When prices move without such a discernible series, prices are said to be trading side ways in a range or trendless.
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The changing prices of a security from tick to tick, day to day or whatever time period you are looking at may seem random, but there are ways to smooth out this randomness.
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The last major part of the theory is the trend should be assumed to still be in force until there is a definite indication that the direction has in fact changed.
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You repeat this simple calculation with each new piece of data.
A statistician would call it a "fair" coin.