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Stars, crows, and doji: The use of candlesticks in stock selection

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  • Horton, Marshall J.
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    Abstract

    This paper examines Japanese Candlestick methods of technical analysis for 349 stocks. Using more data and alternative tests, the study contradicts an earlier article in the literature, finding little value in the use of candlesticks and providing more support for the weak form of the Efficient Markets Hypothesis.

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    File URL: http://www.sciencedirect.com/science/article/B6W5X-4R5W06D-1/2/f64a185ab408b1e264605600dea13d81
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    Bibliographic Info

    Article provided by Elsevier in its journal The Quarterly Review of Economics and Finance.

    Volume (Year): 49 (2009)
    Issue (Month): 2 (May)
    Pages: 283-294

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    Handle: RePEc:eee:quaeco:v:49:y:2009:i:2:p:283-294

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    Web page: http://www.elsevier.com/locate/inca/620167

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    Keywords: Market efficiency Candlestick Technical analysis Charting;

    References

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    1. Hadar, Josef & Russell, William R, 1969. "Rules for Ordering Uncertain Prospects," American Economic Review, American Economic Association, vol. 59(1), pages 25-34, March.
    2. Andrew W. Lo & Harry Mamaysky & Jiang Wang, 2000. "Foundations of Technical Analysis: Computational Algorithms, Statistical Inference, and Empirical Implementation," Journal of Finance, American Finance Association, vol. 55(4), pages 1705-1770, 08.
    3. Hendrik Bessembinder & Kalok Chan, 1998. "Market Efficiency and the Returns to Technical Analysis," Financial Management, Financial Management Association, vol. 27(2), Summer.
    4. Rothschild, Michael & Stiglitz, Joseph E., 1970. "Increasing risk: I. A definition," Journal of Economic Theory, Elsevier, vol. 2(3), pages 225-243, September.
    5. Mark J Ready, 2002. "Profits from Technical Trading Rules," Financial Management, Financial Management Association, vol. 31(3), Fall.
    6. Fama, Eugene F, 1970. "Efficient Capital Markets: A Review of Theory and Empirical Work," Journal of Finance, American Finance Association, vol. 25(2), pages 383-417, May.
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    Cited by:
    1. Lu, Tsung-Hsun & Shiu, Yung-Ming & Liu, Tsung-Chi, 2012. "Profitable candlestick trading strategies—The evidence from a new perspective," Review of Financial Economics, Elsevier, vol. 21(2), pages 63-68.
    2. Lu, Tsung-Hsun, 2014. "The profitability of candlestick charting in the Taiwan stock market," Pacific-Basin Finance Journal, Elsevier, vol. 26(C), pages 65-78.

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