EURO SELL SHORT /22/ Points AUD BUY SQUARE /24/ Points

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1 ( Daily Currency Trading Recommendations -SPOT Basis 7/24/14 Uses 4 pm ET Price as Closing Price SWING CURRENT 4: PM PROFIT ENTRY ENTRY NEW DIRECTION POSITION CLOSE STOP TARGET PRICE DATE MTM ENTRY STOP TARGET UK SELL SQUARE /24/ Points EURO SELL SHORT /22/ Points AUD BUY SQUARE /24/ Points JPY BUY SQUARE /24/ Points SF BUY LONG /23/14 +9 NPR Points N/A N/A CAD BUY SQUARE /24/ Points Enter new trades as soon as possible after receiving this report. Red in "Direction" cell means change in signal from the day before. Bold, italic in "New Entry" cell means entry is different from close. See "How to Read the Reports" at the website. To understand contingency "footnote rule" trades, go to Current footnote rule specifications are at the end of the Track Record section below. "NPR" means no position recommended (except in the case of a footnote rule being activated). PLEASE ADVISE OF P&L TRACKING ERRORS ASAP. Data from esignal. Charts prepared using Metastock. WE WENT SHORT THE GBP AT THE OPEN 139 AND HIT THE TARGET AT 1 FOR A GAIN OF 29 POINTS. NOTHING DONE IN EURO.WE MISSED BOTH STOP AND TARGET BY A FRACTION OF A POINT. WE WENT LONG THE AUD AT THE GLOBEX OPEN 9442 AND HIT THE STOP AT 9434 FOR A LOSS OF 8 POINTS. WE HIT THE TARGET IN THE USD/JPY AT 172 FOR A GAIN OF 19 POINTS. NOTHING DONE IN USD/CHF. WE WENT SHORT THE USD/CAD AT THE OPEN 726 AND HIT THE STOP AT 747 FOR A LOSS OF 21 POINTS.

2 Spot Track Record JULY 14 Assumes one e-mini contract per currency, capital stake of $,. This P&L is hypothetical. We did not place these trades. Total See track record by month at end. 14 QTR January February March % April Trade Date Profit / Cumulative Stake Date Currency Direction Entry Closed Exit Points (Loss) Return $, 6//14 GBP/USD Bought /1/ //14 AUD/USD Bought /1/ //14 USD/CAD Sold /1/ /1/14 USD/JPY Sold 1. 7/1/ /1/14 EUR/USD Bought /2/ /1/14 AUD/USD Bought /2/ /1/14 USD/CHF Sold /2/ /2/14 USD/JPY Bought 1. 7/2/ /2/14 USD/CAD Sold /2/ /2/14 GBP/USD Bought /3/ /2/14 EUR/USD Bought /3/ /3/14 GBP/USD Sold /3/ /3/14 EUR/USD Sold /3/ /3/14 AUD/USD Sold /3/ /3/14 USD/JPY Bought 1. 7/3/ /3/14 USD/CHF Bought /3/ /3/14 USD/CAD Bought /3/ /3/14 AUD/USD Sold /7/ /7/14 GBP/USD Sold /7/ /7/14 USD/CAD Bought /7/ /7/14 AUD/USD Sold /8/ /7/14 USD/JPY Bought 2. 7/8/ /8/14 GBP/USD Sold /8/ /7/14 USD/CHF Bought /9/ /8/14 EUR/USD Sold 1.3 7/9/ /8/14 AUD/USD Sold /9/ /8/14 USD/CAD Bought /9/

