My own trading has proceeded with a yet more radical shift. I start with the idea that *only* cycles exist in financial markets. What appear as momentum/trend and value/mean reverting periods are simply different phases of cycles that exist at varying frequencies. It is the interplay of these longer and shorter duration cycles that creates the complexity of movement within markets. When cycles at shorter and longer frequencies are in mean reverting mode concurrently, markets will look choppy. When multiple cycles are aligned in up or down phases, markets will look trending. It's all one elephant and we're the blind men feeling various parts of the animal and trying to figure out what it looks like