This is typically what economic "scientists" do, they find a formula that fits a lot of past data, then they publish it as science.
If they actually used it to make money, then it would be better, but that is almost never the case.
People who make money in the financial markets don't publish their winning formulas.
Why? For two reasons.
1) It probably isn't a hard rule or formula. It is probably a combination of factors that go into a decision that ultimately becomes a "gut feeling". Then, the best traders, usually get out if the trade doesn't work right away. This is because something unknown is acting on the trade, and since they have no idea what it is, they get out.
2) They want to use the formula to continue to make money, and since financial markets are very dynamic, they formula might not work if a bunch of people start using it.