$ES_F $SPY excess low / Single Prints / Buying tail. If you wonder why I waited for 5,066 to try a long today here is an explanation.
In Market Profile (Time price opportunity) concepts there are TPOs representing 30 mins. For example, A period is 9:30am EST to 10:00AM EST, B Period is 10:00 AM to 10:30 AM EST. Therefore initial balance is made up of A + B periods for 1 hour IB. You will see bunch of letters going all the way to "M period".
When we get other time frame participants entering the market typically they leave a little bit of "aggressive tail - either buying or selling".
As a day trader, its important to know when other time frame participants are entering and where so you can monitor the level on future sessions and be aware intraday where they showed up.
You need more than two TPOs at the bottom or top to be considered buying or selling tail. Opposite of buying/selling tail is poor high or poor low indicating that auction did not complete and most likely will revisit. Buying/Selling tails indicate an end of an auction and starting of a new on in opposite direction. Typically its a trend reversing.
First slide will explain a bit more about profile and timing of different periods.