Auction market theory says the market moves to find buyers and sellers. When it finds the end of a move properly, it leaves a clean tail. When it does not, it leaves unfinished business.

Poor highs and poor lows

A poor high is a flat top with several TPO periods trading at the same high and no tail. It suggests the auction stopped without real rejection. Markets often come back to repair poor highs and lows.

Single prints

Single prints are prices that only traded in one 30-minute period on a TPO chart. They show a fast, one-sided move. They often act as support or resistance later, and they are frequently filled in when price returns.

Excess

Excess is the opposite of a poor high. It is a long tail at the extreme, showing strong rejection. A high with excess is less likely to be revisited soon.

How to use these ideas

• Mark poor highs and lows as likely targets.

• Treat single prints as zones to watch on a retest.

• Respect excess. Do not expect price to return there quickly.

In HOC Charts

The TPO chart and session volume profile in HOC Charts make poor highs, single prints and tails easy to see, and you can keep them visible across several days.