Passed — no trade

Only a short may be recorded on this book (open long, T1 booked), but the trigger in play is a bullish one — the 15:30 UTC 15m candle wicked below dVAH $77,324 / pdPOC $77,337.5 and CLOSED back above both, a hold of value, not a rejection from above. There is no short trigger: no 15m close back below dVAH/dPOC, structure is a tight balance just above VWAP $77,242.6 with CVD confirming up, 5m delta flat and near-zero volume — a poor, low-participation reaction that would not justify fading into the developing value area anyway.