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Market Timing with Candlestick Technical Analysis
Ben R. Marshall Massey University - Department of Economics and Finance Lawrence C. Rose Massey University Martin R. Young Massey University - Economics and Finance April 16, 2007 Abstract: We investigate the profitability of the quantitative market timing technique of candlestick technical analysis in the U.S. equity market. Despite being used for centuries in Japan and now having a wide following amongst market practitioners globally, there is little research documenting its profitability or otherwise. We find that these strategies are not generally profitable when applied to large U.S. stocks. Basing trading decisions solely on these techniques does not seem sensible but we cannot rule out the possibility that they compliment some other market timing techniques.
Keywords: Market Timing, Candlesticks, Technical Analysis, Quantitative Investment JEL Classifications: G12, G14 Working Paper SeriesDate posted: April 16, 2007 ; Last revised: September 14, 2009Suggested CitationContact Information
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