I forgot to point out that short ambushes often happen around round numbers. So the combination of an exploding price approaching a significant round number would be an enticing short setup.
Some years ago I knew of a trader who only traded that way. He looked for rising prices approaching significant round numbers with a conditional (short) sell order set a tick above the round number. In his case he only operated in the top end of the market.
Often this setup can lead to clusters of shorts waiting around these positions. Hence a possible explanation for the relatively large jump in the short position for AJX on May 30th.
AJX Charting, page-760
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Last
1.1¢ |
Change
0.000(0.00%) |
Mkt cap ! $17.31M | |||
| Open | High | Low | Value | Volume |
| 0.0¢ | 0.0¢ | 0.0¢ | $0 | 0 |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 1 | 666 | 1.2¢ |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| 1.4¢ | 638801 | 4 |
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