Don't ignore the holiday effect on Asian equities

Learned this the hard way trading $HSX back in October. Saw some strong momentum building up pre-market and jumped in with what I thought was a reasonable size, expecting a continuation. Completely ignored the fact that there was a major holiday coming up in the region a day or two later. Liquidity dried up significantly, volume vanished, and the slightest bit of selling pushed the market down further than it should have, squeezing my position. Should have paid more attention to the calendar and less to the chart in that specific instance; liquidity is king.