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Technical
Analysis Bibliography (last updated in 1998)
Academic
research on technical analysis has been surprisingly unprogressive since its
inception in the 1950s. Forty years later, we still lack basic definitions
and an uncontroversial set of stylised empirical
facts to be explained. While tens of articles on technical analysis have
appeared in top journals, they have failed to establish a direction for
research in this area. As a result, research in the field remains highly
fragmented.
This
fragmentation has led to research that is not always well connected to the
existing literature. The bibliography below is intended as a partial remedy
to this problem and as a first step towards a review of the technical
analysis literature (on which I am currently working). This review will propose
some definitions, collect the most important research issues and empirical
evidence as well as provide a classification of extensive bibliographic
references.
The
definition of 'Technical Analysis' used to compile this bibliography is that
of Skouras (2001). According to this definition the use of decision rules
that allow an investor to take at most trinary
positions in a market (long, short or neutral) constitutes Technical
Analysis. The terms technical trading, chartism
and market timing are often used synonymously. My
intention is to include any academic research that examines such rules
(including for example papers that measure the 'Economic Value' of an
econometric model by using it in a technical trading rule) in the
bibliography. The bibliography does not include the countless papers
published in practitioner journals (unless some paper in such a journal has
been referred to often in the academic literature) but suggests where these
can be found.
If you know
of a paper I have missed which you believe meets these criteria or if you are
writing a forthcoming paper which you think should be included in this
bibliography, please do not hesitate to contact me. If you find this resource
useful, please reference it in your work.
References
Empirical
Acar E., Satchell S. (Eds),
1997, Advanced Trading Rules, Butterworth-Heinemann.
Alexander S.
S., 1961, 'Price Movements in speculative markets: trends or random walks',
Industrial Management Review v2 n2, May, 7-26.
Alexander S.
S., 1964, 'Price Movements in speculative markets: trends or random walks,
No.2', in P. H. Cootner (Ed.), The random
character of stock prices, (MIT, Cambridge),
338-372.
Allen F., Karjalainen R., 1996, 'Using Genetic Algorithms to find
Technical Trading Rules', working paper, University of Pennsylvania.
Allen P. M., Phang H. K., 1994, Managing Uncertainty in Complex
Systems: Financial Markets, in Evolutionary Economics and Chaos theory,
in L. Leyesdorff, P. Van den Besselaar,(eds) 1994, Evolutionary Economics and Chaos Theory, Pinter,
London.
Allen P. M., Phang K., 1993, Evolution, Creativity and Intelligence in
Complex Systems, in H. Haken and A. Mikhailov (eds.), Interdisciplinary approaches to
Nonlinear Complex Systems, Springer-Verlang,
Berlin, 1993.
Baskin B.,
199?, Technical Analysis, the stochastic properties
of securities prices and profits in trading, Unpublished Ph.D. dissertation
CUNY.
Bessembinder H. and Chan K., 1998, `Market Efficiency and the
returns to technical analysis', Financial Management, 27 (2), 5-17.
Bessembinder H. and Chan K., 1997, `The profitability of
Technical Trading Rules in the Asian Stock Markets', Pacific-Basin Finance
Journal, July, 257-284.
Bilson J.F.O., ' 'Technical' currency trading', in
The Currency Hedging Debate, Lee R. Thomas III (Ed.), IFR Pubishing, London
Bird P. J. W.
N., 1985, 'The Weak form efficiency of the London Metal Exchange', Applied
Economics 17, 571-587.
Brock W., Lakonishok J., LeBaron B.,
1992, 'Simple Technical Trading Rules and the stochastic properties of Stock Returns',
Journal of Finance, 47(5): 1731-1764.
Brock W., Lakonishok J., LeBaron B.,
1991, Simple Technical Trading Rules and the Stochastic properties of Stock
Returns, Santa Fe Institute working paper. (NB: Includes some material
in addition to that of the JoF paper).
Brown S. J.,
W. N. Goetzmann and A. Kumar, 1998, 'The Dow
Theory: William Peter Hamilton's Teack Record
Reconsidered', working paper.
Chang P.H.K. and C.L. Osler, 1994, 'Evaluating Chart-based technical analysis:
The head and shoulder pattern in foreign exchange markets', Federal Reserve
Bank of New York research paper.
Chiang T. F.,
1992, Technical Trading Rules Based on Classifier Systems: A New Approach ro Learn from Experience, Unpublished Dissertation
UCLA.
