Passe — pas de trade

STATE shows 4 consecutive losses on this day book — the rule after THREE consecutive losses is to pass this tick regardless of setup. Even setting that aside, price is sitting right at pdEQ/VWAP with mixed signals (CVD confirming_down but 5m delta confirming_up, funding neutral), and the 15m 'trigger' merely wicked VWAP and closed just below it while resting on pdEQ — no clean rejection with room; no qualifying setup under a stricter reading.