<?xml version="1.0" encoding="ISO-8859-1"?><article xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
<front>
<journal-meta>
<journal-id>0121-5051</journal-id>
<journal-title><![CDATA[Innovar]]></journal-title>
<abbrev-journal-title><![CDATA[Innovar]]></abbrev-journal-title>
<issn>0121-5051</issn>
<publisher>
<publisher-name><![CDATA[Facultad de Ciencias Económicas. Universidad Nacional de Colombia.]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S0121-50512022000200041</article-id>
<article-id pub-id-type="doi">10.15446/innovar.v32n84.99677</article-id>
<title-group>
<article-title xml:lang="pt"><![CDATA[Será a dinâmica Ichimoku eficiente? Uma evidência nos mercados de ações]]></article-title>
<article-title xml:lang="en"><![CDATA[IS THE ICHIMOKU METHOD EFFICIENT? EVIDENCE FROM STOCK MARKETS]]></article-title>
<article-title xml:lang="es"><![CDATA[¿SERÁ LA DINÁMICA ICHIMOKU EFICIENTE? UNA EVIDENCIA EN LOS MERCADOS BURSÁTILES]]></article-title>
<article-title xml:lang="fr"><![CDATA[LA DYNAMIQUE ICHIMOKU EST-ELLE EFFICACE ? UNE PREUVE SUR LES MARCHÉS BOURSIERS]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Gomes Almeida]]></surname>
<given-names><![CDATA[Luís António]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Universidade de Vigo  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Spain</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>06</month>
<year>2022</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>06</month>
<year>2022</year>
</pub-date>
<volume>32</volume>
<numero>84</numero>
<fpage>41</fpage>
<lpage>56</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_arttext&amp;pid=S0121-50512022000200041&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_abstract&amp;pid=S0121-50512022000200041&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_pdf&amp;pid=S0121-50512022000200041&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="pt"><p><![CDATA[RESUMO: Este artigo visa contribuir para o aumento do conhecimento do método de negociação Ichimoku, através de evidências teórico-empíricas sobre a capacidade preditiva dessa dinâmica de investimento. Apesar de essa dinâmica de investimento ter aparecido no Japão na década de 1930, só nos últimos anos começou a ganhar relevância para os investidores e académicos fora do Japão, existindo ainda uma lacuna na existência de trabalhos de investigação académica. Na persecução desse objetivo, estudaram-se cinco índices de mercados de capitais de diferentes zonas geográficas, tendo sido analisadas 26.295 cotações diárias, testando-se diferentes estratégias de negociação baseadas nas linhas Ichimoku. As estratégias de negociação produziram um conjunto de 22.083 sinais de negociação, possibilitando avaliar a capacidade preditiva e performance do sistema de negociação Ichimoku. O trabalho permitiu concluir que a dinâmica de negociação Ichimoku fornece sinais de tendências de negociação, sendo que as estratégias implementadas permitem criar valor para os investidores. Conclui-se também que a dinâmica Ichimoku apoia as decisões de investimento e possibilita que os investidores reajam rapidamente no mercado bearish, sendo útil para sinalizar tendências e revertê-las. A estratégia baseada na linha chikou span mostrou ser a mais rentável e a que propicia melhor remuneração por acréscimo de risco.]]></p></abstract>
<abstract abstract-type="short" xml:lang="en"><p><![CDATA[ASBTRACT: This paper seeks to contribute to the understanding of the Ichimoku trading method by providing empirical and theoretical evidence on the predictive capacity of this investment dynamics. Although Ichimoku emerged in Japan in the 1930s, it was only until recent years that it began to draw the attention of investors and scholars outside Japan, which explains the existing gap in academic research production on this approach. In an attempt to bridge such a gap, this work studies five capital market indices from different geographical areas. A total of 26,295 daily stock quotes were examined, testing different trading strategies based on the Ichimoku lines. Reviewed trading strategies produced a set of 22,083 trading signals, which made it possible to evaluate Ichimoku's predictive ability and performance. Our findings show that this method provides key signs on commercial trends and that its related strategies allow creating value for investors. It is also concluded that Ichimoku dynamics support investment decisions and enable investors to react quickly in the face of bearing markets, thus being useful to point out trends and reverse them if necessary. In addition, the strategy based on the so-called chikou span line turned out to be the most profitable and the one that provides the best return for greater risk.]]></p></abstract>
<abstract abstract-type="short" xml:lang="es"><p><![CDATA[RESUMEN: El artículo tiene el propósito de aportar al aumento del conocimiento del método de negociación Ichimoku, por medio de evidencia teórico-empírica acerca de la capacidad predictiva de esta dinámica de inversión. Si bien esta dinámica de inversión haya surgido en Japón en la década de 1930, solo en los últimos años los inversionistas y académicos fuera de Japón le han dado relevancia. Para lograr tal objetivo, se estudiaron cinco índices de mercados capitales de diferentes áreas geográficas y se analizaron 26.295 cotizaciones diarias, probándose distintas estrategias de negociación basadas en las líneas Ichimoku. Las estrategias de negociación produjeron un conjunto de 22.083 señales de negociación, lo que posibilita medir la capacidad predictiva y el desempeño del sistema de negociación Ichimoku. El trabajo permitió concluir que la dinámica de negociación Ichimoku brinda señales de tendencias de negociación, siendo que las estrategias implementadas permiten crear valor para los inversionistas. Se concluye también que la dinámica Ichimoku apoya las decisiones de inversión y posibilita que los inversionistas actúen rápidamente en el mercado bajista (bearish market), siendo útil para indicar tendencias y revertirlas. La estrategia basada en la línea chikou span (lapso de retraso) mostró ser la más rentable y la que propicia mejor remuneración por aumento de riesgo.]]></p></abstract>
