the Red 'crocodile stitch' purse

Purses, purses, purses today...

Closeup on it.

Teresa at Art of Crochet shows how to make the crocodile stitch, and I learned it from her. 

I must say, however, that I modified the endings of row 3 and beyond, because I thought her method wasn't that consistent. And anyway, once you "get" a certain technique, it's up to you to use it in your own projects anyway.