2021 Volume 28 Issue 2

IN THIS ISSUE
1

President’s Report to Colleagues

2

Call for Board Nominations

3

Member Newsa newsletter for the colleagues of the International Federation of Technical Analysts

President’s Report to Colleagues

The IFTA UPDATE is a publication of the International
Federation of Technical Analysts, Inc. www.ifta.org, a notfor-profit professional organization incorporated in 1986.
International Federation of Technical Analysts
1300 Piccard Drive, Suite LL 14
Rockville, MD 20850 USA
Email: admin@ifta.org • Phone: +1 240-404-6508

Education Lounge
4

Trend Following: A Proven Edge (Part 1)

9

Bitcoin vs. Risk: Understanding Volatility

12 Forecasting Long-Term Market Cycles
Down to a Specific Day
15 Bitcoin: Dead or Alive
16 Interview With John Bollinger
21 Congratulations New CFTes
21 MFTA and CFTe Exam Dates
22 IFTA 2021 Conference
23 IFTA 2021 Conference Sponsor Information
28 Calendar-at-a-Glance
32 In Memoriam: J. Welles Wilder Jr.
33 In Memoriam: Adrian Kömel
34 IFTA Member Societies
34 Board of Directors
34 IFTA Staff

Next Issue: September 2021
Submission Deadline: August 15
Education Lounge articles: Send
submissions to newsletter@ifta.org.
All other content: Send submissions toadmin@ifta.org.
Advertise in the UPDATE and reach morethan 7,000+ IFTA colleagues worldwide.
For more information, go to www.ifta.org.

Dear IFTA Colleagues,
Welcome to the new normal! Although the worldis still stuck in the pandemic, some countries
are opening up again—atleast partly. So, it looks like we all can makethe next step into “the new normal”—whatever this might be.
In the markets, we also face some kind of“new normal.” While most of us still focus
on stocks, indexes, or commodities, cryptos
are heading “to the moon” or falling down
to the ground—both with the help of ElonMusk. Whereas stock investors aim forprofits of 10, 50, or maybe 100 percent per
year, crypto investors expect this within acouple of days—at the most. So, is this the“new normal” in investing now?
Also, is it the “new normal” that a single
tweet or late night show statement by
Elon

Musk causes crashlike moves of 50 percent
in a whole asset class? Let’s hope not…
IFTA also has stepped into a “new normal.” With the IFTA podcast—available on
iTunes or Spotify—we made a first step into
new media accompanied by our growing
YouTube channel and ongoing social media
activities. And there is a new kid on theblock as well. You already know the IFTA
Journal and the IFTA Update. In May, we
happily introduced our latest publication,
the IFTA Magazine, and we look forward foryour feedback.
Finally, the American Association ofProfessional Technical Analysts (AAPTA) is
hosting the 34th IFTA Conference in a virtual
format this year. On October 8 and 9, IFTA
opens its doors again to technical analysts,
investors, and traders from across the world.

IFTA2021 CONFERENCE
IS VIRTUAL!
October 8–9, 2021

Financial analysis taken to new heights!
For further information, see page 22.
So, what was new for IFTA last year—thevirtual conference—has already become
normal. As IFTA, we are aware that thingschange in a rapid way—from new normal
to normal—and we will provide the best
support possible while going through thisprocess.

All the best,

Wieland Arlt, CFTe
IFTA President

IFTAUPDATE 2021 Volume 28 Issue 2

page 2IFTA Board of Directors Nomination FormIFTA is an international organization established to advance the interests of the global
community of technical analysis societies. IFTA is managed by a board of directors, which
is elected by the member societies at the Annual General Meeting, normally conducted at
the time of IFTA’s Annual Conference. In selecting a slate of candidates for the IFTA boardof directors, IFTA seeks to have the management resources, global representation, diversity,
expertise and experience needed to advance its mission.
IFTA is now requesting nominations from individuals to serve on the board of directors for
the October 2021–October 2024 term. IFTA estimates that seven board vacancies will
be filled at the 2021 Virtual Annual General Meeting. Nominees must be willing to serve
as a member or chair of a key IFTA committee and/or assist the committees and the board
in ongoing work as needed.
Board members serve without payment for their work on the IFTA board of directors. Service
on the IFTA board demands a high level of responsibility and a serious commitment tosupport IFTA’s mission; it also provides personal and professional rewards to its members.
Nominations from all interested persons are welcome. The deadline to submit nominations
is August 7, 2021.
The nomination procedure is simple:

Nomination Form: IFTA Board of Directors
Name of Nominee
Firm
Address
City

State

Postal Code

Phone

Fax

Email

Country

Member in Good Standing of (Name of IFTA Member Society):
Nominated by

1 Any member in good standing of an IFTA member society may be nominated or may
nominate him/herself.

Persons seconding this nomination (must be members in good standing of an IFTA member society). Twoseconders required.

