Mendelsohn developed a multilevel neural network as shown in Figure 14.9. Here five neural networks are
arranged such that four network outputs feed that final network. The four networks are trained to produce the
High, Low, short−term trend, and medium−term trend for a particular financial instrument. The final network
Hierarchical neural network system to predict turning points.
Each network was trained and tested with 1200 fact days spanning 1988 to 1992 (33% used for testing).
Preprocessing was accomplished by using differences of the inputs and with some technical analysis studies:
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