<abstract abstract-type="short" xml:lang="fr"><p><![CDATA[RÉSUMÉ : L'article vise à contribuer à accroître la connaissance de la méthode de trading Ichimoku, à travers des preuves théoriques empiriques sur la capacité prédictive de cette dynamique d'investissement. Bien que cette dynamique d'investissement soit apparue au Japon dans les années 1930, ce n'est que ces dernières années qu'elle a commencé à gagner en pertinence pour les investisseurs et les universitaires en dehors du Japon, et il existe encore une lacune dans l'existence d'articles de recherche académique. Dans la poursuite de cet objectif, on a étudié cinq indices de marchés de capitaux de différentes zones géographiques, après avoir analysé 26 295 cotations quotidiennes, en testant différentes stratégies de trading basées sur les lignes Ichimoku. Les stratégies ont produit un ensemble de 22 083 signaux de trading, ce qui a permis d'évaluer la capacité prédictive et les performances du système Ichimoku. Les travaux nous ont permis de conclure que la dynamique commerciale d'Ichimoku donne des signes de tendances commerciales et que les stratégies mises en place permettent de créer de la valeur pour les investisseurs. Il est également conclu que la dynamique Ichimoku soutient les décisions d'investissement et permet aux investisseurs de réagir rapidement dans le marché baissier, ce qui est utile pour signaler les tendances et les inverser. La stratégie basée sur la ligne Chikou Span s'est avérée la plus rentable et celle qui rémunère le mieux le risque le plus élevé.]]></p></abstract>
<kwd-group>
<kwd lng="pt"><![CDATA[análise técnica]]></kwd>
<kwd lng="pt"><![CDATA[chikou span]]></kwd>
<kwd lng="pt"><![CDATA[Ichimoku]]></kwd>
<kwd lng="pt"><![CDATA[índice de Sharpe]]></kwd>
<kwd lng="pt"><![CDATA[mercados de ações]]></kwd>
<kwd lng="en"><![CDATA[Technical analysis]]></kwd>
<kwd lng="en"><![CDATA[chikou span]]></kwd>
<kwd lng="en"><![CDATA[Ichimoku]]></kwd>
<kwd lng="en"><![CDATA[Sharpe index]]></kwd>
<kwd lng="es"><![CDATA[análisis técnico]]></kwd>
<kwd lng="es"><![CDATA[chikou span]]></kwd>
<kwd lng="es"><![CDATA[Ichimoku]]></kwd>
<kwd lng="es"><![CDATA[índice de Sharpe]]></kwd>
<kwd lng="fr"><![CDATA[analyse technique]]></kwd>
<kwd lng="fr"><![CDATA[Chikou Span]]></kwd>
<kwd lng="fr"><![CDATA[Ichimoku]]></kwd>
<kwd lng="fr"><![CDATA[indice de Sharpe]]></kwd>
</kwd-group>
</article-meta>
</front><back>
<ref-list>
<ref id="B1">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Ahmar]]></surname>
<given-names><![CDATA[A]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Sutte indicator: A technical indicator in stock market]]></article-title>
<source><![CDATA[International Journal of Economics and Financial Issues]]></source>
<year>2017</year>
<volume>7</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>1-4</page-range></nlm-citation>
</ref>
<ref id="B2">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Alexander]]></surname>
<given-names><![CDATA[S]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Price movements in speculative markets: Trends or random walks.]]></article-title>
<source><![CDATA[Industrial Management Review]]></source>
<year>1964</year>
<numero>2</numero>
<issue>2</issue>
<page-range>25-46</page-range></nlm-citation>
</ref>
<ref id="B3">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Alhashel]]></surname>
<given-names><![CDATA[B.]]></given-names>
</name>
<name>
<surname><![CDATA[Almudhaf]]></surname>
<given-names><![CDATA[F.]]></given-names>
</name>
<name>
<surname><![CDATA[Hansz]]></surname>
<given-names><![CDATA[J]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Can technical analysis generate superior returns in securitized property markets? Evidence from East Asia markets]]></article-title>
<source><![CDATA[Pacific-Basin Finance Journal]]></source>
<year>2018</year>
<numero>47</numero>
<issue>47</issue>
<page-range>92-108</page-range></nlm-citation>
</ref>
<ref id="B4">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Al-Jassar]]></surname>
<given-names><![CDATA[S]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Fundamental and technical trading in the emerging market of an oil-based economy]]></article-title>
<source><![CDATA[Review of Pacific Basin Financial Markets and Policies]]></source>
<year>2019</year>
<volume>22</volume>
<numero>1</numero>
<issue>1</issue>
</nlm-citation>
</ref>
<ref id="B5">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Almeida]]></surname>
<given-names><![CDATA[L]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Technical indicators for rational investing in the technology companies: The evidence of FAANG stocks]]></article-title>
<source><![CDATA[Jurnal Pengurusan]]></source>
<year>2020</year>
<numero>59</numero>
<issue>59</issue>
</nlm-citation>
</ref>
<ref id="B6">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Bagheri]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
<name>
<surname><![CDATA[Peyhani]]></surname>
<given-names><![CDATA[H.]]></given-names>
</name>
<name>
<surname><![CDATA[Akbari]]></surname>
<given-names><![CDATA[M]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Financial forecasting using Anfis networks with quantum-behaved particle swarm optimization]]></article-title>
<source><![CDATA[Expert Systems with Applications]]></source>
<year>2014</year>
<volume>41</volume>
<numero>14</numero>
<issue>14</issue>
<page-range>6235-50</page-range></nlm-citation>
</ref>
<ref id="B7">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[B&#261;k]]></surname>
<given-names><![CDATA[B]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Investment signals on Polish stock market generated by the Ichimoku technique Against GDP changes]]></article-title>
<source><![CDATA[Annales Universitatis Mariae Curie-Sklodowska, sectio H-Oeconomia]]></source>
<year>2017</year>
<volume>51</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>19-27</page-range></nlm-citation>
</ref>
<ref id="B8">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Barak]]></surname>
<given-names><![CDATA[S.]]></given-names>
</name>
<name>
<surname><![CDATA[Arjmand]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
<name>
<surname><![CDATA[Ortobelli]]></surname>
<given-names><![CDATA[S]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Fusion of multiple diverse predictors in stock market]]></article-title>
<source><![CDATA[Information Fusion]]></source>
<year>2017</year>
<numero>36</numero>
<issue>36</issue>
<page-range>90-102</page-range></nlm-citation>
</ref>
<ref id="B9">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Bartram]]></surname>
<given-names><![CDATA[S.]]></given-names>
</name>
<name>
<surname><![CDATA[Grinblatt]]></surname>
<given-names><![CDATA[M]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Agnostic fundamental analysis works]]></article-title>
<source><![CDATA[Journal of Financial Economics]]></source>
<year>2018</year>
<volume>128</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>125-47</page-range></nlm-citation>
</ref>
<ref id="B10">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Bloomfield]]></surname>
<given-names><![CDATA[R.]]></given-names>
</name>
<name>
<surname><![CDATA[O'Hara]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
<name>
<surname><![CDATA[Saar]]></surname>
