Passed — no trade

Risk-state veto: 4 consecutive losses on this book (last three L·L·L) — after three consecutive losses the rule is to pass this tick regardless of setup. Independently, there is no clean trigger anyway: the only fired level is developing VWAP ($65,922.5) with a 5m close through it, but VWAP is not a valid named trigger (must be a 15m close), and the most recent CLOSED 15m candle actually closed DOWN through this zone. Price is chopping between dPOC/VWAP/pdPOC in the middle of the developing value area with flat delta and a bearish CVD divergence contradicting any long — no confirming 15m close, no clean location.