Cheung Y.,
Wong C.Y., 1997, 'The performance of trading rules
on four asian currency exchange rates',
Multinational Finance Journal, v1 n1., 1-22.
Conrad J. and
G. Kaul, 1998, 'An Anatomy of Trading Strategies',
Review of Financial Studies, V.11, No.3, pp.489-519.
Cornell, W.
B. and Dietrich, J. K. (1978) The efficiency of the market for foreign
exchange under floating exchange rates. Review of Economics and Statistics
60, 111-120.
Corrado, C.J. and S.H.
Lee, 1992, 'Filter Rule tests of the economic significance of serial dependencies
in daily stock returns', Journal of Financial Research, 15(4),
369-387.
Curcio R., C. Goodhart, D. Guilaume
and R. Payne, 1997, 'Do Technical Trading Rules Generate Profits? Evidence
from the Intra-Day Foreign Exchange Market', Int. J. Fin. Econ. v2, n4.
Special Issue on Technical Analysis and Financial Markets.
Dacorogna M. M., 1995, 'The Main ingredients of simple trading models for use
in genetic algorithm optimization', Olsen Associates internal document
1993-03-22.
Dooley, M. P.
and Shafer, J. (1983), 'Analysis of short run exchange rate behavior: March
1973 to November 1981', in Exchange Rate and Trade Instability: Causes,
Consequences and Remedies, eds D. Bigman and T. Taya, pp. 43-69.
Ballinger, Cambridge, MA.
Fama E.F. and M.E. Blume, 1966, 'Filter rules and stock market trading',
Journal of Business, 39, 226-241.
Gencay Ramazan, 1998, 'Optimization of technical
trading strategies and the profitability in security markets', Economics
Letters 59, 249-254.
Gencay Ramazan, 1999, `Linear, Nonlinear and
Essential Foreign Exchange Rate Prediction with Simple Technical Trading
Rules', Journal of International Economics, 47(1), 91-107.
Gencay Ramazan, 1996, `Non-linear Prediction of
Security Returns with Moving Average Rules', Journal of Forecasting, 15,
165-174.
Gencay R. and T. Stengos, 1996, 'Technical Trading
Rules and the size of the risk premium in security returns',
working paper U.
of Windsor.
Gencay Ramazan, 1996, `The predictability of
security returns with simple technical trading rules', U. of Windsor
working paper.
Goldbaum D., 1996, 'A nonparametric examination of market information:
Application to Technical Trading Rules', U. of Wisconsin
working paper.
Goldberg M.
D., Schulmeister S., (1989), ''Technical Analysis and Stock Market
Efficiency'', Wissenschaftszentrum Berlin fur Sozialforschung, Berlin.
Goodhart C.A.E.
and R. Curcio, 1992, 'When support/ resistance
levels are broken, can profits be made? Evidence from the foreign exchange market.', LSE Financial Markets Group Discussion Paper
Series, L.142, July.
Henriksson and Merton R. C., 1981, 'On
market timing and investment performace II:
Statistical procedures for evaluating forecasting skills', Journal of
Business, 54, 513-533.
Hudson R., Dempsey M., K.
Keasey, 1996, 'A Note on the weak form efficiency
of capital markets: The application of simple technical trading rules to UK
stock prices - 1935 to 1994', Journal of Banking and Finance, 20, 1121-1132.
Irwin S. H., and J. W. Uhrig, 1984, 'Do Technical Analysts have holes in their
shoes?', Review of Research in Futures Markets, 3:
264-277.
James, F., 1968, 'Monthly
Moving Averages: - An effective investment tool', Journal of Financial and
Quantitative Analysis, 3, 315-526.
Jensen, M. and G.
Bennington, 1970, ''Random Walks and Technical Theories: Some Additional
Evidence', Journal of Finance, 25, 469-482.
Kho B. C., 1996, Time-varying risk premia, volatility and technical trading rule profits:
Evidence from foreign currency futures markets, Journal of Financial
Economics 41:249-290.
Knez P. J. and M. J. Ready, 1996,
'Estimating the Profits from Trading Strategies', Review of Financial
Studies, v9, n4.
LeBaron B., 1998, `Technical Trading
rules and Regime shifts in Foreign Exchange', in Acar
E. and Satchell S. (eds), Advanced Trading Rules,
Butterworth Heinemann.