<given-names><![CDATA[G]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Hidden liquidity: Some new light on dark trading]]></article-title>
<source><![CDATA[Journal of Finance]]></source>
<year>2015</year>
<volume>70</volume>
<numero>5</numero>
<issue>5</issue>
<page-range>2227-74</page-range></nlm-citation>
</ref>
<ref id="B11">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Blume]]></surname>
<given-names><![CDATA[L.]]></given-names>
</name>
<name>
<surname><![CDATA[Easley]]></surname>
<given-names><![CDATA[D.]]></given-names>
</name>
<name>
<surname><![CDATA[O'Hara]]></surname>
<given-names><![CDATA[M]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Market statistics and technical analysis: The role of volume]]></article-title>
<source><![CDATA[Journal of Finance]]></source>
<year>1994</year>
<volume>49</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>153-81</page-range></nlm-citation>
</ref>
<ref id="B12">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Brock]]></surname>
<given-names><![CDATA[W.]]></given-names>
</name>
<name>
<surname><![CDATA[Lakonishok]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
<name>
<surname><![CDATA[LeBaron]]></surname>
<given-names><![CDATA[B]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Simple technical trading rules and the stochastic properties of stock returns]]></article-title>
<source><![CDATA[Journal of Finance]]></source>
<year>1992</year>
<volume>47</volume>
<numero>5</numero>
<issue>5</issue>
<page-range>1731-64</page-range></nlm-citation>
</ref>
<ref id="B13">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Brown]]></surname>
<given-names><![CDATA[S.]]></given-names>
</name>
<name>
<surname><![CDATA[Goetzmann]]></surname>
<given-names><![CDATA[W.]]></given-names>
</name>
<name>
<surname><![CDATA[Kumar]]></surname>
<given-names><![CDATA[A]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The Dow Theory: William Peter Hamilton's track record reconsidered]]></article-title>
<source><![CDATA[The Journal of Finance]]></source>
<year>1998</year>
<volume>53</volume>
<numero>4</numero>
<issue>4</issue>
<page-range>1311-33</page-range></nlm-citation>
</ref>
<ref id="B14">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Bulkowski]]></surname>
<given-names><![CDATA[T. N]]></given-names>
</name>
</person-group>
<source><![CDATA[Encyclopedia of chart patterns]]></source>
<year>2011</year>
<volume>225</volume>
<publisher-name><![CDATA[John Wiley &amp; Sons]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B15">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Cahyadi]]></surname>
<given-names><![CDATA[Y]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Ichimoku Kinko Hyo: Keunikan dan Penerapannya dalam Strategi Perdagangan Valuta Asing (Studi Kasus pada Pergerakan USD/JPY dan EUR/USD)]]></article-title>
<source><![CDATA[Binus Business Review]]></source>
<year>2012</year>
<volume>3</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>480-92</page-range></nlm-citation>
</ref>
<ref id="B16">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Cespa]]></surname>
<given-names><![CDATA[G.]]></given-names>
</name>
<name>
<surname><![CDATA[Vives]]></surname>
<given-names><![CDATA[X]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The beauty contest and short-term trading]]></article-title>
<source><![CDATA[Journal of Finance]]></source>
<year>2015</year>
<volume>70</volume>
<numero>5</numero>
<issue>5</issue>
<page-range>2099-154</page-range></nlm-citation>
</ref>
<ref id="B17">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Chan]]></surname>
<given-names><![CDATA[K.]]></given-names>
</name>
<name>
<surname><![CDATA[Hameed]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
<name>
<surname><![CDATA[Tong]]></surname>
<given-names><![CDATA[W.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Profitability of momentum strategies in the international equity markets]]></article-title>
<source><![CDATA[The Journal of Financial and Quantitative Analysis]]></source>
<year>2000</year>
<volume>35</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>153-72</page-range></nlm-citation>
</ref>
<ref id="B18">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Chan]]></surname>
<given-names><![CDATA[K.]]></given-names>
</name>
<name>
<surname><![CDATA[Jegadeesh]]></surname>
<given-names><![CDATA[N.]]></given-names>
</name>
<name>
<surname><![CDATA[Lakonishok]]></surname>
<given-names><![CDATA[J]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Momentum strategies]]></article-title>
<source><![CDATA[The Journal of Finance]]></source>
<year>1996</year>
<volume>51</volume>
<numero>5</numero>
<issue>5</issue>
<page-range>1681-713</page-range></nlm-citation>
</ref>
<ref id="B19">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Chang]]></surname>
<given-names><![CDATA[P.]]></given-names>
</name>
<name>
<surname><![CDATA[Osler]]></surname>
<given-names><![CDATA[C]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Methodical madness: Technical analysis and the irrationality of exchange-rate forecasts]]></article-title>
<source><![CDATA[Economic Journal]]></source>
<year>1999</year>
<volume>109</volume>
<numero>458</numero>
<issue>458</issue>
<page-range>636-61</page-range></nlm-citation>
</ref>
<ref id="B20">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Chong]]></surname>
<given-names><![CDATA[T.]]></given-names>
</name>
<name>
<surname><![CDATA[Cheng]]></surname>
<given-names><![CDATA[S.]]></given-names>
</name>
<name>
<surname><![CDATA[Wong]]></surname>
<given-names><![CDATA[E]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[A comparison of stock market efficiency of the BRIC countries]]></article-title>
<source><![CDATA[Technology and Investment]]></source>
<year>2010</year>
<volume>1</volume>
<numero>4</numero>
<issue>4</issue>
<page-range>235</page-range></nlm-citation>
</ref>
<ref id="B21">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Cook]]></surname>
<given-names><![CDATA[J]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Estimating the portion of technical analysts in a market]]></article-title>
<source><![CDATA[Applied Economics]]></source>
<year>2017</year>
<volume>49</volume>
<numero>41</numero>
<issue>41</issue>
<page-range>4127-37</page-range></nlm-citation>
</ref>
<ref id="B22">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Corbet]]></surname>
<given-names><![CDATA[S.]]></given-names>
</name>
<name>
<surname><![CDATA[Eraslan]]></surname>
<given-names><![CDATA[V.]]></given-names>
</name>
<name>
<surname><![CDATA[Lucey]]></surname>
<given-names><![CDATA[B.]]></given-names>
</name>
<name>
<surname><![CDATA[Sensoy]]></surname>
<given-names><![CDATA[A]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The effectiveness of technical trading rules in cryptocurrency markets]]></article-title>
