Passed — no trade

STATE shows 4 consecutive losses on this book — the rule requires a pass this tick regardless of setup after three consecutive losses. Additionally, no valid 15m trigger has printed: the fired level is daily VWAP ($65,937), but price is sitting almost exactly on VWAP/dPOC ($65,897.5) in the middle of the developing value area — a fair-value chop zone with no clean reject or reclaim close. Delta 5m is flat and volume is negligible, a poor reaction. Stand aside.