LeBaron B., 1998b, `An evolutionary
bootstrap method for selecting dynamic
trading strategies', U. of Wisconsin
w.p.SSRI 9805.
LeBaron, B. (1996) Technical trading rule
profitability and foreign exchange intervention. NBER
Working Paper 5505 or U.
of Wisconsin SSRI Working Paper 9445R
LeBaron B., (199?), 'Nonlinear
Diagnostics and Simple Trading Rules for High-Frequency Foreign Exchange
Rates', in Predicting the Future and Understanding the Past: A Comparison
of Approaches , N. Gershenfeld and A. Weigend. (Eds.) Addison-Wesley, 1993.
LeBaron B, 1992, 'Do Moving Average
Trading Rule Results Imply Nonlinearities in the Foreign Exchange Markets?', U. Wisconsin w.p..
Lee, Ch. I. and Mathur, I. (1996)
Trading rule profits in European currency spot cross-rates. Journal of
Banking and Finance 20, 949-962.
Leitch G. and J.E.
Tanner, 1991, 'Economic Forecast Evaluation: Profits Versus the Conventional
Error Measures', AER 81(3), pp. 580-590.
Leuthold R., 1972, 'Random Walk and Price
Trends: The Live Cattle Futures Market', Journal of Finance, 27: 879-889.
Levich R., and L. Thomas, 1993, 'The
significance of technical-trading rules profits in the foreign exchange
market: A bootstrap approach', Journal of International Money and Finance,
12(5), 451-474.
Levy R.A.,
1971, ''The predictive significance of Five-Point Chart Patterns'', Journal
of Business, Vol. 44, No. 3, July: 316-323.
Levy R.A.,
1967, ''Relative Strength as a Criterion for Investment Strategies '',
Journal of Finance, 22, 595-610.
Logue D., R. Sweeney and
T. Willett, 1978, ''The Speculative Behaviour of
Foreign Exchange Rates During the Current Float'', Journal of Business
Research Vol. 6, May: 159-74.
Lukac L.P. and B.W.
Brorsen, 1990, 'A comprehensive test of futures
market disequilibrium', The Financial Review, v.25 n.4, 593-622.
Lukac L.P. and B.W.
Brorsen and S.H. Irwin,
1989, 'The usefulness of historical data in selecting parameters for
technical trading systems', Journal of Futures Markets 9, 55-65.
Lukac L.P. and B.W.
Brorsen and S.H. Irwin,
1988, 'Similarity of computer guided technical trading systems', Journal of
Futures Markets 8, 1-13.
Lukac L.P., B.W.
Brorsen and S.H. Irwin,
1988, 'A test of futures market disequilibrium using twelve different
technical trading systems', Applied Economics, 20, 623-639.
Lukac L.P., B.W.
Brorsen and S.H. Irwin,
198?, A comparison of twelve technical trading systems, Traders Press
also available as Station Bulletin #495, Department of Agricultural
Economics, Purdue University, 1986.
Lyon A.B.,
1990, 'Capital Gains tax rate differentials and tax trading strategies', U.
of Maryland, w.p. 90-27.
Menkhoff, L. and Schlumberger, M. (1995)
Persistent profitability of technical analysis on foreign exchange markets? Banca Nazional Di Lavoro Quarterly Review 193,
189-216.
Mills T.C.,
'Technical Analysis and the London Stock Exchange: Testing Trading Rules
using the FT30', Int. J. Fin. Econ. v2, n4. Special Issue on Technical Analysis
and Financial Markets.
Moody J., Saffell M., Liao Y., Wu L.,
1998, Reinforcement Learning for Trading Systems and Portfolios: Immediate
vs. Future Rewards, mimeo, Oregon
Graduate Institute of Science and Technology.
Narowcki, D., 1984, 'Adaptive trading
rules and dynamic market disequilibrium' Applied Economics, 16, 1-14.
Neely C. (1998) Technical
Analysis and the profitability of US foreign exchange intervention. Fed
Reserve Bank of St.Louis Review July/August 1998,
3-17.
Neely C., 1997, Technical
Analysis in the Foreign Exchange Market: A layman's guide', Federal Reserve
Bank of Saint louis
Review Septmber-October.
Neely C. and Weller P.
(1998) Technical Trading Rules in the European Monetary System. Federal
Reserve Bank of St. Louis
Staff Paper??? Can be downloaded from the web.