2 Nominations must be seconded by two members in good standing of an IFTA member
society.

1)
Name 		

Society2)
Name 		

Society

3 The nominee must have the support of the board of directors of a local member society,preferably his or or her own Society.
4 Each nominee must submit the following to IFTA Headquarters no later than August 7,
2021.
a Completed Nomination Formb Completed IFTA Member Society Endorsementc Summary or Curriculum Vitae (CV)5 All nomination materials should be sent by email or postal mail to:
International Federation of Technical Analysts
Phone: (240) 404-6508
1300 Piccard Drive, Suite LL 14
Fax:(301) 990-9771
Rockville, Maryland 20850 USA
Email: admin@ifta.org
Nominations will be announced to the membership in early September. Voting will takeplace at the IFTA Annual General Meeting on or around October 23, 2020. If you havequestions concerning this matter or would like a nominating form, please contact IFTA
Admin at admin@ifta.org.

Nominee must have the support of the board of his/her IFTA member society. A completed IFTA Member
Society Endorsement (below) must accompany this Nomination Form. A summary of the nominee’s professional credentials and background must accompany this application.
Nominations deadline: August 7, 2021.
IFTA Member Society Endorsement

Name of Nominee		Name of IFTA Member Society

and has the support of the society’s board of directors to run for a position on the IFTA board of directors.

Signature of Society Officer 		

Date

IFTAUPDATE 2021 Volume 28 Issue 2

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Member NewsThe Society of Technical Analysts(STA, United Kingdom)
The STA has been taking advantage of holding its
monthly meetings via live webinar to build an international speaker programme. In March, we hosted a fireside chat with Niels Kaastrup-Larsen. Niels is managing
director of DUNN Capital but is perhaps most widely
known for his Top Traders Unplugged podcast. In April,
Tom Bundgard of Kairos Commodities, Denmark gavea superb talk on using Interdisciplinary Price Analysis(IPA) for long-term forecasting. In May, Robin Mesch,president of Mesch Capital Management Inc. of Portland,
Oregon, gave an excellent presentation on market profile. In June, we look forward to welcoming Alexander
Aburumieh, a senior asset manager at a European banking institution (though he will be speaking in his private
capacity). Alexander will discuss training an adapted
Gann Theory in the 21st century.
Like the IFTA webinars, all our events are recorded, so
members can catch up on their own time if unable towatch live.
The next STA Diploma Part 1 exam will be held on Monday
5 July, followed by the STA Diploma Part 2 exam on
Thursday 21 October. Provision has been made for both
exams to be sat at home with Zoom invigilation.

We have two routes for preparing for the STA Diploma
qualification: Our webinar, lecture-based STA Diploma
Part 1 and 2 Courses (held once a year) or our Home
Study Course, for which you can start studying now.
Held via live Zoom webinar, 18.00-19.30 UK time, the next
Diploma Part 1 Course will commence on Wednesday 13
October 2021, and the Diploma Part 2 Course will starton Wednesday 12 January 2022. The courses are fullyinteractive, with students being able to ask questions as
they would in a classroom. They may also post questions
on the STA Student Forum and are invited to join theofficial STA Diploma Course WhatsApp group.
Anyone booking a course before 1 July 2021 can registerat 2020 prices. The advantage to moving all education
online means it doesn’t matter where in the world you
live. Visit the STA website www.technicalanalysts.com
for more information.
Keep in touch with us via our online blog, follow us on
Twitter @STA_ORG or LinkedIn and like our Facebook
page.

