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  Forex Articles & Studies
 
 
 
         Do Japanese Candlestick Patterns Help Identify Profitable Trading Opportunities? -                                       An Analysis on Selected Forex Markets
 
 
 Authors: Aisha Ahmed Ameen. The British University in Dubai
               Elango Rengasamy. The British University in Dubai
                                         Date: November 2014
 
 Abstract:

Japanese candlestick patterns, an invention of Steve Nison, a stock analyst, have become very popular after it was introduced in 1989 to the Western world. These patterns are technical trading rules that are used to predict movement of prices and directions based on the relationship between opening, high, low and closing prices. Currently, many market participants are using Japanese candlestick patterns as part of their robust trading systems. This research examines the profitability of four bullish and four bearish Japanese candlestick reversal patterns in seven currencies, which represent both advanced and emerging foreign currency markets. These currencies include AUD/USD, USD/CAD, EUR/USD, GBP/USD, USD/INR, USD/JPY and USD/ZAR. The sample covers a 12-year span of 3,129 observations. The ‘z score’ test is used to examine the statistical significance of the returns at 5% level for seven holding periods. The RSI is used with three candlestick patterns to further confirm the results. The findings show strong evidence of some profitable candlestick reversal patterns in foreign currency markets.

 
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