This is exactly how I would do it if I had enough funds to play...

This is exactly how I would do it if I had enough funds to play with 500K-1M units in this stock.

Place two or three bigger orders at 1-2 cents lower and trade (accumulate) just above it in smaller lots. If the SP starts dropping, I would lower my big orders by 1-2 cents (quick). At the same time I would monitor what is going on on the S-side. If the S-side is fairly stable - keep accumulating as the SP may start driving up later in the day (after 2pm). This way you are exhausting the sellers and encouraging more buyers to come in. But because you are all the action that is happening - first in best dressed. By the time other buyers realise what is going on the excitement may kick in and the SP may start going up as they would start paying more believing the SP is going up as the stock is oversold.

You are already loaded with a couple of '00K units and it would be enough to scalp 3-5 cents fairly quickly. If the tide chances (B/S ratio) due to your activity this may drive the SP even into the 30's.

However, if the influx of the sellers increases and you think there is more to come, while not many other buyers has joined you - unload the lot all the way down to 4.05-4.15 range ...and then try all over again. :)