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Technical analysis is defined thus in "The Econometrics of Financial Markets", a 1997 textbook authored by John Campbell, Andrew Lo, and Craig MacKinlay: "An approach to investment management based on the belief that historical price series, trading volume, and other market statistics exhibit regularities often ... in the form of geometric patterns ... that can be profitably exploited to extrapolate future price movements."
To tame the fervid wildness of youth to the strict regularities of study, is a sacrifice performed by the votary; but even MILTON appears to have felt this irksome period of life; for in the preface to "Smectymnuus" he says: "It is but justice not to defraud of due esteem the wearisome labours and studious watchings wherein I have spent and tired out almost a whole youth."
They have in common that they all excite in us admiration and praise of their possessors, and that they are not natural endowments, but acquired characteristics But they differ in important ways. the former are excellences or developed powers of the reason as such of that in us which sees and formulates laws, rules, regularities systems, and is content in the vision of them, while the latter involve a submission or obedience to such rules of something in us which is in itself capricious and irregular, but capable of regulation, viz our instincts and feelings, the former are acquired by study and instruction, the latter by discipline.
"I mean thus," continued Miss Maltby. "Let us take an example. I have some young lady friends who have joined an `early-rising club. They are to get up and be downstairs by a certain hour every morning, or pay a forfeit, and are to keep a strict account of their regularities or irregularities, as the case may be." "And what harm do you see in this?" asked Dr Prosser.
And yet, in the vagueness of his mind, he had never imaginatively realised that a house was made with hands, and hands that could err. With its exact perpendiculars and horizontals, its geometric regularities, and its Chinese preciseness of fitting, a house had always seemed to him again in the vagueness of his mind as something superhuman.
Sublime enough, hugely perfect to the royal eye, such a mass of shining giants, in their long-drawn regularities and mathematical manoeuvrings, like some streak of Promethean lightning, realized here at last, in the vulgar dusk of things!
For instance, certain rhythms existing in music are identical with, or analogous to, the rhythm of our bodily movements under varying circumstances: we know alternations of long and short, variously composed regularities and irregularities of movement, fluctuations, reinforcements or subsidences, from experience other than that of music; we know them in connection with walking, jumping, dragging; with beating of heart and arteries, expansion of throat and lungs; we knew them, long before music was, as connected with energy or oppression, sickness or health, elation or depression, grief, fear, horror, or serenity and happiness.
Would it bring Clayte up before any one who had never seen him? Ask Captain Gilbert, who doesn't know the man. I say that's a list of the points at which he resembles every third office man you meet on the street. What I want is the points at which he'd differ. You have all known Clayte for years; forget his regularities, and tell me his peculiarities looks, manners, dress or habits."
The first step towards such explanation is, of course, in psychology, as in all other sciences, the careful observation of regularities. It quickly leads us to formulate some general laws. Psychology has known, for instance, for two thousand years, that if we have perceived two things together, and later we see the one again, the new perception brings us a memory image of the other thing.
Several hours' daily submission to the exact regularities of lines of type and to the unvarying demands of minutely adjusted machines in motion had stamped Big James's body and mind with the delicate and quasi-finicking preciseness which characterises all compositors and printers; and the continual monotonous performance of similar tasks that employed his faculties while never absorbing or straining them, had soothed and dulled the fever of life in him to a beneficent calm, a calm refined and beautified by the pleasurable exercise of song.
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