I can't take credit for this, someone else had posted it in another forum but I wasn't able to locate it. I have experimented with alot of builds but this one has been working better than I could have hoped for. I generate Psypoints insanely fast and with 3+ mobs I melt them.
The trick to this build is lots of crit, crit severity and B-I-N-G-O.

I open with fully charged Illusionary Blades then; 2 X bolster 2 x CB (I use a macro to launch both spells at the same time to keep them on cooldown together) > Spectral Swarm > Mind Burst > Geist / Restraint / Innate (depending which is on cooldown, I usually alternate between pulls) Psychic Frenzy - Illusionary Blades - Bolster........I pretty much just start hitting what is on cooldown to generate psy points and Mind Burst when I hit 5 again. If you're only fighting one mob always use spells that are instant and generate PsyPoints before using Frenzy. If you are fighting multiple mobs you can pretty much get 5 points off of one PsychicFrenzy.

This build generates points very very fast, especially if you have 2 or more enemies. Pop your innate when you can safely use it. I find the best times is when I have just used Geist or Restraint. This build is completely mobile. The only thing that locks you in place is your Innate so be careful with it.

Some people will argue that Psychic Frenzy is worthless compared to Telekinetic Strikle and you are gimping your damage. It's true that TS does more damage than Frenzy but this build uses BINGO and all 3 strikes from Frenzy can proc it. Try it out, you will find it amazing.