Technical analysis is not supposed consistently to beat financial markets. In this book, however, Professors Surajaras and Sweeney seek to establish that carefully chosen rules can produce substantial and consistent measured profits over time. The authors also call into question the traditional academic wisdom that markets in general are efficient.
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Previous studies of technical analysis; statistical tests of risk-adjusted profits from trading rules - the X-test; selected trading rules; equally-weighted portfolios of currencies, with rules tailored for each currency; variably-weighted portfolios of currencies, with rules tailored for each currency; speculating on indexes of currencies; speculating with a portfolio upgrade approach; comparing the performances of technical trading strategies; the stability of speculative profits; implications for the theory and practice of financial economics; implications for policymakers.