two is being attempted. Mixing them, by trying to trade the open with normal size and normal stops, is where most damage happens.
A useful exercise is plotting the range of each one-minute bar from 7:50 to 8:20 GMT, averaged over a month. The shape of that curve shows exactly when conditions settle on each pair.
How has the opening minute been handled, and what changed after looking at the numbers?
A common mistake is treating the first minute as a normal one-minute bar. Its range is often several times the average for that hour, and its direction frequently reverses within the next five minutes.
Some traders prefer to let the first two or three minutes pass and trade the structure that forms afterwards. Others trade the first minute specifically, using very small size and very tight management, because the volatility offers reward if the execution is clean.
The key is knowing which of the two is being attempted. Mixing them, by trying to trade the open with normal size and normal stops, is where most damage happens.
A useful exercise is plotting the range of each one-minute bar from 7:50 to 8:20 GMT, averaged over a month. The shape of that curve shows exactly when conditions settle on each pair.
How has the opening minute been handled, and what changed after looking at the numbers?