Passed — no trade

STATE shows 4 consecutive losses on this book (last three: L·L·L) — the rule mandates a pass this tick regardless of setup after three consecutive losses. Additionally the fired level is only a 5m close reclaim of dev POC ($64,015.5), with no 15m trigger (the 15m closed up but this is a developing POC in the middle of the day's range, not a strong reaction), and CVD is confirming_down with delta flat — no clean setup even absent the loss cap.