Brian Millard on JM Hurst

If I had any criticism of the book at all [The Profit Magic of Stock Transaction Timing by JM Hurst], it was simply that the average investor, picking it up and quickly scanning through its pages, would perhaps feel that it was too mathematically orientated, and replace it on the shelf, because it contained terms such as Fourier Analysis and modulated side-bands, etc. The investor would then be missing an important contribution to the subject of technical analysis. However, a reader who took the trouble to study the book in depth would grasp that Hurst's work was based on five main concepts. These were:

1. Maximum profits are obtained from shorter trades
2. Some 23% of price motion is based on cyclic movements in nature
3. These cycles are additive
4. The cycles can be seen clearly if envelopes are constructed around the price movement
5. The ideal buying point is when several such cyclic components are reaching their low points

Brian Millard, Channels and Cycles: A Tribute to JM Hurst