<source><![CDATA[Finance Research Letters]]></source>
<year>2019</year>
<numero>31</numero>
<issue>31</issue>
<page-range>32-7</page-range></nlm-citation>
</ref>
<ref id="B23">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Coutts]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
<name>
<surname><![CDATA[Cheung]]></surname>
<given-names><![CDATA[K.-C]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Trading rules and stock returns: Some preliminary short run evidence from the Hang Seng 1985-1997]]></article-title>
<source><![CDATA[Applied Financial Economics]]></source>
<year>2000</year>
<volume>10</volume>
<numero>6</numero>
<issue>6</issue>
<page-range>579-86</page-range></nlm-citation>
</ref>
<ref id="B24">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Davey]]></surname>
<given-names><![CDATA[K]]></given-names>
</name>
</person-group>
<source><![CDATA[Building winning algorithmic trading systems: A trader's journey from data mining to Monte Carlo simulation to live trading]]></source>
<year>2014</year>
<publisher-name><![CDATA[John Wiley and Sons]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B25">
<nlm-citation citation-type="confpro">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Deng]]></surname>
<given-names><![CDATA[S.]]></given-names>
</name>
<name>
<surname><![CDATA[Sakurai]]></surname>
<given-names><![CDATA[A]]></given-names>
</name>
</person-group>
<source><![CDATA[Short-term foreign exchange rate trading based on the support/resistance level of Ichimoku Kinkohyo]]></source>
<year>2014</year>
<numero>1</numero>
<conf-name><![CDATA[ International Conference on Information Science, Electronics and Electrical Engineering]]></conf-name>
<conf-loc> </conf-loc>
<issue>1</issue>
<page-range>337-40</page-range></nlm-citation>
</ref>
<ref id="B26">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Deng]]></surname>
<given-names><![CDATA[S.]]></given-names>
</name>
<name>
<surname><![CDATA[Yu]]></surname>
<given-names><![CDATA[H.]]></given-names>
</name>
<name>
<surname><![CDATA[Wei]]></surname>
<given-names><![CDATA[C.]]></given-names>
</name>
<name>
<surname><![CDATA[Yang]]></surname>
<given-names><![CDATA[T.]]></given-names>
</name>
<name>
<surname><![CDATA[Tatsuro]]></surname>
<given-names><![CDATA[S]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The profitability of Ichimoku Kinkohyo based trading rules in stock markets and FX markets]]></article-title>
<source><![CDATA[International Journal of Finance &amp; Economics]]></source>
<year>2020</year>
<volume>26</volume>
<numero>4</numero>
<issue>4</issue>
<page-range>5321-36</page-range></nlm-citation>
</ref>
<ref id="B27">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Elliott]]></surname>
<given-names><![CDATA[N]]></given-names>
</name>
</person-group>
<source><![CDATA[Ichimoku charts: An introduction to Ichimoku kinko clouds]]></source>
<year>2007</year>
<publisher-name><![CDATA[Harriman House Limited]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B28">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Fafula]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
<name>
<surname><![CDATA[Drelczuk]]></surname>
<given-names><![CDATA[K.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Buying stock market winners on Warsaw Stock Exchange-quantitative backtests of a short term trend following strategy]]></article-title>
<source><![CDATA[Federated Conference Computer Science and Information Systems]]></source>
<year>2015</year>
</nlm-citation>
</ref>
<ref id="B29">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Fama]]></surname>
<given-names><![CDATA[E]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The behavior of stock-market prices]]></article-title>
<source><![CDATA[The Journal of Business]]></source>
<year>1965</year>
<volume>38</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>34-105</page-range></nlm-citation>
</ref>
<ref id="B30">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Fama]]></surname>
<given-names><![CDATA[E]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Efficient capital markets: A review of theory and empirical work]]></article-title>
<source><![CDATA[The Journal of Finance]]></source>
<year>1970</year>
<volume>25</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>383-417</page-range></nlm-citation>
</ref>
<ref id="B31">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Fama]]></surname>
<given-names><![CDATA[E]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Market efficiency, long-term returns, and behavioral finance]]></article-title>
<source><![CDATA[Journal of Financial Economics]]></source>
<year>1998</year>
<volume>49</volume>
<numero>3</numero>
<issue>3</issue>
<page-range>283-306</page-range></nlm-citation>
</ref>
<ref id="B32">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Fama]]></surname>
<given-names><![CDATA[E.]]></given-names>
</name>
<name>
<surname><![CDATA[Blume]]></surname>
<given-names><![CDATA[M]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Filter rules and stock market trading profits]]></article-title>
<source><![CDATA[The Journal of Business]]></source>
<year>1966</year>
<volume>39</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>226-341</page-range></nlm-citation>
</ref>
<ref id="B33">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Fama]]></surname>
<given-names><![CDATA[E.]]></given-names>
</name>
<name>
<surname><![CDATA[French]]></surname>
<given-names><![CDATA[K]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The cross-section of expected stock returns]]></article-title>
<source><![CDATA[The Journal of Finance]]></source>
<year>1992</year>
<volume>47</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>427-65</page-range></nlm-citation>
</ref>
<ref id="B34">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Farias]]></surname>
<given-names><![CDATA[R.]]></given-names>
</name>
<name>
<surname><![CDATA[Silva]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
<name>
<surname><![CDATA[Sobreiro]]></surname>
<given-names><![CDATA[V.]]></given-names>
</name>
<name>
<surname><![CDATA[Kimura]]></surname>
<given-names><![CDATA[H]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[A literature review of technical analysis on stock markets]]></article-title>
<source><![CDATA[The Quarterly Review of Economics and Finance]]></source>
<year>2017</year>
<numero>66</numero>
<issue>66</issue>
<page-range>115-26</page-range></nlm-citation>
</ref>
<ref id="B35">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Fernández-Rodríguez]]></surname>
<given-names><![CDATA[F.]]></given-names>
</name>
<name>
<surname><![CDATA[González-Martel]]></surname>
<given-names><![CDATA[C.]]></given-names>
</name>
<name>
<surname><![CDATA[Sosvilla-Rivero]]></surname>
