Passe — pas de trade

The fired "trigger" at pdVAH $77,260 is a 4-tick wick on a 15m candle with 0.3 BTC of volume — a dead, holiday-thin tape, not a rejection: no delta response (5m delta flat, -0.1 BTC over 30m), OI only drifting on short-covering, and the whole last three hours has ranged $77,159–$77,353 with sub-1 BTC candles. Price is also pinned mid-structure between pdEQ/D-Open ($77,231/$77,234) below and pdH $77,457 above, i.e. POC-chop with no edge worth trading. Reaction quality, not just the retest, is what fails here, so this is a decline rather than a wait.