Glossary

Distribution

The structure defined by a sequence of steps in market activity (See Steps 1 - 4).

3-1-3

A distribution with tails evenly distributed about a central point of control.

3-2-1 Down

A distribution with the tail at the higher extreme, and the point of control at the lower extreme.

3-2-1 Up

A distribution with the tail at the lower extreme, and the point of control at the higher extreme.

Page 2 Mark

The critical price of any split unit (see Split Unit).

Pit Efficiency

First time frame pauses in the market are consecutively followed to determine trend.

Point of Control

The price in a range of data that corresponds to the highest horizontal development.

Price Control

A relative measure of vertical/horizontal interplay. The greater the horizontal component,
the greater the price control.

Reconnection

Occurs when vertical range is extended by a new move (either step one or step four)
which subsequently fails, resulting in a price moving back into the pre-existing vertical range.

Space

Price areas which don't trade (relative lack of horizontal development)

Split Unit

Groupings of half-hour ranges denoted by the market.

Step 1

Series of prices extending vertically.

Step 2

The price that finishes Step 1. Distinguishable only after the fact.

Step 3

Horizontal phase of the market; typically trades about a point of control within a range..

Step 4

Market moves to efficiency. This involves attempting to move back to the point of inception
of the original Step 1, thus becoming a normal'D' shape distribution.

TPO

A TPO is a Time Price Opportunity. A TPO represents any price that is traded in a half hour-period.

TPO Count

The # of TPOs at the point of control (see Point of Control).

Vertical

The vertical dimension of the market expressed in terms of price.

Vertical
Efficiency

Second time frame pause of the market.