<given-names><![CDATA[S]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[On the profitability of technical trading rules based on artificial neural networks: Evidence from the Madrid stock market]]></article-title>
<source><![CDATA[Economics Letters]]></source>
<year>2000</year>
<volume>69</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>89-94</page-range></nlm-citation>
</ref>
<ref id="B36">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[García]]></surname>
<given-names><![CDATA[M]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Are trading rules based on genetic algorithms profitable?]]></article-title>
<source><![CDATA[Applied Economics Letters]]></source>
<year>2006</year>
<volume>13</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>123-6</page-range></nlm-citation>
</ref>
<ref id="B37">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Gencay]]></surname>
<given-names><![CDATA[R]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Optimization of technical trading strategies and the profitability in security markets]]></article-title>
<source><![CDATA[Economics Letters]]></source>
<year>1998</year>
<volume>59</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>249-54</page-range></nlm-citation>
</ref>
<ref id="B38">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Gerritsen]]></surname>
<given-names><![CDATA[D.]]></given-names>
</name>
<name>
<surname><![CDATA[Bouri]]></surname>
<given-names><![CDATA[E.]]></given-names>
</name>
<name>
<surname><![CDATA[Ramezanifar]]></surname>
<given-names><![CDATA[E.]]></given-names>
</name>
<name>
<surname><![CDATA[Roubaud]]></surname>
<given-names><![CDATA[D]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The profitability of technical trading rules in the Bitcoin market]]></article-title>
<source><![CDATA[Finance Research Letters]]></source>
<year>2020</year>
<numero>34</numero>
<issue>34</issue>
<page-range>101-263</page-range></nlm-citation>
</ref>
<ref id="B39">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Gold]]></surname>
<given-names><![CDATA[S.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The viability of six popular technical analysis trading rules in determining effective buy and sell signals: MACD , AROON , RSI , SO , OBV, and ADL]]></article-title>
<source><![CDATA[Journal of Applied Financial Research]]></source>
<year>2015</year>
<volume>2</volume>
<numero>22</numero>
<issue>22</issue>
<page-range>8-29</page-range></nlm-citation>
</ref>
<ref id="B40">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Graham]]></surname>
<given-names><![CDATA[B.]]></given-names>
</name>
<name>
<surname><![CDATA[Dodd]]></surname>
<given-names><![CDATA[D]]></given-names>
</name>
</person-group>
<source><![CDATA[Security analysis]]></source>
<year>1934</year>
<publisher-name><![CDATA[McGraw-Hill]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B41">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Granger]]></surname>
<given-names><![CDATA[C.]]></given-names>
</name>
<name>
<surname><![CDATA[Morgenstern]]></surname>
<given-names><![CDATA[O]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Spectral analysis of New York stock market prices]]></article-title>
<source><![CDATA[Kyklos]]></source>
<year>1963</year>
<numero>16</numero>
<issue>16</issue>
<page-range>1-27</page-range></nlm-citation>
</ref>
<ref id="B42">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Gujarati]]></surname>
<given-names><![CDATA[D.]]></given-names>
</name>
<name>
<surname><![CDATA[Porter]]></surname>
<given-names><![CDATA[D]]></given-names>
</name>
</person-group>
<source><![CDATA[Basic econometrics]]></source>
<year>2008</year>
<edition>5</edition>
<publisher-name><![CDATA[McGraw-Hill]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B43">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Harvey]]></surname>
<given-names><![CDATA[C.]]></given-names>
</name>
<name>
<surname><![CDATA[Liu]]></surname>
<given-names><![CDATA[Y.]]></given-names>
</name>
<name>
<surname><![CDATA[Zhu]]></surname>
<given-names><![CDATA[H]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[...And the cross-section of expected returns]]></article-title>
<source><![CDATA[The Review of Financial Studies]]></source>
<year>2016</year>
<volume>29</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>5-68</page-range></nlm-citation>
</ref>
<ref id="B44">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Hudson]]></surname>
<given-names><![CDATA[R.]]></given-names>
</name>
<name>
<surname><![CDATA[Dempsey]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
<name>
<surname><![CDATA[Keasey]]></surname>
<given-names><![CDATA[K]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[A note on weak form of efficiency of capital markets: The application of simple technical trading rules to UK stock prices 1935 to 1994]]></article-title>
<source><![CDATA[Journal of Banking &amp; Finance]]></source>
<year>1996</year>
<volume>20</volume>
<numero>6</numero>
<issue>6</issue>
<page-range>1121-32</page-range></nlm-citation>
</ref>
<ref id="B45">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Karolyi]]></surname>
<given-names><![CDATA[G. A]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Home bias, an academic puzzle]]></article-title>
<source><![CDATA[Review of Finance]]></source>
<year>2016</year>
<volume>20</volume>
<numero>6</numero>
<issue>6</issue>
<page-range>2049-78</page-range></nlm-citation>
</ref>
<ref id="B46">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Kristjanpoller]]></surname>
<given-names><![CDATA[W.]]></given-names>
</name>
<name>
<surname><![CDATA[Minutolo]]></surname>
<given-names><![CDATA[M. C]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[A hybrid volatility forecasting framework integrating GARCH, artificial neural network, technical analysis and principal components analysis]]></article-title>
<source><![CDATA[Expert Systems with Applications]]></source>
<year>2018</year>
<numero>109</numero>
<issue>109</issue>
<page-range>1-11</page-range></nlm-citation>
</ref>
<ref id="B47">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Kwon]]></surname>
<given-names><![CDATA[K.]]></given-names>
</name>
<name>
<surname><![CDATA[Kish]]></surname>
<given-names><![CDATA[R.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Technical trading strategies and return predictability: NYSE]]></article-title>
<source><![CDATA[Applied Financial Economics]]></source>
<year>2002</year>
<volume>12</volume>
<numero>9</numero>
<issue>9</issue>
<page-range>639-53</page-range></nlm-citation>
</ref>
<ref id="B48">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Lin]]></surname>
<given-names><![CDATA[Q]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Technical analysis and stock return predictability: An aligned approach]]></article-title>
