Guys, wow. I was at jiu jitsu when the selloff happened and I came home to see us back in the .20s. I didn't think much of it other than we had a nice selloff and the selling must have been heavy to have gotten that sort of reaction. I saw the volume bar and the long tail on the candle and figured I missed all sorts of selling, but ultimately I was far from worried because I know these sorts of shakeouts are helpful to stir up the action.
But then just now I went through the time and sales so I could actually dissect the price action I missed, and WTF is all I can say! I see that around 12:15 a tiny bit of selling took us down to .30, but what followed that was absolutely criminal. Next trade was .2742 for a measly 2.5k shares, then came 20k at .20! Skipping all sorts of bids in the process, then a 10k slap at .15, then BOOM went the dynamite with a 1.2 million share trade at .10!!
OK, now stop and think about that for a second. In the span of seconds they took the stock down from .30 to .15, then .10 for a massive fill on the bid. If there was heavy volume taking us down that would make sense and not be suspicious in and of itself, but this takedown from .30 to .10 literally happened on 3 trades! And ALL the volume came at the lows!!!!!!!!! Guys, this is the most blatant criminal action I've seen in my 15+ years of trading, I can't overstate how suspect this is. Countless bids were skipped in the very brief process, which should technically never happen.
So what the heck happened? From the looks of it there seems to have been a limit sell order with a trigger price at .15, limit price of .10. The MMs needed to get a print to go through at .15 but with all those bids in the way they basically had to skip them all. I need to repeat this and scream it: THERE WAS NO ACTUAL SELLOFF! As low of volume as this has been, a 30k bid whack would never ever ever ever ever ever actually take us down that far. Never. No chance. They stop hunted someone holding a nice chunk of shares and robbed him/her blind. Lesson for the day is never ever have a stop loss placed on these OTCs, they will stop loss hunt you.
My head is still spinning from this, I can't believe what I'm seeing in today's time and sales.