IFTAUPDATE 2021 Volume 28 Issue 2

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Education Lounge

Trend Following: A Proven Edge (Part 1)
By Zaheer Anwari, Sublime Trading

An Approach Overlooked
The goal for us as investors/traders (whichever is your preferred label) is to create asmuch growth as possible as safely as possible between now and retirement.
In today's online world, there are numerous approaches to the financial markets. Somework, some don't. It is your job to work out the best method to adopt to achieve yourdesired wealth target by retirement.
An approach that often gets very little credit, often overlooked and arguably the mostcomplete approach for us as busy everyday people, is long-term trend following.
Combine this approach with leveraged accounts (spread betting/CFDs), and you havea formidable combination. Here in the UK, we are privileged to have spread betting
accounts, which are free of CGT—a reason in itself to explore how to use them correctly.
As a side note, this is not the topic of this article, but a quick word in defence of leveraged accounts. Unfortunately, they have a terrible reputation, and this is because of
how people choose to use them with greed as the primary driver. Leveraged accounts
offer benefits that traditional broker accounts do not. Learn to use them correctly, andyou will be handsomely rewarded. Accountability is an essential part of investing. Whenyou stop blaming outside factors and instead look at your personal choices, results
start swinging in your favour.
Looking at performance tables of the best traders and investors over the decades,
trend followers such as Richard Dennis regularly feature near the top. Warren Buffett,in comparison, will be mid-table at best. However, given a choice, most will naturally
opt for the Warren Buffett approach, given his status as an investing god.
No matter how much of a Warren Buffett groupie you are, the results don't lie. Of course,

value investing works, but trend following is a far more effective and efficient approach.
It is also far easier to learn and far simpler to execute. In short, trend following is theconnoisseur's choice if the priority is profit.

Defining the Edge
Trend following can be used across all asset classes and can be used to go long andshort, greatly expanding the array of options for the portfolio. Whereas buy and holdinvesting is for the uber long term and requires you to sit through all market conditions
with the view of seeing the market go up over the long term, trend following is where
you hold for the medium to long term, giving you the flexibility to move through thenatural cycles of the market.
For example, buy and hold means seeing profit vanish in a bear market, such as in2000 and 2008, and waiting years for those positions to recover. Much time wasted in
the process for no growth. This is not the case for trend following. In a bull market, youbuild a portfolio around the best-performing assets that are going up in price. Whenthe market dictates a top, you take profit and then short the market, creating a portfolio
around the assets weakening the quickest. When the market dictates a bottom, you
position yourself to go long again.
As another side note, there is an approach known as day trading. We won't expand on
this beyond this being a doomed approach. Adopt it at your peril. Remember what we
said on accountability above.
There is a saying that you are probably familiar with:“If you cannot define your edge, you don't have one. If you don't have one, you will get
eaten by someone who does.”IFTAUPDATE 2021 Volume 28 Issue 2
Trend Following: A Proven Edge (Part 1) continued

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Education Lounge

One of the main reasons why people have poorly performing or underperforming portfolios is simply because they have no edge. There is often an element of guesswork as
well trust put in unreliable sources. It is time to take back control and replace uncertainty
with stealth and accuracy.

 It tells you where price is in relation to the high and low of the previous year. If priceis above the high of the previous year, it has a bullish bias. If price is below the low of
the previous year, it has a bearish bias. If current price action is between the high andlow of last year, we generally stand aside and move to other assets or asset classes.

A proven edge must be based on price action and the history of the asset. Trend following using technical analysis is THE WAY to establish this. I will break this down stepby step.

 It is straightforward to mark significant levels of support and resistance. These levels
will help identify turning points in the market or continuations in the market if andwhen broken.

Timeframes

 It is clear to see how far price is likely to move when in a trend based on roundnumbers. For example, when in a bull trend:

A multiple timeframe setup paints a clear picture of what price: Has done in the past.
 Is doing right now.
 Is likely to do in the future.
Trends, either to the upside or the downside, last weeks, months, even years. To catchthe big moves, I use the timeframes that allow me to do that: the monthly, weekly, anddaily. When all three timeframes are moving in the same direction, we have alignment
and established our edge. Each timeframe requires its own set of indicators, but the
primary indicator is price. All technical indicators are lagging; trying to predict what priceis likely to do next based on lagging indicators is a false economy and why so manygo wrong. Price will tell you what it is likely to do next; lagging indicators confirm that.
Remember, going lower than the daily timeframe gets into day trading territory. Usethem at your peril.
The Monthly TimeframeThis largest of the three timeframes has the following primary purposes:
 It gives you a complete picture of the past performance of the asset. If it has a historyof trending well, it is very likely to trend well going forward.