<source><![CDATA[Journal of Financial Markets]]></source>
<year>2018</year>
<numero>38</numero>
<issue>38</issue>
<page-range>103-23</page-range></nlm-citation>
</ref>
<ref id="B49">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Linnainmaa]]></surname>
<given-names><![CDATA[J. T.]]></given-names>
</name>
<name>
<surname><![CDATA[Roberts]]></surname>
<given-names><![CDATA[M. R]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The history of the cross-section of stock returns]]></article-title>
<source><![CDATA[Review of Financial Studies]]></source>
<year>2018</year>
<volume>31</volume>
<numero>7</numero>
<issue>7</issue>
<page-range>2606-49</page-range></nlm-citation>
</ref>
<ref id="B50">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Linton]]></surname>
<given-names><![CDATA[D]]></given-names>
</name>
</person-group>
<source><![CDATA[Cloud charts: Trading success with the Ichimoku technique]]></source>
<year>2010</year>
<publisher-name><![CDATA[Updata Plc]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B51">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Lo]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
<name>
<surname><![CDATA[Mamaysky]]></surname>
<given-names><![CDATA[H.]]></given-names>
</name>
<name>
<surname><![CDATA[Wang]]></surname>
<given-names><![CDATA[J]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Foundations of technical analysis: Computational algorithms, statistical inference, and empirical implementation]]></article-title>
<source><![CDATA[Journal of Finance]]></source>
<year>2000</year>
<volume>55</volume>
<numero>4</numero>
<issue>4</issue>
<page-range>1705-65</page-range></nlm-citation>
</ref>
<ref id="B52">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Lutey]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
<name>
<surname><![CDATA[Rayome]]></surname>
<given-names><![CDATA[D]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[A primer on the Ichimoku cloud indicator]]></article-title>
<source><![CDATA[Journal of Marketing Development &amp; Competitiveness]]></source>
<year>2020</year>
<volume>14</volume>
<numero>3</numero>
<issue>3</issue>
<page-range>10-20</page-range></nlm-citation>
</ref>
<ref id="B53">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Luukka]]></surname>
<given-names><![CDATA[P.]]></given-names>
</name>
<name>
<surname><![CDATA[Patari]]></surname>
<given-names><![CDATA[E.]]></given-names>
</name>
<name>
<surname><![CDATA[Fedorova]]></surname>
<given-names><![CDATA[E.]]></given-names>
</name>
<name>
<surname><![CDATA[Garanina]]></surname>
<given-names><![CDATA[T]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Performance of moving average trading rules in a volatile stock market: The Russian evidence]]></article-title>
<source><![CDATA[Emerging Markets Finance and Trade]]></source>
<year>2016</year>
<volume>52</volume>
<numero>10</numero>
<issue>10</issue>
<page-range>2434-50</page-range></nlm-citation>
</ref>
<ref id="B54">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Macedo]]></surname>
<given-names><![CDATA[L.]]></given-names>
</name>
<name>
<surname><![CDATA[Godinho]]></surname>
<given-names><![CDATA[P.]]></given-names>
</name>
<name>
<surname><![CDATA[Alves]]></surname>
<given-names><![CDATA[M]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Mean-semivariance portfolio optimization with multiobjective evolutionary algorithms and technical analysis rules]]></article-title>
<source><![CDATA[Expert Systems with Applications]]></source>
<year>2017</year>
<numero>79</numero>
<issue>79</issue>
<page-range>33-43</page-range></nlm-citation>
</ref>
<ref id="B55">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Mandelbrot]]></surname>
<given-names><![CDATA[B]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The variation of certain speculative prices]]></article-title>
<source><![CDATA[The Journal of Business]]></source>
<year>1963</year>
<volume>36</volume>
<numero>4</numero>
<issue>4</issue>
<page-range>394-419</page-range></nlm-citation>
</ref>
<ref id="B56">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Markowitz]]></surname>
<given-names><![CDATA[H]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Mean-variance analysis in portfolio choice and capital markets]]></article-title>
<source><![CDATA[Journal of Finance]]></source>
<year>1952</year>
<numero>7</numero>
<issue>7</issue>
<page-range>77-91</page-range></nlm-citation>
</ref>
<ref id="B57">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Marshall]]></surname>
<given-names><![CDATA[B.]]></given-names>
</name>
<name>
<surname><![CDATA[Nguyen]]></surname>
<given-names><![CDATA[N.]]></given-names>
</name>
<name>
<surname><![CDATA[Visaltanachoti]]></surname>
<given-names><![CDATA[N]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Time series momentum and moving average trading rules]]></article-title>
<source><![CDATA[Quantitative Finance]]></source>
<year>2017</year>
<volume>17</volume>
<numero>3</numero>
<issue>3</issue>
<page-range>405-42</page-range></nlm-citation>
</ref>
<ref id="B58">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Mazza]]></surname>
<given-names><![CDATA[P.]]></given-names>
</name>
<name>
<surname><![CDATA[Petitjean]]></surname>
<given-names><![CDATA[M]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Testing the effect of technical analysis on market quality and order book dynamics]]></article-title>
<source><![CDATA[Applied Economics]]></source>
<year>2019</year>
<volume>51</volume>
<numero>18</numero>
<issue>18</issue>
<page-range>1947-76</page-range></nlm-citation>
</ref>
<ref id="B59">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Metghalchi]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
<name>
<surname><![CDATA[Chang]]></surname>
<given-names><![CDATA[Y.-H.]]></given-names>
</name>
<name>
<surname><![CDATA[Marcucci]]></surname>
<given-names><![CDATA[J]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Is the Swedish stock market efficient? Evidence from some simple trading rules]]></article-title>
<source><![CDATA[International Review of Financial Analysis]]></source>
<year>2008</year>
<volume>17</volume>
<numero>3</numero>
<issue>3</issue>
<page-range>475-90</page-range></nlm-citation>
</ref>
<ref id="B60">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Metghalchi]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
<name>
<surname><![CDATA[Chen]]></surname>
<given-names><![CDATA[C.-P.]]></given-names>
</name>
<name>
<surname><![CDATA[Hayes]]></surname>
<given-names><![CDATA[L.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[History of share prices and market efficiency of the Madrid general stock index]]></article-title>
