A "proper" compression test is done with the engine at operating temp, with all the plugs out and the throttle held wide open. The battery should be on a charger to maintain a full charge so the engine cranks at the same speed every time.
Run the test dry first and then add a tablespoon of oil to each cylinder and run the test again. Crank each cylinder the same number of times for the best results. I use 6 compression pulses, others use 5.
The compression test is, at best, an indicator of the comparable pressures developed at cranking speeds. A leak-down test performed at normal operating temp will give you much more information on the condition of the engine.
Tests run with a cold engine are a poor indicator of anything.