i think what eugene is describing is an efficient market. whcih is nice, and i actually used to believe that. i had a very persuasive professor once who made it sound true. but if forex is liek the rest of it, it’s not all that efficient or predictive. i wouldnt go so far as to say it’s rigged, just manipulable. and manipulated. and eve if it weren’t, it’s not all that predictive and it just doesn’t seem to price in all known info. at least, i no longer believe it does. it’s one of those unproveable things, “pricing in all nown ifomration”, liek the existence of god, such that it’s not really worth discussing. either you beleive it or you don’t.