Neely, Ch. and
Weller, P. (1997) Technical Analysis and Central Bank Intervention. Federal
Reserve Bank of St. Louis
Working Paper 97-002A.
Neely, Ch., Dittmar, R. and Weller, P. (1996) Is technical analysis
in the foreign exchange market profitable? A genetic programming approach. CEPR Discussion Paper 1480.
Neftci S.N.
and A.J. Policano, 1981?, "Can Chartists Outperform the Market? Market
Efficiency Tests for 'Technical Analysis' ", Journal of Futures Markets,
No.4, pp.465-478.
Osler C.L.,
1998, 'Identifying Noise Traders: The head and shoulders pattern in US
equities', Federal Reserve Bank of New York research paper.
Osler C. L. and P.H.K.
Chang, 1995, Head and Shoulders: Not just a Flaky Pattern, Federal Reserve
Bank of New York,
Staff Report 4.
Pau L. F., 1991, Technical analysis
for portfolio trading by symmetric pattern recognition, Journal of Economic
Dynamics and Control 15, 715-730.
Pictet O. V., Dacorogna
M. M., Dave R. D., Chopard B., Schirru
R., Tomassini M., 1996, 'Genetic Algorithms with
collective sharing for robust optimization in financial applications', Neural
Network World, 5(4), pp.573-587.
Pictet O.V., Dacorogna M.M., Muller U.A., Olsen R.B., and Ward J.R., 'Real time trading models for foreign exchange
rates', Neural Network World 2(6), 713-744.
Pruitt S. W. and R. E.
White, 1989, 'Exchange-traded options and CRISMA
trading', Journal of Portfolio Management, 15:4.
Pruitt S. W. and R. E.
White, 1988, 'The CRISMA Trading System: Who Says
Technical Analysis Can't beat the Market?', Journal
of Portfolio Management, Spring, 55-58.
Ready M. J., 1997,
'Profits from Technical Trading Rules', U. of Wisconsin
Working Paper.
Saacke P., 1998, 'Technical Analysis and
the Effectiveness of Central Bank Interventions', U. of Hamburg
working paper,
Schulmeister S., 1988?,
'Currency Speculations and Dollar Fluctuations', Banca
Nazionale di Lavoro ???
Schulmeister S., 1987, 'An Essay on Exchange
Rate Dynamics', Discussion Paper IIM/LMP 87-8, Wisenscaftszentrum Berlin
fur Sozialforschung,
Berlin.
Silber W.L.,
1993, 'Technical Trading: When it works and when it doesn't',
NYU Salomon
Center w.p.
93-49 and Journal of Derivatives, 1, Spring, 39-44.
Skouras S., 2001,
`Financial Returns and Efficiency as seen by an Artificial Technical
Analyst', Journal of Economic Dynamics and Control 25(1-2), 213-44.
Smidt S., 1965, 'A test of the Serial
dependence of price changes in Soybeans futures', Food Research Institute
Studies, 5: 117-136.
Stevenson, R., and Bear,
R., 1970, 'Commodity Futures: Trends or Random Walk', Journal of Finance, 25,
65-81.
Sullivan R, Timmerman A.,
White H., 1997, `Data-snooping, technical trading rule performance, and the
bootstrap', forthcoming Journal of Finance.
Sweeney, R. J. and E.J. Lee, 1990, 'Trading Strategies in the Forward
Exchange Markets', in Raj Aggarwal
and C. F. Lee (Eds.), International dimensions of securities and currency
markets, Advances in financial planning and forecasting series Vol.4,
part A., JAI Press, Greenwich, Conn., 55-79.
Sweeney, R. J., 1988,
'Some New Filter Tests: Methods and Results', Journal of Financial and
Quantitative Analysis, 23, 285-300.
Sweeney, R. J. (1986).
Beating the Foreign Exchange Market. Journal of Finance 41, 163- 182.
Sweeney, R. J. and P. Surajaras, 1989, 'The stability of speculative profits in
the foreign exchanges', in R.M.C. Guimaraes, B.G. Kingsman and S.J. Taylor , A
reappraisal of the efficiency of financial markets, New York: Springer-Verlag.
Szakmary, A.C.
and Mathur, I.
(1997) Central bank intervention and trading rule profits in foreign exchange
markets. Journal of International Money and Finance 16, 513-535.