 If you buy a UK stock at £10, then £20 is the next level price it is likely to movetoward.
 If you buy a US stock at $70, then $80 is the next level price it is likely to movetoward.
 If you buy the EURUSD at 1.3000, then 1.4000 is the next level price it is likely tomove toward.
In addition to the above, the longer the consolidation, the bigger the breakout holds
particularly true on the monthly timeframe. I like to look for stocks that have an excellent history of performance combined with breaking out from consolidations of at least
three to five months.
Deere & Co (DE) is a stock that met these criteria in August of last year and has been in
my portfolio since. I have been holding this for circa 10 months. It has moved over 100%
during this time from $200 to $400, where it is currently finding resistance. A break andclose above $400, a round number, will see price move toward $500.
Below is the monthly timeframe for DE. I have developed bespoke tools that automatically detect and highlight the high and low of the previous year and the key levels of
support and resistance. These levels will often appear at round numbers.

IFTAUPDATE 2021 Volume 28 Issue 2

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Trend Following: A Proven Edge (Part 1) continued

Figure 1. Monthly timeframe for Deere & Co. (DE).

Another example of a stock that has performed well for
us applying this logic is Ashtead Group (AHT), a UK stock,which has moved over 70% since the breakout above £30.
It currently sits at over £50 at the time of this writing. See
if you can work out the entry point.
The Weekly and Daily Timeframes
I am covering these together, as the setup is similar andalignment is the name of the game.

On the weekly timeframe, I have: the 200sma
 the 50sma
On the daily timeframe, I have: the 200sma
 the 50sma
 the 20sma

I want price trading above the MAs for a bullish bias and below the MAs
for a bearish bias. All three MAs also act as proven areas of support andresistance when price is in a trend.
Figure 2 shows the weekly timeframe for Deere & Co. The trend sincelast year has remained above the 50sma and the 200sma.

IFTAUPDATE 2021 Volume 28 Issue 2
Trend Following: A Proven Edge (Part 1) continued

Figure 2. Weekly timeframe for Deere & Co.

Figure 3 shows the daily timeframe for Deere & Co. The
trend has used the 20sma and the 50sma as support
since last year. This is a trend follower's dream when it
comes to price structure. But these moves happen several
times per year. The art of investing is knowing where they
are taking place and how to ride them as they unfold for
maximum profit. We will be looking at this in more detailin Part 2.

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IFTAUPDATE 2021 Volume 28 Issue 2

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Trend Following: A Proven Edge (Part 1) continued

is no need to clutter the charts andbury price under sub-charts, fibs,
trend lines or any other number ofindicators of your choice. Less is
more!
In Part 2, I will look at how to takethese analysis techniques and turnthem into profit by executing a trend
following strategy. I will be covering entry points, stop-loss placement, risking management, andexit management. I will also be
expanding on the ultimate secretto significant growth whilst still fully
focusing on protecting your capital:
COMPOUNDING!

Figure 3. Daily timeframe for Deere & Co.

I will leave you to apply the logic of the MAs on theweekly and daily timeframes on Ashtead Group, the UK
stock mentioned earlier.
A quick explanation of the logic behind the 200sma. Old
school traders used to draw charts by hand and were very
selective with the information they put on their charts.
The 200sma worked out to be a proven indicator of thelong term trend. If price was above the 200sma, theylooked for long opportunities and shorting opportunities
below. Institutions still use this logic today, and so domodern-day trend followers. If it isn't broke, don't fix it.
The luxury that we have is software doing all the drawing
and calculations.
One should deduce from this that it is the combination ofold school analysis techniques combined with new school
cutting-edge software that yields the best results. There

Zaheer Anwari is the cofounder of Sublime
Trading, a global online
community empowering
professionals and business owners to build
trend-following portfolios around theirbusy lifestyles adopting proven investment techniques. He is also the co-founder of The Gryphon
Fund, a trend following performance-based fund. His investment strategies have returned over 350% since January 2017,
specialising in leveraged investment platforms, tax-free in the
UK. Zaheer's mission is to spread the simplicity of good financial
literacy and to develop smart investors confident in reaching
their desired wealth target before retirement. His vision is tosee a transfer of power and wealth away from the institutions
into the hands of the savvy everyday person.

