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Home > Economists > Christopher Neely > What does genetic programming teach us about the foreign exchange market?

B) The puzzle of technical analysis

1) Technical analysis is the use of past prices to guide trading decisions.

2) For about 15 years, people have been finding that technical trading rules make excess returns in the foreign exchange market. (Sweeney, 1986; 1988)
(a) Moving average rules and filter rules.

3) The success of technical trading rules seems to contradict the efficient markets hypothesis.
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