This paper describes a recently proposed theory of plastic flow which is specially suited to deal with variable amplitude multiaxial load under the common assumption of rate-independence usually employed in fatigue calculations. The theory uses, and generalizes to the multiaxial case, concepts familiar to fatigue designers acquainted with the Local Strain Approach to (low cycle) fatigue. The theory does not make use of yield or loading surfaces that move about in stress space, a common ingredient of existing cyclic plasticity theories. It uses the concept of distance in a stress space endowed with a certain metric measurable from the yield criterion. Kinematic hardening and the memory effect appear in a natural way in the framework presented. The theory is reviewed first and then the application to the classical experiment of Lamba and Sidebottom [1] is presented.