IFTAUPDATE 2021 Volume 28 Issue 2

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Education Lounge

Bitcoin vs. Risk: Understanding Volatility
By Stefano Gianti

Have you ever wondered how to assess the risk associated with the fluctuations ofBitcoin or any other digital currency?
Is volatility suitable for traders, both in the short and long run?
Volatility represents both risk and opportunity for financial investments, so let’s understand it adequately and in the easiest way.
First of all, let’s define it.
Simply put, volatility is the change in a security’s price over a given period. If the pricestays relatively stable, the asset has low volatility. Highly volatile security hits new highs
and lows quickly and has rapid increases and breathtaking falls.
And for those who have invested in Bitcoins over the past few years, we know that
Bitcoin is explosive.

Risks and Opportunities
Did we ask ourselves what the risk is that we have taken, or the opportunities we havesometimes missed?
Let’s have a look at the Bitcoin chart:

Figure 1. Bitcoin chart.

As shown by the chart indicator, Bitcoin price is currently moving by $3,350 per day, on
average. This movement, therefore, depicts a risk as well as an opportunity.
There are different models for measuring volatility. The one stated in this chart is thesimplest and also one of the most efficient. It is called the Average True Range (ATR)
and is widely used in technical analysis.
It represents the historical volatility of an asset, expressed in X-periods. Classically,
it uses the value 14 as standard, but any other number can be taken, if you prefer toanalyse over a longer period. It is the average of the actual ranges over the specified
period. It measures volatility, also taking into account any gaps in price movement.

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Bitcoin vs. Risk: Understanding Volatility continued

Therefore, we can say that the ATR measures the average high-low price excursion of
the chosen timeframe.

 Bitcoin has been more volatile in the short run than in the long run (ATR 14 > ATR 200).
Indeed, in Figure 2, we see how the ATR indicator has been soaring since late 2020.

How ATR Helps Bitcoin is more volatile than all the other securities listed. We have taken into accountthe Nasdaq (the technology sector index that is on average more volatile than theother stock market sectors); the S&P 500 (the global equity benchmark); the Swiss
SMI index; and two currencies: the most liquid and the most volatile (EUR/USD andTurkish Lira).

So what help can ATR provide?
It helps us understand the more reasonable closing price for our trade.
We can therefore adapt our values of Stop Loss or Take Profit according to the ATR.
At higher ATR levels, we will have wider Stop Losses and Take Profits, thus adapting
our investment to the current market volatility.
Let us do something somewhat curious: let’s mark the ATR values of various financial
instruments:
Price

ATR 14

ATR% 14

ATR 200

ATR% 200

BTC

58'702

3'350

5.7%

2'121

3.6%

Nasdaq

12'896

258

2.0%

237

1.8%

S&P500

3'945

48

1.2%

60

1.5%

SMI

11'121

77

0.7%

123

1.1%

EUR/USD

1.17200.00630.5%

0.0077

0.7%

USD/TRY

8.30700.23752.9%

0.1137

1.4%

 Besides, we observe that Bitcoin is almost three times more volatile than the Nasdaq
in the short term (5.7% average daily excursion vs. 2.0% of the hi-tech index), but“only” twice as volatile in the long term (3.6% vs 1.8%).
 Bitcoin is 10 times more volatile than the EUR/USD.

Size and Risk Management
Many people still think that you need $60,000 or multiples to invest in Bitcoin, which
is not true. With Swissquote, you can exchange the amount of dollars you wish (e.g.,$1,000) or buy as many Bitcoins as you like, even fractions of a contract (e.g., XBT 0.01).
It significantly helps in managing your portfolio risk. Whether retail or institutional, every
investor can tailor his purchases to his own needs at any given time.

Key Takeaways

Figure 2. ATR vs. Price (data at 30.03.2021).

This article shows that Bitcoin (and therefore other cryptocurrencies) are more volatile
than other financial instruments.

In the first column, we indicate the current price of the security. In the second column,
we show the current value of the ATR at 14 periods. Next, we add a column that shows
the ratio between the value of the ATR and the asset’s market price.

Suppose you are considering investing in digital assets but feel they are too volatileand therefore risky. In that case, you can simply adjust your exposure with an appropriate percentage to your portfolio, depending on the parameters outlined in this article.

At the end, we perform the same task by also considering a 200-period ATR, representative of a long-term investment.

