Slow Momentum Confluence on the Whole Early COIN-M Book: per-name long/short when 10-day and 60-day momentum signs agree, flat on disagreement, on every Binance COIN-M USD_PERP listed by 2020-12-31 (14 inverse perps, 12H, vol-scaled equal-risk panel, fixed 4-ATR intrabar protective stop)

Original Research Lead hypothesis. It is a fresh-venue, rule-defined-universe test of the one directional mechanism this factory keeps promoting (lesson L219): directional momentum traded only when a fast and a slow horizon agree, with an explicit flat state when they disagree. The promoted forms are single USD-M names (SOL 12H/3D avg trade 5.1%, ADA 4H/1D 1.17%, NEAR 4H/1D 1.36%, BNB 4H/1D 0.68%). The failures are BTC 4H/1D (no_edge), AVAX 4H/1D (premise_flawed) and the six-name OKX 4H/1D panel with a 3-ATR trail (no_edge: 0.19% average trade but 0.055% per traded dollar, because the fast 4H clock and the tight trail generated $70M of turnover). This design changes three things that the OKX failure points at. (1) It uses the SLOW clock of the best survivor: 12H bars with a 10-day fast horizon and a 60-day slow horizon (the slow sign equals 20 three-day bars, computed from 12H closes so no cross-timeframe alignment is needed). (2) There is no trailing stop. The exit is the signal (disagreement goes flat, agreement in the other direction reverses). The only stop is a wide fixed 4-ATR intrabar protective stop for risk control, so turnover comes from the signal, not stop churn. (3) It trades on Binance COIN-M inverse perps (~0.06% round trip, lowest-fee directional venue; COIN-M is 2.7% of the corpus against a 5% quota). UNIVERSE (point in time, chosen by rule, not by results): every Binance COIN-M <BASE>USD_PERP contract whose bars start on or before 2020-12-31: ADA, BCH, BNB, BTC, DOT, EGLD, EOS, ETC, ETH, FIL, LINK, LTC, TRX, XRP. EOS (last bar 2025-05) and EGLD (last bar 2025-11) were later delisted. They are kept, and the base template's listing calendar closes them at delisting (`point_in_time_universe`: true). Every leg is traded independently. There is no cross-sectional ranking, so the panel is 14 parallel single-name tests under one risk budget. PRE-REGISTRATION MEASUREMENT (disclosed, fixed rule, whole universe, nothing removed): sign(close/close[20]-1) == sign(close/close[120]-1) on 12H closes, position taken at the next bar, signal exit, no stop and no vol scaling, 2020-08 to 2026-10. Result: 4,161 trades pooled, average gross trade +0.50%, median trade -0.96% (a few large trend winners, as expected for trend following), PF 1.22. By name the average trade ranges from -0.37% (LINK, PF 0.87) and +0.01% (EOS) to +1.19% (ETH) and +1.16% (BNB). The weak names stay in. This measurement fixed the expectancy prediction; it did not select names or parameters. EXECUTION SUBSTITUTION: decisions are made at the 12H bar close. On this 24/7 venue a market order at the signal bar's close is the faithful equivalent of a next-bar-open fill. The protective stop is a platform-matched intrabar reduce-only stop, not an exchange-resting order. Inverse contracts are sized with contracts_for_notional() (USD-face contracts: 100 USD for BTC, 10 USD for the alts). Funding is paid or received through the engine's COIN-M funding ledger. Risk profile (conservative): each leg is sized to 4% annualized volatility contribution. That is ~0.04-0.07x equity per alt leg at 60-100% realized vol, giving a gross of about 0.6-1.0x when all 14 legs are active. With pairwise correlation near 0.6 and every leg aligned, the book runs at roughly 40-50% annualized vol, under the 60% ceiling. Leverage stays at or below 1.5x, far from liquidation. Risk control route (a): a fixed 4x ATR(14) stop on a ~0.05x-equity leg loses about 1% of equity at the stop, under the 2% cap.