Channels and Cycles: A Tribute to J. M. Hurst

Brian J. Millard’s Channels & Cycles pays tribute to the legendary J.M. Hurst, whose groundbreaking work The Profit Magic of Stock Transaction Timing transformed the way traders analyze markets through cycles. This book builds on Hurst’s original ideas, making them more accessible and practical for modern traders while introducing Millard’s own refinements.

Millard explains how trends of different periodicities are additive, and how Hurst’s envelopes can uncover hidden cycles in stock prices. By applying digital filter techniques and numerical analysis, he demonstrates how to extract repeating cycles from noisy financial data. The book emphasizes five core Hurst principles: profits are maximized through shorter trades, roughly 23% of price movements are cyclic in nature, cycles are additive, envelopes clarify cycles, and the best buying points occur when multiple cycles reach simultaneous lows .

Practical examples include detailed cycle analysis of major stocks, currencies, and commodities. Charts highlight the use of digital highlighters to identify cycle lengths, amplitudes, and turning points. From Delta Airlines to IBM to the Japanese Yen, Millard shows how applying cycle envelopes can lead to predictive insights and profitable trades.

For students of technical analysis, this book bridges rigorous mathematical research with accessible trading applications. It remains one of the clearest expansions of Hurst’s work, providing a solid foundation for anyone interested in market cycles, digital signal processing, and the geometry of price movements.

✅ What You’ll Learn:

• The foundations of J.M. Hurst’s cyclic theory of markets.
• How to construct and use price envelopes to reveal hidden cycles.
• The role of additive cycles in explaining price movement.
• Practical cycle analysis of equities, commodities, and currencies.
• How to apply digital filters and numerical analysis to financial data.
• The significance of envelope lows as ideal buying opportunities.
• Case studies on stocks like IBM and currencies like the Yen.

💡 Key Benefits:

• Gain a deep understanding of cycle-based market analysis.
• Learn directly from one of the most respected interpreters of Hurst’s work.
• Access real market examples that apply complex theory in a practical way.
• Improve timing for entries and exits using cycle recognition.
• Expand your technical toolkit with advanced but usable cycle methods.

👤 Who This Book Is For:

• Technical analysts studying market cycles and digital signal approaches.
• Traders looking for advanced timing techniques beyond traditional TA.
• Students of J.M. Hurst’s methods seeking a modern expansion.
• Intermediate to advanced traders interested in cycle theory.

📚 Table of Contents:

1. The Basis of Hurst’s Work
2. Channels and Envelopes
3. The Additive Nature of Cycles
4. Numerical Analysis Techniques
5. Applications of Digital Filters
6. Practical Trading Examples
7. Delta Airlines and Short-Term Cycles
8. IBM and One-Year Cycles
9. Currency Applications: Japanese Yen
10. Commodity Examples: Gold and Others