Taylor S. J., 1994,
'Trading Futures using a channel rule: A study of the predictive power of
technical analysis with currency examples', Journal of Futures Markets,
14(2), pp.215-235.
Taylor S. J., 1992,
'Rewards Available to Currency Futures Speculators: Compensation for Risk or
Evidence of Inefficient Pricing?', Supplement to the Economic Record 1992:
Special issue on Futures Markets
Taylor S. J. and A. Tari, 1989, 'Further Evidence against the efficiency of
futures markets (with commentary by R. Ball)', in R.M.C.
Guimaraes, B.G. Kingsman and S.J. Taylor , A
reappraisal of the efficiency of financial markets, New York: Springer-Verlag.
Taylor S. J., 1989,
'Profitable currency futures trading: a comparison of technical and
time-series trading rules', in The Currency Hedging Debate, Lee R.
Thomas III (Ed.) , IFR Punlishing, London.
Taylor S. J., 1983,
'Trading rules for investors in apparently inefficient futures markets', in Futures
Markets - Modelling, Managing and Monitoring
Futures Trading, Basil Blackwell, Oxford,
165-198.
Thomas L.R., 1990, 'Random Walk Profits in currency futures
trading', in The Currency Hedging Debate, Lee R. Thomas III (Ed.), IFR Punlishing, London
Van Horne J.C. and G.C.C. Parker, 1968, 'Technical Trading Rules: A
comment', Financial Analysts Journal, XXIII, November-December 1967: 87-92.
Theory
Acar E., `Expected returns of directional
forecasters', in Acar E. and Satchell
S. (Eds), Advanced Trading Rules, Butterworth Heinemann.
Acar E. and S.E. Satchell,
1997, 'A theoretical analysis of trading rules: an application to the moving
average case with Markovian returns', Applied
Mathematical Finance, 4, 165-180.
Arthur W. B., J. H.
Holland, B. LeBaron, R. Palmer, and P. Tayler, 1998, 'Asset Pricing Under Endogenous
Expectations in an Artificial Stock Market' in The Economy as an Evolving
Complex System II, edited by W. B. Arthur, S. Durlauf,
and D. Lane, Addison-Wesley, 1997.
Brown David P, and Robert
H. Jennings, 'On Technical Analysis', Review of Financial Studies, 2(4),
527-55.
Blume L., Easley D., O'Hara
M., 1994, Market Statistics and Technical Analysis: The role of Volume,
Journal of Finance, Vol. XIIX, No. 1.
Cumby R. E., D. M.
Modest, 1987, 'Testing for Market Timing Ability: A framework for forecast
evaluation', Journal of Financial Economics 19, pp169-189.
Dewachter (1997) Can Markov switching
models replicate chartist profits in the foreign exchange markets? Center for
Economic Studies Discussion Paper, 132.
Levin J. H., 1997,
'Chartists, Fundamentalists and Exchange Rate Dynamics', Int. J. Fin. Econ.
v2, n4. Special Issue on Technical Analysis and Financial Markets.
Merton R. C., 1981, 'On
market timing and investment performance, I: An equilibrium theory of market
forecasts', Journal of Business 54, 363-406.
Neftci S. N., 1991, 'Naive Trading Rules
in Financial Markets and Wiener-Kolmogorov
Prediction Theory: A Study of 'Technical Analysis' ', Journal of Business,
64(4).
Roberts H. V., 1959,
'Stock-Market 'Patterns' and Financial Analysis: Methodological Suggestions',
Journal of Finance 14:1, March, 1-10.
Skouras Spyros, 1998, `Risk Neutral Forecasting', European
University Institute working paper 98-40.
Treynor J. L., Ferguson R., 1985, In Defence
of Technical Analysis, Journal of Finance, XL, 3.
Tvede L., 1992, 'Reasons trends may be
predictable in financial markets', Journal of International Securities Markets,
Spring.
Tomek W.G.
and S.F. Querin, 1984, 'Random Processes in Prices
and Technical Analysis', Journal of Futures Markets, 4: 15-23.
Vigfusson R., 1997, 'Switching between
Chartists and Fundamnetalists: A Markov
Regime-Switching Apprach', Int. J. Fin. Econ. v2,
n4. Special Issue on Technical Analysis and Financial Markets.
