Ben uses different settings than you on the footprint and in his example of incomplete yesterday it was 302 X 768 at 1590 that he referred to as an incomplete auction. Im sure he will jump on when he gets the chance to clarify all this and I certainly don't mean to put my words in his mouth!
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I always took from @Private Bankers posts that an incomplete auction on footprint was something like 2311 x 1234, thus not having a 0 on one side. He explained it in one video that there is usually more work to be done there. I did not see yesterdays post yet but will have to watch if it is something different.
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As we know, the market is an auction process. There are buyers and sellers transacting at each price level based on their perception of value. Each price level should therefore then exhaust one side of the market as it auctions along.
With that being said, an auction is complete when sellers are exhausted at the bottom of a bar and when buyers are exhausted at a high of a bar. Incomplete auctions are where we will see as @Profiler explained, a high or low of a bar that exhibits volume printing on both the bid and the ask.
Hopefully that makes sense!
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In that sense, you're comparing a higher time frame with a lower time frame. A TPO's excess area can always go higher or lower. What we're watching is the actual volume that is transacting at these levels on a smaller scale. Hopefully that makes sense there.
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Then you could have a "complete" auction on a higher timeframe without it being "complete" on a footprint? I am assuming that is correct, as the footprint is a microscopic view. I would also assume to lean towards TPOs over footprint.
All of this is contextual. And also not expected to be absolute.
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Ben, I posted this pix on Spoo-analysis earlier today regarding a completed sell auction on the ES 1440 minute bar. No more buyers were found on the ES (see pix) at 1576 PRIOR to close. Immediately, price bounced and revisited 1576 during the next 5 minutes then began its ascent. I SIMed a buy trade above at 1577.
Is the PIX a reference to your explanation?
Last edited by COTtrader; May 1st, 2013 at 09:21 PM.
Reason: Added updated chart of SIM trade
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