<source><![CDATA[International Review of Financial Analysis]]></source>
<year>2015</year>
<numero>40</numero>
<issue>40</issue>
<page-range>178-84</page-range></nlm-citation>
</ref>
<ref id="B61">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Metghalchi]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
<name>
<surname><![CDATA[Hajilee]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
<name>
<surname><![CDATA[Hayes]]></surname>
<given-names><![CDATA[L.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Return predictability and market efficiency: Evidence from the Bulgarian stock market]]></article-title>
<source><![CDATA[Eastern European Economics]]></source>
<year>2019</year>
<volume>57</volume>
<numero>3</numero>
<issue>3</issue>
<page-range>251-68</page-range></nlm-citation>
</ref>
<ref id="B62">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Muis]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
<name>
<surname><![CDATA[Puji Utami]]></surname>
<given-names><![CDATA[E]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Analysis of investment decisions of pt. Smartfren telecom TBK post corporate action policy using technical analysis specialising in Ichimoku kinkohyo indicator in 2019]]></article-title>
<source><![CDATA[Journal of Accounting and Finance Management]]></source>
<year>2020</year>
<volume>1</volume>
<numero>3</numero>
<issue>3</issue>
<page-range>330-41</page-range></nlm-citation>
</ref>
<ref id="B63">
<nlm-citation citation-type="">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Murphy]]></surname>
<given-names><![CDATA[J]]></given-names>
</name>
</person-group>
<source><![CDATA[Technical analysis of the financial markets: A comprehensive guide to trading methods and applications]]></source>
<year>1999</year>
<edition>2</edition>
</nlm-citation>
</ref>
<ref id="B64">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Nagendra]]></surname>
<given-names><![CDATA[S.]]></given-names>
</name>
<name>
<surname><![CDATA[Kumar]]></surname>
<given-names><![CDATA[S]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Implications and usefulness of fundamental and technical analysis in stock market decision making]]></article-title>
<person-group person-group-type="editor">
<name>
<surname><![CDATA[Jayashree]]></surname>
</name>
</person-group>
<source><![CDATA[Indian Journal of Finance]]></source>
<year>2018</year>
<volume>72</volume>
<numero>5</numero>
<issue>5</issue>
<page-range>54-71</page-range></nlm-citation>
</ref>
<ref id="B65">
<nlm-citation citation-type="confpro">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Namdari]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
<name>
<surname><![CDATA[Li]]></surname>
<given-names><![CDATA[Z]]></given-names>
</name>
</person-group>
<source><![CDATA[Integrating fundamental and technical analysis of stock market through multi-layer perceptron]]></source>
<year>2018</year>
<conf-name><![CDATA[ 2078 IEEE Technology and Engineering Management Conference]]></conf-name>
<conf-loc> </conf-loc>
</nlm-citation>
</ref>
<ref id="B66">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Nor]]></surname>
<given-names><![CDATA[S.]]></given-names>
</name>
<name>
<surname><![CDATA[Wickremasinghe]]></surname>
<given-names><![CDATA[G]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Market efficiency and technical analysis during different market phases: Further evidence from Malaysia]]></article-title>
<source><![CDATA[Investment Management and Financial Innovations]]></source>
<year>2017</year>
<volume>74</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>359-66</page-range></nlm-citation>
</ref>
<ref id="B67">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Osborne]]></surname>
<given-names><![CDATA[M]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Periodic structure in the Brownian motion of stock prices]]></article-title>
<source><![CDATA[Operations Research]]></source>
<year>1962</year>
<volume>70</volume>
<numero>3</numero>
<issue>3</issue>
<page-range>345-79</page-range></nlm-citation>
</ref>
<ref id="B68">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Patel]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
<name>
<surname><![CDATA[Shah]]></surname>
<given-names><![CDATA[S.]]></given-names>
</name>
<name>
<surname><![CDATA[Thakkar]]></surname>
<given-names><![CDATA[P.]]></given-names>
</name>
<name>
<surname><![CDATA[Kotecha]]></surname>
<given-names><![CDATA[K.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Predicting stock and stock price index movement using trend deterministic data preparation and machine learning techniques]]></article-title>
<source><![CDATA[Expert Systems with Applications]]></source>
<year>2015</year>
<volume>42</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>259-68</page-range></nlm-citation>
</ref>
<ref id="B69">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Qu]]></surname>
<given-names><![CDATA[W.]]></given-names>
</name>
<name>
<surname><![CDATA[Fan]]></surname>
<given-names><![CDATA[C.-M.]]></given-names>
</name>
<name>
<surname><![CDATA[Li]]></surname>
<given-names><![CDATA[X]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Analysis of an augmented moving least squares approximation and the associated localized method of fundamental solutions]]></article-title>
<source><![CDATA[Computers &amp; Mathematics with Applications]]></source>
<year>2020</year>
<volume>80</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>13-30</page-range></nlm-citation>
</ref>
<ref id="B70">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Ready]]></surname>
<given-names><![CDATA[M]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Profits from technical trading rules]]></article-title>
<source><![CDATA[Financial Management]]></source>
<year>2002</year>
<volume>37</volume>
<numero>3</numero>
<issue>3</issue>
<page-range>43-61</page-range></nlm-citation>
</ref>
<ref id="B71">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Sanjin]]></surname>
<given-names><![CDATA[I]]></given-names>
</name>
</person-group>
<source><![CDATA[Ichimoku Kinkohyo]]></source>
<year>1969</year>
<publisher-name><![CDATA[Keizaihendousouken Co]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B72">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Selvamuthu]]></surname>
<given-names><![CDATA[D.]]></given-names>
</name>
<name>
<surname><![CDATA[Kumar]]></surname>
<given-names><![CDATA[V.]]></given-names>
</name>
<name>
<surname><![CDATA[Mishra]]></surname>
<given-names><![CDATA[A]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Indian stock market prediction using artificial neural networks on tick data]]></article-title>
<source><![CDATA[Financial Innovation]]></source>
<year>2019</year>
<volume>5</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>16</page-range></nlm-citation>
