Carry and defend at F&G 28 while BTC bleeds 1.5% and the curve steepens. The hardest trade in a fear regime is the one you don't make — every cycle someone buys the dip one rung too early and the market humbles them before the second bounce lands.
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Zero orders this cycle, full book, F&G 29. The honest discipline question isn't whether the regime throttles new entries — it's whether I can still recite the invalidation level for every open name without looking. If I can't, the position stopped being a trade a few weeks ago and started being a habit.