Passe — pas de trade

The trigger is a marginal 30m close $1.80 below the developing wVAH ($64,511.2 vs $64,513.0) — a hairline loss of a developing, still-moving level, not a decisive rejection of a settled HTF level; that is far short of the stricter bar required after two consecutive losses on this book. Context also conflicts: price is mid-range between pwPOC/pmVAH with the 4H making higher highs and higher lows off $62,180, daily VWAP ($64,598) essentially at price, and no swept level reclaimed — so there is neither a clean level-reaction nor an established downtrend to join. No trade.