3 7/9/14 GBP/USD Sold /9/ /9/14 EUR/USD Bought /9/ /9/14 USD/JPY Sold 1. 7/9/ /9/14 USD/CHF Sold.89 7/9/ /9/14 AUD/USD Bought // /9/14 USD/JPY Sold 1. 7// //14 GBP/USD Bought // //14 EUR/USD Bought // //14 AUD/USD Bought.96 7// //14 USD/CHF Sold.89 7// /9/14 USD/CAD Sold /11/ /11/14 GBP/USD Bought /11/ /11/14 EUR/USD Bought /14/ /11/14 USD/JPY Sold 1. 7/14/ /11/14 USD/CHF Sold.892 7/14/ /14/14 GBP/USD Sold /14/ /14/14 GBP/USD Sold /14/ /11/14 AUD/USD Bought // /14/14 USD/CAD Bought // //14 GBP/USD Sold // //14 EUR/USD Bought // //14 AUD/USD Bought // //14 USD/CHF Sold // /16/14 EUR/USD Sold /16/ /16/14 AUD/USD Sold /16/ /16/14 USD/CAD Bought /16/ /14/14 USD/JPY Bought 1. 7/17/ /16/14 GBP/USD Bought /17/ /17/14 AUD/USD Sold /17/ /17/14 EUR/USD Sold /18/ /17/14 AUD/USD Sold /18/ /17/14 USD/CHF Bought /18/ /17/14 USD/CAD Bought /18/ /18/14 GBP/USD Sold 1. 7/18/ /18/14 USD/JPY Sold 1.1 7/22/ /21/14 GBP/USD Sold /22/ /21/14 EUR/USD Sold /22/ /21/14 AUD/USD Sold.93 7/22/ /21/14 USD/CHF Bought /22/ /21/14 USD/CAD Sold /22/ /22/14 AUD/USD Bought /22/ /22/14 USD/CAD Sold /23/ /23/14 GBP/USD Sold /23/ /23/14 GBP/USD Sold /23/ /23/14 AUD/USD Bought /23/ /22/14 USD/JPY Bought 1. 7/24/ /24/14 GBP/USD Sold /24/ /24/14 AUD/USD Bought /24/ /24/14 USD/CAD Sold /24/

4 Open Positions 7/22/14 EUR/USD Sold /23/14 USD/CHF Bought.16 Contingency "Footnote" Rules Proportionality Rule: The recommendation to enter at the close obviously cannot be met. It means enter at the next open. In spot, normally the close and open are only a few points apart. But, if the open is points or more away from the close, apply the number of points in the stop and target to the actual open. This prevents stupid stops and wrong targets. A version of the proportionality rule is used in Rule 3 below. Rule 1. Disabled. Rule 2: Runaway Move: If the move continues in same direction by points after taking profit or from last close if reentry is not hit, re-enter in same direction with a stop points and target points away from entry. Rule 3: Recovery Rule: Re-enter at same level as original if price returns to it after a stop, using the same stop and target as originally instructed. But we need to adjust the stop or target if the old stop or target is a stupid number, either delivering the opposite outcome (e.g. loss on a target) or a small number of points or less. Therefore, if the difference between entry and stop or target is negative or points or less, adjust the stop to 38 points from entry and target to 44 points from entry. As a general rule, don't use Rule 3 more than three times. Rule 4: Reversal Rule: If the price moves points in the opposite direction after a stop or target, or from the close if re-entry is NPR, reverse direction with stop at 44 points and target at 48 points. The number of points to use in the Reversal Rule changes from time to time as ATR changes. It will always be noted in this commentary box. 7/3/ Cum QTR Q1 $ Feb $ March $ April $ 1, $ (16.92) $ $ (623.17) Aug $ (.88) 86.2 Sept $ Oct $ 2, Nov $ Dec $ (6.) $ 3, Cum QTR Jan $ $ Feb $ $

5 Mar $ (18.63) $ $ April $ 8. $ 1,188.4 $ 1,24. $ 2,212.9 $ $ 3,211.6 $ 2, $ 2.97 $ 3,364.3 $ 2.68 $ 3, September $ $ 3,972. $ October $ 377. $ 4,3. November $ 7. $,8. December $ (63.8) $ 4, $ 1,21.82 $ 4, % 13 Cum January $ $ February $ $ 3. March $ $ 1,8.26 $ 1,8.26 April $.14 $ 2,88. $ 4.83 $ 2,69.23 $ 1,338. $ 3,7. $ 3,7. $ (642.9) $ 3, $ 33.3 $ 3, September $ 1.2 $ 3, $ 2, October $ 1,316.8 $, November $ $, December $ 274. $, $ 4, %

