This is compatible in so far as you need to estimate parameters to calibrate any such strategy. In the simplified model that is explained in the lecture notes I

This is compatible in so far as you need to estimate parameters to calibrate any such strategy. In the simplified model that is explained in the lecture notes I linked to, you would start with eq. 6.6 on page 25 as an Ansatz for the transition matrix in the Baum-Welch algorithm.