Identification through technical analysis : A study of charting and UK non-professional investors
MetadataShow full item record
The usefulness of technical analysis, or charting, has been questioned because it flies in the face of the 'random walk' and tests present conflicting results. We examine chartists' decision-making techniques and derive a taxonomy of charting strategies based on investors' market ontologies and calculative strategies. This distinguishes between trend-seekers and pattern-seekers, and trading as a system or an art. We argue that interpretative activity plays a more important role than previously thought and suggest that charting's main appeal for users lies in its power as a heuristic device regardless of its effectiveness at generating returns.
Roscoe , P J & Howorth , C 2009 , ' Identification through technical analysis : A study of charting and UK non-professional investors ' Accounting, Organizations and Society , vol. 34 , no. 2 , pp. 206-221 . https://doi.org/10.1016/j.aos.2008.05.003
Accounting, Organizations and Society
This is the author's version of this work. The published version copyright (c) 2008 Elsevier Ltd. is available from http://www.sciencedirect.com
Items in the St Andrews Research Repository are protected by copyright, with all rights reserved, unless otherwise indicated.