A final result of this short study suggests that the rules that were used in Brock et al. (1992) could have
been replaced with simpler ones. Simple momentum based strategies show similar performance using both
measures of predictability. Simplicity and parsimony is just as much a virtue for technical trading rules as
it is for other more traditional time series methods, so it is important to see that a simpler rule might have
done just as well. Many technical rules use many more complex combinations of moving average patterns,
and it would be interesting to find out what the value added of these is. However, in the nonstationary world
suggested by these results, robustness may be a far greater virtue than previously thought.