The table below expresses how volatile Bitcoin is compared to the financial instruments
we have listed in the table above:

With this data available, we can draw some conclusions:

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Bitcoin vs. Risk: Understanding Volatility continued

Short termLong term

Nasdaq

2.9x

2.0x

S&P500

4.7x

2.4x

SMI

8.2x

3.3x

EUR/USD

10.6x

5.5x

USD/TRY

2.0x

2.6x

Figure 3. Bitcoin has recently been 2.9 times more volatile than the Nasdaq.

Hence, in the long run, Bitcoin has proven to be 2.4 times more volatile than the US
equity benchmark—the S&P 500. In the short run, it has been as much as 10 times morevolatile than the EUR/USD, the world’s most traded currency.
Stefano Gianti is the education manager for Swissquote Bank, a world leader inonline trading. His training sessions focus on the correct management of portfolio
risks and maximizing profits through the use of CFDs on equity indices, commodities, and currencies. His analysis also focuses on the macroeconomic situation of
the markets and related events that could influence them. He is a member of SIAT
(Italian Society of Technical Analysis). He is hosted on a weekly basis by CNBC,RAI television, and other networks on the expectations and trends of the financial markets.

IFTAUPDATE 2021 Volume 28 Issue 2

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Education Lounge

Forecasting Long-Term Market Cycles Down to a Specific Day
By Andrew Pancholi
2020 saw a financial event of proportions not witnessed in generations. Many have
dubbed the spring 2020 selloff as a black swan event. Through our study of long-term
cycles, and especially super-long-term cycles, we had been on alert for this event. Blackswan events are often larger cycles that are unrecognized and, therefore, unexpected.
The 90-year cycle is a significant, recurring pattern, prevalent in stock markets andcommodity markets. Until recently, few have been aware of this time cycle—the 2010
commodity highs happened 90 years after significant highs in 1920. During this time
period, grains had a substantial blow-off move into major tops.

the United States. The purpose of the canal development was to move produce andgoods from the Midwest to the St. Lawrence Seaway and into the global trade arena.
Overspeculation led to a boom and bust. The 1929 crash happened 90 years from the
midpoint of this crisis (2019), and we saw significant tops in February 2020, only a few
weeks beyond the end of 2019. Breaking the cycles down into 45-year patterns, 1884
saw an economic panic during the course of the depression that lasted from 1882 to1885. Once again, this was due to a huge reduction in credit, and several banks failed.
In 1974, 45 years after 1929, the western world was in financial turmoil due to the OPEC
oil crisis. The price of crude oil was hiked several fold. Britain saw significant power outages, and the United States implemented severe speed restrictions to limit the petrol
consumption of its gas-guzzling cars. What happened 45 years later? Another oil crisis.
The cycles are working with absolute precision. Another highly accurate cycle set isthe 100-year cycle. Exactly 100 years from the 1907 Rich Man’s Panic or Knickerbocker
Crisis, the 2007–2008 global financial crisis hit. We see almost identical buildups withthe overextension of cheap credit.

Figure 1. Stock market crash cycles.

Everyone is familiar with the 1929 crash. Unless you’ve studied financial and economic
history, you are less likely to be aware of the stock market top in 1837. A substantial
collapse followed with a low five years later in 1842. The period leading up to this major
high was one of cheap credit, which in turn led to rapid expansion. Due to substantial
canal development, there was a property boom in the area around the Great Lakes in

Figure 2. Rich Man’s Panic and withdrawal of credit.

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Forecasting Long-Term Market Cycles Down to a Specific Day continued

In 1907, JP Morgan himself was called upon to help out. One hundred years later, thehouse of JP Morgan was clearly in the spotlight. Going back 100 years to 1807, the UnitedStates implemented “The Embargo Act” to stifle trade and intervene in the NapoleonicWars. This backfired catastrophically, leading to an 80% decline in the U.S. markets.
These three financial panics were in perfect alignment: 1807, 1907, and 2007.

Take a look at this chart of gold. Beneath the chart you will see a series of histograms.
These represent high numbers of cycles coming together, suggesting potential turning
points. Note how the market reverses during the spike points—highlighted by the redarrows and green circles. The spikes are known in advance and hence, are incredibly
valuable for protecting positions.

Mark 2107 in your calendars and forewarn your grandchildren. The 50-year midpoints ofthis cycle also see huge financial panics globally. In 1857, over half of U.S. banks failed.
In 2008, there was a run on the Northern Rock bank in the United Kingdom. People
thought this could not happen in 2008. History repeats itself. 1957 saw a 20% selloff in
the markets, especially in the United States, due to a drop in manufacturing demand,and a small recession followed.

