A more radical language shift is to break markets down into cycles and trends and identify when each mode is dominant. This leads to mean reverting trades in cyclical regimes and momentum trades in trending ones. Note here the conceptual shift: noisy markets are defined as cyclical ones. That leads to a potentially constructive direction: identifying whether there is a dominant cycle that can be expected to continue into the immediate future. An adaptive trader trades the market conditions that exist, not any preferred regime across the board.