Yes, very loose terminology. I was thinking of a combination of two events:

1. VWAP based trading of large positions, which creates assymetric momentum effects in volume and price (and which is then somewhat forecastable)

2. Not then recognizing that you are forecastable (as a result of playing the VWAP game). The extra information that someone who looks at intraday price relationships has over someone who doesn't. If you wade into the middle of a market that is short-run forecastable (eg it's trending downwards to a new level and the market maker/HFT guys are battling their battles), and you don't check as to whether it's short-run forecastable, then you're probably the patzy at the poker table.