Try it with the motor fully warmed up..and the throttle Wide open..(remove all the plug wires from the plugs, so it does`nt start on the other three that your not testing yet)...
even using the above method, fully warm motor, and throttle wide open..i found my vmax 4 freshly rebuilt to still have "low" compression until i barrowed a friends snap on gauge..
i have picked up another gauge, which still is`nt a snap on, that does read closer to the real number, but still not as high as the snap on...aparently, some of the lessor expensive testors, have softer hose`s that will expand and effectively soak up some of the preasure...and to add to the effect, they don`t have the shrader valve at the far end of the hose (near the head, but rather at the gauge)..so that just adds to the expanding hose issue..
anyway, what I look for now with my newer testor, that i know still reads a bit low, is evenness..if they all read VERY close to each other, I call it good..cause i don`t feel it`s likely at all, that all 4 cylinders, are going to have a problem resulting in almost the exact same low reading..
AL