I came across Michael Halls-Moore article on using the Hurst exponent test to determine if a price time-series is mean-reverting, trend-following or closer to a random walk, but doesn't this disregard the fact that financial instruments often exhibit a "bid-ask bounce affect" ? In which case, is his approach of using the Hurst exponent a bit too naive to use in practice?
Are there other ways to determine if a price time-series is mean-reverting or trend following specifically for financial instruments that more applicable in real-world settings?