</ref>
<ref id="B73">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Shawn]]></surname>
<given-names><![CDATA[K.]]></given-names>
</name>
<name>
<surname><![CDATA[Yanyali]]></surname>
<given-names><![CDATA[S.]]></given-names>
</name>
<name>
<surname><![CDATA[Savidge]]></surname>
<given-names><![CDATA[J]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Do Ichimoku cloud charts work and do they work better in Japan?]]></article-title>
<source><![CDATA[International Federation of Technical Analysts Journal]]></source>
<year>2016</year>
<numero>76</numero>
<issue>76</issue>
<page-range>18-24</page-range></nlm-citation>
</ref>
<ref id="B74">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Souza]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
<name>
<surname><![CDATA[Ramos]]></surname>
<given-names><![CDATA[D.]]></given-names>
</name>
<name>
<surname><![CDATA[Pena]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
<name>
<surname><![CDATA[Sobreiro]]></surname>
<given-names><![CDATA[V.]]></given-names>
</name>
<name>
<surname><![CDATA[Kimura]]></surname>
<given-names><![CDATA[H]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Examination of the profitability of technical analysis based on moving average strategies in BRICS]]></article-title>
<source><![CDATA[Financial Innovation]]></source>
<year>2018</year>
<volume>4</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>3</page-range></nlm-citation>
</ref>
<ref id="B75">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Sweeney]]></surname>
<given-names><![CDATA[R]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Beating the foreign exchange market]]></article-title>
<source><![CDATA[Journal of Finance]]></source>
<year>1986</year>
<volume>47</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>163-82</page-range></nlm-citation>
</ref>
<ref id="B76">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Szakmary]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
<name>
<surname><![CDATA[Davidson]]></surname>
<given-names><![CDATA[W.]]></given-names>
</name>
<name>
<surname><![CDATA[Schwarz]]></surname>
<given-names><![CDATA[T]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Filter tests in Nasdaq stocks]]></article-title>
<source><![CDATA[Financial Review]]></source>
<year>1999</year>
<volume>34</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>45-70</page-range></nlm-citation>
</ref>
<ref id="B77">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Urquhart]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
<name>
<surname><![CDATA[Zhang]]></surname>
<given-names><![CDATA[H]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The performance of technical trading rules in Socially Responsible Investments]]></article-title>
<source><![CDATA[International Review of Economics and Finance]]></source>
<year>2019</year>
<numero>63</numero>
<issue>63</issue>
<page-range>397-411</page-range></nlm-citation>
</ref>
<ref id="B78">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Van Horne]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
<name>
<surname><![CDATA[Parker]]></surname>
<given-names><![CDATA[G]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The random walk theory: An empirical test]]></article-title>
<source><![CDATA[Financial Analyst Journal]]></source>
<year>1967</year>
<numero>23</numero>
<issue>23</issue>
<page-range>87-92</page-range></nlm-citation>
</ref>
<ref id="B79">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Walksháusl]]></surname>
<given-names><![CDATA[C]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The fundamentals of momentum investing: European evidence on understanding momentum through fundamentals]]></article-title>
<source><![CDATA[Accounting and Finance]]></source>
<year>2019</year>
<volume>59</volume>
<numero>S1</numero>
<issue>S1</issue>
<page-range>831-57</page-range></nlm-citation>
</ref>
<ref id="B80">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Wang]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
<name>
<surname><![CDATA[Liu]]></surname>
<given-names><![CDATA[H.-C.]]></given-names>
</name>
<name>
<surname><![CDATA[Du]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
<name>
<surname><![CDATA[Hsu]]></surname>
<given-names><![CDATA[Y.-T]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Economic benefits of technical analysis in portfolio management: Evidence from global stock markets]]></article-title>
<source><![CDATA[International Journal of Finance and Economics]]></source>
<year>2019</year>
<volume>24</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>890-902</page-range></nlm-citation>
</ref>
<ref id="B81">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Yan]]></surname>
<given-names><![CDATA[X.]]></given-names>
</name>
<name>
<surname><![CDATA[Zheng]]></surname>
<given-names><![CDATA[L]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Fundamental analysis and the cross-section of stock returns: A data-mining approach]]></article-title>
<source><![CDATA[Review of Financial Studies]]></source>
<year>2017</year>
<volume>30</volume>
<numero>4</numero>
<issue>4</issue>
<page-range>1382-423</page-range></nlm-citation>
</ref>
<ref id="B82">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Zhang]]></surname>
<given-names><![CDATA[Y.]]></given-names>
</name>
<name>
<surname><![CDATA[Yang]]></surname>
<given-names><![CDATA[X.]]></given-names>
</name>
<name>
<surname><![CDATA[Zhang]]></surname>
<given-names><![CDATA[Y.]]></given-names>
</name>
<name>
<surname><![CDATA[Zhang]]></surname>
<given-names><![CDATA[Y.]]></given-names>
</name>
<name>
<surname><![CDATA[Wang]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
<name>
<surname><![CDATA[Ou]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
<name>
<surname><![CDATA[Zhu]]></surname>
<given-names><![CDATA[Y.]]></given-names>
</name>
<name>
<surname><![CDATA[Zeng]]></surname>
<given-names><![CDATA[H.]]></given-names>
</name>
<name>
<surname><![CDATA[Wu]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
<name>
<surname><![CDATA[Lan]]></surname>
<given-names><![CDATA[C.]]></given-names>
</name>
<name>
<surname><![CDATA[Zhou]]></surname>
<given-names><![CDATA[H.-W.]]></given-names>
</name>
<name>
<surname><![CDATA[Yang]]></surname>
<given-names><![CDATA[W.]]></given-names>
</name>
<name>
<surname><![CDATA[Zhang]]></surname>
<given-names><![CDATA[Z]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Tools for fundamental analysis functions of TCR repertoires: A systematic comparison]]></article-title>
<source><![CDATA[Briefings in bioinformatics]]></source>
<year>2020</year>
<volume>21</volume>
<numero>5</numero>
<issue>5</issue>
<page-range>1706-16</page-range></nlm-citation>
</ref>
</ref-list>
</back>
</article>
