hard · Volume Profile Analysis

At a session high of 5,650, the TPO Market Profile shows only a single letter (TPO) at the extreme price, followed by a 5-point rejection within minutes. In the following session, the price probes 5,650 again, but this time 4 different 30-minute periods trade at that level with no rejection. Distinguish the structural validity of these two highs.

1. The first is a 'True High' (Excess); the second is a 'Poor High'.
2. The first is a 'Poor High'; the second is 'Excess'.
3. Both are 'True Highs' because they both reached exactly 5,650.
4. Both are 'Poor Highs' because the second session failed to exceed the first.

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