The primary investment objective of FLOYD's CURRENCY MANAGED CURRENCY ACCOUNT TRADING PROGRAM is to maximize absolute investment returns opportunistically across the spectrum of global currencies. The Program will trade in the over-the-counter (OTC) foreign exchange markets in spot, forward, and option contracts. The Program uses a primarily medium- to long-term directional trading strategy to attempt to profit from anticipated market trends. Shorter-term tactical trading methods are also employed, particularly when markets are expected to consolidate or are not in a defined trend. Investments are in the developed markets and in the emerging markets. Investment ideas are the result of a multi-faceted process that integrates analysis of macroeconomics, geopolitics, technical analysis, market sentiment, and market positioning. Risk management discipline provides the basis from which to develop, maintain, and maximize profitable investments, while limiting losses. The Program applies a top-down macroeconomic approach to help identify the cyclical and secular structure of global economies. An assessment is then made of the expected direction of those economies and the subsequent impact on financial markets. Views of the likely course of economic activity are determined by analyzing a variety of economic indicators. Particular focus is placed on indicators that have the highest predictive power given the point in the economic cycle and the respective economy. The Principal's view of the course of fundamentals permits the Program to generate a set of expected prices for currencies. The gap between expectations and the market's expectations and pricing provides the basis for measuring the potential opportunity. Technical analysis, market sentiment, and market positioning are primarily used as market timing tools. Technical models are used to identify primary trends, support, resistance, shifts in momentum, and short-term patterns. To achieve this, price charts for virtually every market are systematically analyzed on a daily and weekly basis. Market sentiment and positioning indicators are evaluated in an attempt to correctly anticipate market reaction to various economic data, events, and price movements.