Passe — pas de trade

The gate fired on a 5-minute wick above M-Open $78,511.5 that closed back below — but a 5m close is never a valid trigger on this book, and the named 15m candle (12:30 close $78,236.0) closed well below the level, so no 15m rejection or reclaim close at M-Open has printed yet. Price is also at the top of a sharp impulse (1m/5m ripping into the developing day high $78,532.6 with CVD confirming up and greed sentiment), so fading momentum straight into the level without a confirmed 15m rejection is exactly the forbidden trade; equally, a continuation long here would be entering at the extreme, not a retest. No trigger — pass and wait for the 13:00 15m close.