Night session - Please explain

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smok
Posts: 1
Joined: Sat Jan 27, 2024 5:56 pm

Night session - Please explain

Post by smok » Tue Jan 30, 2024 11:18 pm

I'm new to Bookmap and relatively new to trading, but I thought I knew the basic rules of the game. Well, I'm in a heavy shock after what happened today after the closing of the session and would appreciate if someone could give me an explication...

I had a long position in TSLA. The price was going down in the latter part of the day, but it met a support at 191 that couldn't get broken despite much effort from the market. I decided to leave my position overnight, confident in any case it won't pass through a seemingly heavy support at 190. My reasoning was, if the price couldn't beat the 191 level in spite of the high daily volumes, there's no way it could beat the 190 level, as the night session volumes are much lower and this order block looked very solid. For a complete peace of mind, I set a stop loss (I know there are no stop losses for the night sessions, so I put a sell order turning the "night session" button on).

To my surprice, just after the session closed, the price started to move much faster than before, and dropped all the way to 185 within an hour, surpassing all the order blocks on the way almost like there was no resistance at all. I couldn't believe my eyes. As soon as I realised what's going on, I closed my position in TSLA, however, with a substantial loss. Surprisingly, the stop loss didn't trigger (I have an account with IBKR).

Here's a screenshot of the last part of the day session, with all the resistance levels
https://mega.nz/file/xhEUSCwY#bjVgnwR40 ... pKAdlyIq4M

And here's how all these resistance levels got annihilated one hour later...
https://mega.nz/file/pscXSCSR#1t3NFUVnZ ... W-rc4mTb8Y

My question is, how is it possible that the decimated, night, after-session market could do what the volume-heavy day market wasn't capable of - to break multiple support levels like they didn't exist...

Probably, as a beginner I'm missing some important information, but I feel until I have this sorted, I'll have a problem leaving my positions overnight and my overall confidence in the trading will suffer.

Thanks in advance