I was researching FTC and couldn't find a comprehensive guide and understanding of the theory, so i've put some of my own notes together with references from other forums and books i've read. I would like to make this post the definitive guide to FTCs, so if anyone has anything further to add or any other comments, I would greatly appreciate it. Thanks, Eltino.

FALSE TIME CONSTRAINTS
In making a cold approaches the girl is likely to be startled by a stranger coming up and opening them. This is going to be more prevalent in ‘day game’ and ‘street game’, but could be experienced in all game. So what is the target likely to be thinking? (1) Who is he? (2) What does he want? (3) How long is he going to be here?
The third question is the most important one because of the feelings this invokes: ‘how can I get out of this situation?’ Invariably the human psyche would be more inclined to help someone out, than to make sense of a random approach with no objective, which has no clear route to resolution, so “hey, I need your advice(...)”, “Can you tell me where...?”, is more natural and more likely to hook than, “hey, I just wanted to say I love your style!” or “hey my name is (...), who are you?”

A False Time Constraint (FTC) used at the beginning of a cold approach introduces a resolution and a finite time to that interaction so no mater what is said afterwards the target thinks that she will be able to walk away in a moment, and so doesn’t mind staying briefly. Of course the first few moments are those that the PUA uses to build attraction and interest so the target doesn’t want to go.

The FTC can be used on two ways. The first way is to create a feeling of comfort in the interaction immediately after or before the opener; the second is to create an image of scarcity and exclusivity once you’ve hooked. The purpose of using the FTC once you’re hooked is to make the target think that you are in demand and may leave at any point(fear of loss) then she will begin to chase you (baiting the target).

Chick Scarcity Thinking – this guy is here talking to me, and he is only going to be here for a short period of time (and could walk away at any point), that means that I should make myself more attractive to him, to:
1) Convince him that he should stay and talk to me or;
2) make an impression so that he wants to see me again.

Chick Exclusivity Thinking – this guy is wanted by other people, is busy and has social proof, but he is here talking to me. He is exclusive and therefore important, so I’ll keep him here talking and improve my own social proof.

The time constraint can also create an easy ‘out’ of an interaction if it gets awkward or you just don’t like the target.
Whenever using and opener a time constraint should added immediately to build some comfort, and create a feeling that ‘I can leave this at any point’ (giving an imaginary escape route).

General Time Constraints
• “I’ve only got a couple of minutes, but I just had to meet you and say (...)”
• ‘Hey I’m looking for my friend, have you seen a tall (...) guy, with an army jacket”. “I really can’t stop long as I need to find this guy” “wow I just needed to compliment you on (...) style, energy, not looks”
• “Hey don’t I know you from (...)” “I can’t stop long as we’re on our way to the next bar”, then drop in a neg or another piece of material.
• “Hey I’ve got to go and rejoin my friends, but I need your opinion on (...)”
• "You know what... if I didn't have to go right now—which I do—I would..."
• "I can only stay a sec, I'm here with friends, so check this out...."
• "I've only got a minute, so I've got to tell you about..."
• "Oh, by the way, before I go...," and stack to your next story

Body Rocking
Ref MM. Body rocking is used to create the impression that you are about to leave the set (i.e. not staying long). This is an example of a non-verbal FTC. The way this can be created is by shifting the weight onto the back foot to turn away from the set. At this point another FTC can be introduced before stacking more routine/material.