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Bund and Bobl open at 8AM Frankfurt time which equates to currently 3AM New York time. I would definitely recommend trading the morning session which I watch daily at 5PM local time here in oz. The first three hours tend to give most order flow reading opportunities. Though you often get some good moves in line with the open of the US Treasuries at 8AM EST but to me it feels like a different market then.
I also watch the FESX - DJ 50 STOXX for stock market correlation with the Bunds. Others watch the DAX. EuroStoxx would be a broadbased index you could watch also.
I agree with granamg, the first hour or two of the open will provide you with the most volume. I would use the volume of that trading day and compare it to the monthly average or at least the day before to see the liquidity in the market. Have a look at the Euro Stoxx 50 also, that is an extremely liquid market to trade.
To be clear regarding time zones, if you are trading a product outside your native time zone, you need to be VERY aware of your own time zone and the offset to the time zone of the product you are trading.
Be aware that the US has been on DST for 2 weeks, so there is no EST, there is only EDT right now. And because of this, there is only a -5 hour offset with CET, as most of Europe has not shifted to DST yet. When they do so, this coming weekend, CET will become CEST (central european summer time), and there will again be a -6 hour offset, so instead of your market opening at 3am EDT, it will open at 2am EDT. This is very simple stuff, but needs to be given attention because it's easy to forget.
