Passe — pas de trade

STATE shows 4 consecutive losses on this day book (last three outcomes L·L·L) — after three consecutive losses the mandate is to pass this tick regardless of setup. Independently, no valid trigger exists anyway: the dVAL/pwVAH interaction is only a 5m close below the level, and a 5m close can never be the named trigger — no 15m close through or rejection at pwVAH ($65,096) has printed; the last 15m candle merely closed down mid-range. No trade.