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From http://papers.ssrn.com/sol3/papers.cfm?abstract_id=980583
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.