They are based on a complex proprietary system that we have created at The Market
Timing Report. In Figure 3, showing a chart of gold, you will note that future spikes are
already present for the time window of the 17th to the 24th of September 2021, the week
ending the 10th of December 2021, and the week ending the 8th of April 2022. The
key point is that these time windows are likely to see trend termination and therefore
are incredibly valuable for knowing when to protect or exit positions.

Numerous long-term cycle sequences are prevalent in markets, and when differing
cycle sequences overlap, significant events take place. One such cycle set is the 72-year
cycle. Approximately 72 years after 1929 marks the end of the tech boom, and by 2001,
a clear bear market was in place both in Europe and the United States 72 years before
1929 saw one of the largest modern day panics in the United States and the UK. The
year 1857, which appears in different cycle sets relating to panics and crises, is a confluence point and, as such, is a critical timing point for future cycles. It is clear that financial
panics happen cyclically with absolute precision.

These histograms are based on the specific DNA of each individual market. They can be runin different timeframes and thus allow us to identify high-probability moves down to the day.

Understanding these super macro moves allows us to anticipate significant trading campaigns. In doing so, we can fully exploit strategies employing a variety of instruments
and derivatives. If we get it right, adding a basket of options can provide tremendous
leverage with minimal risk.
However, the challenge is to be able to fine-tune these events from yearly cycles into muchsmaller windows. Without this ability, it is not possible to harness the opportunities effectively.
To do this, we need to examine the far more complex smaller cycles and how they interact.
This allows us to identify weekly and even daily windows when markets are likely to change
trend. This is particularly useful for those managing portfolios based on trend following.
Exit strategies can be fine-tuned to maximise the profit potential when such turning
points are approached. The majority of trend followers exit positions based on previous
swings being broken and thus give back a significant proportion of profits.

Figure 3. Chart of Gold.

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Education Lounge

Forecasting Long-Term Market Cycles Down to a Specific Day continued

The nonprofit, 501 C3 Foundation for the Study of Cycles (www.cycles.org) was originally set up by the U.S. presidency to explore whether the 1929 crash and subsequent
depression could have been forecast. Under the leadership of Edward Dewey, this bodyhas become a significant organization advising many institutions.

Andrew Pancholi is a portfolio manager and world-renowned expert in market
timing and geopolitical forecasting. With over 30 years of experience in navigating
the financial markets, he is the creator of the highly acclaimed Market Timing
Report (markettimingreport.com).

It has recently been resurrected, and one of the tools that is available through thefoundation is this cycle scanner. Based on digital signal processing, potential forecast
curves can be created. Putting it simply, any market is analysed for its dominant mathematical cycles, and then these are projected forward. Such curves can provide us witha competitive advantage.

Pancholi co-authored the book W.D. Gann’s Unpublished Coffee Course (2019) andis a contributing writer at FXStreet and Traders World. He is co-author of the bestselling book
Zero Hour (2017), in which he shows the cycles leading to the present day, modern revolution.

Figure 4 shows one of the current forecasts for the S&P 500.

Pancholi has a BSc (Econ) Hons degree and gained his expertise through lifelong study anddeveloping the strategies and theories created by some of the trading industries’ greatest
names, such as W.D. Gann, Edward Dewey, and Ralph Elliott (Elliott Wave). Based in the UK, heis a board member of Foundation for the Study of Cycles.

Useful Links
www.markettimingreport.com
www.cycles.org
IFTA members can download the first three issues of Cycles Magazines free from theselinks:
Issue 1: https://journal.cycles.org/Issues/Vol47-No1-Nov2020/
Issue 2: https://journal.cycles.org/Issues/Vol48-No2-2021/
Issue 3: https://journal.cycles.org/Issues/Vol49-No3-2021/

Figure 4. S&P 500 forecast.

It is important to note that curve reversal points are more significant than the magnitude.
In conclusion, it can be seen that the addition of cycle tools to existing portfolio management techniques can bring significant benefits to enhancing returns. Market timing
does work!

