I've mostly heard it in the context of technical mountain biking (where it's fairly common, but usually a sign of not quite getting through a section cleanly - you didn't actually fall off, but you couldn't keep your balance with your feet on the pedals).
I've mostly heard it in the context of technical mountain biking (where it's fairly common, but usually a sign of not quite getting through a section cleanly - you didn't actually fall off, but you couldn't keep your balance with your feet on the pedals).