Forex trading is available 24 hours from Monday to Saturday, except Sunday is close. The best time to trade is GMT 2300 to 0100 hours due to low volatility as most major market in London and New York are closed and, Japan and Sydney are just opening.
Forex market opens on Sunday 10pm GMT and close on Friday 10pm GMT
London market opens at 8am and close at 5pm
New York market opens at 1pm and close at 10pm
Tokyo market opens at midnight and close at 9am.
Sydney market opens at 1am and close at 10am
As you can see there is some gaps at different time of the day, and since major market is traded in United State Dollar and Europe Euro and Great Britain Pound. The least hour trading which does not have any open market to push the price is during 10 pm and 8am. Since the opening of Tokyo Japan Yen and Sydney Aussie is midnight and 1am, it will have very little effect on major currency.
Trades during 11pm to 1am GMT
I trade scalping and breakout during this 2 hours and on EUR and USD related currency pair.
For scalping, I using get 5 to 10 pips profit at very short interval of 15 minutes or less. My trade setup would be taking the moving average of last 3 hours and predict the next 3 hours the price go up or comes down. Many trades are highly successful and small profits can be achieve using a 30 or 50 stoploss strategy.
I use breakout strategy if I do not have a distinct trend to trade the scalping above. By looking at the 3 hour chart (at 15 minutes interval bar), I would establish a support and resistance line, either converging or diverging. At midnight, it no price crosses either support nor resistance line, I will place a Buy stop and Sell limit at +10 pips and -10 pips for resistance and support level. With 10 pips profit and 30 pips stop loss. The reason is the momentum is building up in the currency if it is not trending for last 4 hours. This is visually true before the opening of London and New York market.
My personal favourite is Europe Euro / United States Dollar (EUR/USD), Europe Euro / Great Britain Pound (EUR/GBP) and Great Britain Pound / United States Dollar (GBPUSD). There is many other more currency pairs major and cross which I will scan the chart for available trade setup but most of the time I would go for the above mention 3 currency pairs.
Another important trade setup I used to execute is to check the 24 hours chart at midnight to see the yesterday trend of the currency. If am trading scalping and the daily bar is open and close towards my trending direction, it double confirm my trades. And for resistance and support, I will look at the thickness of the open and close bar. The difference between the support and resistance have to be more then the daily bar thickness, then is a double confirm for me to trade the Buy and sell Order. (with +10 pips and -10 pips respectively). Of course once either trade trigger, you have to cancel the other one. If reach 1am and none of the 2 trade is triggered, please cancel both. Wait and see until the next 11pm.
Dont worry if you miss the time to trade scalping or support and resistance, as you will always have another change the next day and every other normal trading days.