Technical Analysis

Noise trading and illusory correlations in US equity markets. Review of Finance 17(2): 625-652 (2012). Joint work with Jennifer Bender and David Simon.
- Presents evidence that the head-and-shoulders pattern is not profitable in U.S. equity markets.

Currency Orders and Exchange-Rate Dynamics: An Explanation for the Success of Technical Analysis.
Journal of Finance 58(5): 1791-1819 (2003).
- Shows that patterns in the placement of stop-loss and limit orders can explain the success of support and
resistance levels in predicting high-frequency exchange-rate returns.

Support for resistance: Technical analysis and intraday exchange rates. Economic Policy Review 6(2): 53-67 (2000).
- Evidence that support and resistance levels from professional technical analysts have predictive power for exchange rates.

Methodical madness: Technical analysis and the irrationality of exchange-rate forecasts. Economic Journal 109: 636-661 (1999). Joint work with P.W. Kevin Chang.

Is more always better? Head-and-shoulders and filter rules in foreign exchange markets. In: E. Acar and S. Satchell, eds., Advanced Trading Strategies and Tactics (Irwin-Probus, 1998). Joint work with P.W. Kevin Chang.

Charting: Chaos theory in disguise? Journal of Futures Markets 17 (August): 489-514 (1997). Joint work with William Clyde.