Passe — pas de trade

STATE shows 4 consecutive losses on this book (after 3, I pass this tick regardless of setup). Even setting that aside, there is no clean trigger: the fired level is daily VWAP, but the "signal" is a tiny 5m wick-and-close on effectively zero volume (0.6 BTC), with a flat Delta 5m (-7.9 BTC) and dead 1m/5m tape — a poor, no-conviction reaction at fair value. Price is pinned right on VWAP/dPOC (mid-value, open space at fair value), which is a no-trade zone, and there is no 15m level-reaction, with-trend, or sweep-reclaim trigger. Mandatory pass on the loss cap.