Hawksbill's trading approach comprises a number of technical, trend-following trading systems, money management rules and Hawksbill's overall trading experience and judgment regarding various market factors and conditions. The trading systems, which are internally researched and developed, rely upon the research and analysis of patterns of daily, weekly and monthly historical price fluctuations; they are not based on analysis of fundamental supply and demand factors. Initiations are usually in the direction of the trend; “counter-trend” trades may occasionally be taken systematically or with discretion. Liquidations are sometimes slightly counter-trend if Hawksbill anticipates the end of the trend. Certain trades may not be taken if the trend is not confirmed by other signals. Conversely, a small number of trades may be taken which are not formally indicated in order to catch certain trends which develop suddenly and without advance signals. Although the majority of Hawksbill’s trading is mechanical, Hawksbill reserves the right to exercise discretion in any area it deems necessary. As indicated above, discretion may be applied in modifying entry and exit points, determining not to take a signaled trade, determining to take an un-signaled trade, and for sizing trades. Mr. Shanks and Mr. Coppinger jointly have discretion over all aspects of trading. The range of such discretionary trading is typically between 0% to 30% of trades made on any given day. On rare occasions, 50% or more could be discretionary trades.