Trading session
The hours of a major venue: each has its own character.
A trading session is the part of the day when one of the main venues is working: Asian, London or American. The market behaves differently in each: the Asian session tends to build ranges, London produces the daily trends, the American one reacts to data. The most active stretch is the London–New York overlap. The practical consequence: the same breakout in thin overnight liquidity and during the overlap are two events of very different reliability.