6 Thursday, 24, 14 Australian Dollar Closing Price as of 4 pm Momentum (.21) Chande Momentum Oscillator (3.949) Australian Dollar (.94,.94,.94,., -), Parabolic SAR (.93) Higher high but lower close,.9 1 ironic parabolic reversal. Move can fizzle on profit-taking Stochastic Oscillator (76.43) Australian Dollar (.94,.94,.94,., -), Linear Regression Indicator (.943) B band top Average True Range (.) MACD (9991)

7 Thursday, 24, 14 Canadian Dollar Closing Price as of 4 pm Momentum (.6369) 1. Chande Momentum Oscillator ( ) Canadian Dollar (1.72, 1.7, 1.71, 1.74, +), Parabolic SAR (1.71) Canadian Dollar (1.72, 1.7, 1.71, 1.74, +), Ichimoku Kinko Hyo (1.74, 1.71, 1.7, 1.74, , 1.933) Higher high and close but dinky 1.6 bar. Nice stochastic Average True Range (.4499) Stochastic Oscillator (41.).... Canadian Dollar (1.72, 1.7, 1.71, 1.74, +), Linear Regression Indicator (1.73) MACD (94)

8 Thursday, 24, 14 Euro Spot Price as of 4 pm ET Momentum (98.89) 1. Chande Momentum Oscillator ( ) Euro (1.34, 1.34, 1.343, 1.34, +), Parabolic SAR (1.3612) 98..% Euro (1.34, 1.34, 1.343, 1.34, +), Ichimoku Kinko Hyo (1.34, 1.33, 1.369, 1.34, 1.361, 1.374) %.% % % % 1.3 Outside day but doji, same close as 4 day before. Can mean a bounce Stochastic Oscillator ( ) Channel bottom Average True Range (.4742) Euro (1.34, 1.34, 1.343, 1.34, +), Linear Regression Indicator (1.34) MACD (-8734)

9 Thursday, 24, 14 Japanese Yen Spot Price as of 4 pm ET Momentum (.2462) Chande Momentum Oscillator (-2.86) Japanese Yen (1., 1., 1., 1., +.2), Parabolic SAR (1.) Japanese Yen (1., 1., 1., 1., +.2), Ichimoku Kinko Hyo (1., 1.47, 1.71, 1., 2., 2.2) Higher high and close. Parabolic reversal. 1. Stochastic Oscillator ( ) Red resistance. 193 Average True Range (.36763) Japanese Yen (1., 1., 1., 1., +.2), Linear Regression Indicator (1.69) MACD (-.9194)

10 Thursday, 24, 14 Swiss Franc Spot Price as of 4 pm ET Momentum (1.71) Chande Momentum Oscillator (.7937) Swiss Franc (.2,.3,.,.2, +), Parabolic SAR (.8927) %. Swiss Franc (.2,.3,.,.2, +), Ichimoku Kinko Hyo (.2,.8968,.8947,.2,.,.888) 23.6% %.% 61.8% Higher high, same close., sec-.87.% ond doji..8 Warning sign, probably. Overbought but still press- ing B band top Stochastic Oscillator (8.1487) 9. 8 B band top Average True Range (367)..4. Swiss Franc (.2,.3,.,.2, +), Linear Regression Indicator (.)...4 MACD ()

11 Thursday, 24, 14 UK Pound Spot Price as of 4 pm ET MACD (4).... Chande Momentum Oscillator (1.118) UK Pound (1.3, 1., 1.696, 1.69, -.), Ichimoku Kinko Hyo (1.69, 1.78, 1., 1.69, , ) UK Pound (1.3, 1., 1.696, 1.69, -.), Parabolic SAR ( ).% % % % 61.8% Stochastic Oscillator (.44) 1.6.% Lower low and close. Big bar. Breaks B band bottom. Over- sold. Gunning for sterling although.7 also have weekend paring Average True Range (.67) UK Pound (1.3, 1., 1.696, 1.69, -.), Linear Regression Indicator (1.) MACD (4)