With the emergence of behavioral finance as a separate discipline in economics, Paul V. Charles Dow reportedly originated a form of point and figure chart analysis. Early technical analysis was almost exclusively the analysis of charts because the processing power of computers was not available for the modern degree of statistical analysis. It is exclusively concerned with trend analysis and chart patterns and remains in use to the present. Edwards and John Magee published Technical Analysis of Stock Trends which is widely considered to be one of the seminal works of the discipline. Schabacker published several books which continued the work of Charles Dow and William Peter Hamilton in their books Stock Market Theory and Practice and Technical Market Analysis.
However, Dow himself never advocated using his ideas as a stock trading strategy. He believed patterns and business cycles could possibly be found in this data, a concept later known as " Dow theory". Journalist Charles Dow (1851-1902) compiled and closely analyzed American stock market data, and published some of his conclusions in editorials for The Wall Street Journal. In Asia, technical analysis is said to be a method developed by Homma Munehisa during the early 18th century which evolved into the use of candlestick techniques, and is today a technical analysis charting tool. Some aspects of technical analysis began to appear in Amsterdam-based merchant Joseph de la Vega's accounts of the Dutch financial markets in the 17th century. The principles of technical analysis are derived from hundreds of years of financial market data.
2.1 Comparison with fundamental analysis.
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