Trading Rules
developed by economists and derived from:
1. Econometric Models
(selective)
Breen William, Lawrence
R. Glosten and Ravi Jagannathan,
1989, `Economic Significance of Predictable Variations in Stock Index
Returns', Journal of Finance Vol XLIV, No. 5,
1177-1189.
Pesaran M. Hashem
and Alan Timmerman, 1995, 'Predictability of Stock Returns: Robustness and
Economic Significance', Journal of Finance Vol.L,
No. 4, 1201-1228.
Satchell Steve and Alan Timmerman, 1995,
An Assesment of the Economic Value of Non-linear
Foreign Exchange Rate Forecasts, Journal of Forecasting, Vol. 14, 477-497.
2. Professional
Forecasts
Goodman S. H., 1979,
'Foreign Exchange Forecasting Techniques: Implications for Business and
Policy', Journal of Finance, XXXIV, 2, May.
3. Market Anomalies
(selective)
Conrad J., M. Gultekin and G. Kaul, 1997,
'Profitability of short-term Contrarian Portfolio Strategies: Implications for
Market Efficiency', Journal of Business and Economic Statistics, 15, 379-386.
Jegadeesh N. and S. Titman, 1995,
'Overreaction, Delayed reaction, and Contrarian Profts',
Review of Financial Studies, 8, 973-993.
Lakonishok J, Vishny
R. W., Shleifer A, 1993, 'Contrarian Investment,
Extrapolation and Risk', NBER, wp
4360.
Sullivan R, Timmerman A.,
White H., 1998, `Dangers of data-driven inference: the case of calendar
effects in stock returns', UCSD discussion paper
98-16.
Direct empirical
evidence on the practice of Technical Analysis
Allen H. and Taylor M.
P., 1993, 'Chartist Anaysis', in Eatwell J., M. Milgate and P.
Newman, The New Palgrave Dictionary of Money and
Finance, Macmillan: London.
Allen H, Taylor M. P.,(1990),
''Charts, Noise and Fundamentals in the London Foreign Exchange Market'',
Economic Journal, 100, pp.49-59
Allen H.,Taylor
M. P., 1989, The Use of Technical Analysis in the Foreign Exchange market.,
Journal of International Money and Finance 11: 304-314.
Frankel, J.A. and Froot, K (1990),
'Chartists, Fundamentalists and Trading in the Foreign Exchange Market', AER 80:2, 181-5.
Frankel, J.A. and Froot, K (1990),
'Exchange rate forecasting techniques, survey data, and the implications for
the foreign exchange market.', IMF Working Paper
WP/90/43 or NBER 3470.
Frankel, J.A. and Froot, K (1990),
'Chartists, fundamentalists and the demand for dollars', in A.S. Courakis and M.P. Taylor (Eds), Private Behaviour
and Government Policy in Interdependent Economies, Oxford University
Press: Oxford.
Lui Y.H.
and D. Mole, 199?, 'The use of fundamental and
technical analyses by foreign exchange dealers: Hong Kong Evidence', mimieo., City University of Hong Kong.
Murphy J.A., 1986, 'Futures Fund Performance: A test of the
effectiveness of Technical Analysis', Journal of Futures Markets 6:2,
175-185.
Sylla R., 1993, 'Chartists' Language',
in Eatwell J., M. Milgate
and P. Newman, The New Palgrave Dictionary of
Money and Finance, Macmillan: London.
Taylor, M. P., 1998,
'Editorial Comment', Int. J. Fin. Econ. v2, n4. Special Issue on Technical
Analysis and Financial Markets.
Taylor, M. P. and Allen,
H. (1992) The use of technical analysis in the foreign exchange market.
Journal of International Money and Finance 11, 304-314.
Experiments
Curcio R., Goodhart
C., 1991, Chartism: A Controlled Experiment.,
Discussion Paper #124, Financial Markets Discussion Group Series, LSE.
Practitoners' References (highly selective)
Classic Textbooks
Edwards, R.D. and J.
Magee, 1992, Technical Analysis of Stock Trends, John Magee Inc, Boston.
Kaufman, 1978, Commodity
Trading Systems and Methods, John Wiley & Sons.
Murphy J. J., 1986, Technical
Analysis of the Futures Markets, New
York: New York Institute of Finance.
Journals featuring
many technical analysis papers
The Technical Analysis of
Stocks and Commodities
Financial Analysts'
Journal
Journal of Portfolio
Management
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