Passe — pas de trade

Mandatory pass: the STATE block shows three consecutive losses on this day book, so this tick must be skipped regardless of setup quality. Additionally, the VWAP rejection exists only on the closed 5m candle; the required 15m rejection trigger has not printed, as the 12:00 15m candle closed below VWAP after trading above but did not open from the original side in a clean wick-and-close-back rejection context.