Mostly random with a few statistically significant fractals (Opening Range for example). If you can construct a system pivoting off of these fractals, then you can make money. Otherwise, you can't. Even scalpers... those who are successful are able to discern patterns (though most are too dumb to know that's what they are doing). The rest of them go back to work at Kmart within 6 months.
Totally in agreement with ozzie. At times random, at times not, which makes it random I suppose. Key is money management. I am fine with a 50% win/loss system, as long as the winners are bigger than losers.