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This study develops a unified stock market trading model, which is based on a combination of technical trading rules and time series forecasts. The assuming success of such a model is dependent on the different predictable components of the abovementioned methods. The technical trading analysis’s validity is derived from the Dow Theory about trends’ persistence, while stock markets’ characteristics such as volatility clusters can be captured by GARCH processes. Buy (Sell) signals is going to be generated through the combined model, with investors taking long positions on buy signals and short positions on sell signals. Applied to daily data (last prices) over an almost ten year period, the combined model outperforms in most cases the technical and econometric model predictions, but it fails to offer statistically significant better returns than the benchmark “buy-and-hold” model. Possibly, the efficient market hypothesis holds.