![]() ![]() We use Step-SPA test to correct for data snooping bias. To show the robustness of our result, two methods of trend definition are used for both the medium-market-value and large-market-value sample sets. ![]() ![]() To test the predictive power of candlestick patterns on short-term price movement, we propose the definition of daily average return to alleviate the impact of correlation among stocks’ overlap-time returns in statistical tests. Based on Morris’ study, we give the quantitative details of definition of long candlestick, which is important in two-day candlestick pattern recognition but ignored by several previous researches, and we further give the quantitative definitions of these four pairs of two-day candlestick patterns. This paper studies the predictive power of 4 popular pairs of two-day bullish and bearish Japanese candlestick patterns in Chinese stock market. ![]()
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