DislikedExactly, price is not random (like random walk) or exact (like efficient market), it is arbitrary (due to mixed emotions and analysis of traders).Ignored
basically the general direction long term is 40% fundamental data
and the short term movement is by information of inter dealer trading, each market makers book does not impact the market per se, but they swap and trade with each other, in a identical fashion for fear of arbitrage.
so they try to mimic each other on the price they quote at all times, and their own order flow does have an impact on the decision making.
so the market acts unpredictable in the sense that orders being executed, will move the price opposite the fundamental view creating a random-like data feed execution as inverse orders like stop losses, limits, take profits, etc move the market AWAY from fundamental economic trajectory.
however usually "these" movements are exploited and the market shifts back to a fair value, then goes in oscillations of equilibrium (low volatility) to imbalance and inefficiency in a random-like fashion.
hence EVERY single movement of the market cannot be interpreted or taken as significant.
here is our job as traders to "exploit" the inefficiencies when they occur, and limit our exposure to risk.
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