Link for the Foundation for The Study of Cycles App
https://www.youtube.com/watch?v=7JtGtGUfydI&t=20s
Advanced app features
https://journal.cycles.org/CyclesUpgradeInfo.mp4

IFTAUPDATE 2021 Volume 28 Issue 2

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Education Lounge

Bitcoin: Dead or Alive
By Ron William, CFTe, MSTA
Bitcoin’s market top, signalled by a DeMark trend exhaustion indicator, triggered a -50%
crash last week, into the eye of our long-awaited risk cycle (Figure 1). This followed a phenomenal upsurge from the 2020–2018 base lows, which led to a tripling of a chart patterntarget at $60,000. YTD gains were also fuelled by a new buzz of “irrational exuberance,”
earmarked by speculation that Tesla Inc. founder Elon Musk would give crypto a boost.
On January 29, he simply tagged his Twitter account with “#Bitcoin” and it duly rocketed.

five-year tide, based on a long-term trend regression model, which, by the next halving
cycle of 2024, is projected at $150,000, with the lowest range at $55,000. For now, Bitcoinmust stabilize and then recover above the 200-day line to be deemed alive once more!

The pandemic, and V-shock recovery, caused a whiplash in the fundamentals underlying
the value of asset prices everywhere in what is being described as a new generation of“Rock & Roll” investment! Paradoxically, crowd wisdom foretold of pending asymmetricrisk as early as February via compounding short positioning in futures, weighed by the“Grayscale effect”—whereby investors arbitraged discount GBTC holdings.Net fundoutflows later peaked on May 5 and can be tracked on ByteTree.
Technically speaking, all-eyes remain on the retest of the 200-day average, currently
trading at $32,433. Failure here suggests a “dead-cat bounce”—thereby unlocking
further downside into $27,400 and $24,660 (61.8% golden ratio and 66% two-third
retracement). Risk management is paramount. Avoid trying to catch the dangerous
falling knife. Bitcoin’s average peak-trough volatility signature is -85%. This simple yet
reliable statistical yardstick offers a potential worst-case scenario of -35% under the2017 peak, near $20,000.

Figure 1. Bitcoin charts.

However, price momentum is already historically oversold (Figure 1A). Our cycle model
signals potential renewed buying opportunity during H2 from July (+/- 1 month). This isbased on a quantitative method called “digital signal processing” that scans for mathematical cycles. It is developed by the Foundation for the Study of Cycles and serves
as useful probabilistic guide, in tandem with a robust analytical framework.

Ron William, CFTe, MSTA, is a market strategist with over 20 years of experience
working for leading economic research and institutional firms, producing macro
research and trading strategies. He specializes in blended, top-down, semidiscretionary analysis, driven by cycles and proprietary timing models. Ron is also a
behavioural finance expert, trading psychologist, and performance coach. He
uses the latest techniques in behavioural/risk assessment modelling, peak-performance, neuro/body science, and stress response management, including mindfulness andcoherence training.

Additional signals also warn of an imminent spike in volatility on the VIX, as the S&P 500
verges on a breakdown below 4,060. Expect renewed safe-haven flows into Bitcoin andGold. Charlie Morris of ByteTree recommends this as the ideal “BOLD” strategy, given it“naturally diversifies between the two assets in a simple, scalable, and logical manner.” In
the meantime, Figure 1C highlights Bitcoin’s long-term opportunity, exhibited by its rising

Ron's primary work, as part of his current institutional market advisory firm (RWA), gained global
industry recognition, with multiple finalist awards for "Best Specialist Research/& FX." His market
insights are also featured regularly across leading financial media programs, notably, Volatility
Re-awakening and Tech Sector, and industry publications, including Equity Market Crash: What
Next?, Bitcoin-Digital Asset Paradigm, and Bond Yield Spike Risk.

IFTAUPDATE 2021 Volume 28 Issue 2

page 16

Interview With John Bollinger, Bollinger Capital Management
By Ron William, CFTe, MSTAJohn Bollinger, CFA, CMT, is the founderand president of Bollinger CapitalManagement, a firm that provides money
management and proprietary technicalanalysis research and tools for institutions and individuals. He is internationally known as the developer of Bollinger
Bands, which are utilized worldwide for analyzing thefinancial markets.
John’s book Bollinger on Bollinger Bands has beentranslated into 12 languages, and his website www.
BollingerBands.com is the hub for everything related to
Bollinger Bands. The site offers free and for pay educational materials as well as information about Bollinger
Band Tool Kits available for various financial platforms. In
addition, www.BollingerBands.us provides charts, signals,
screening, and tools for analyzing the market and maketrading decisions based on Bollinger Bands and www.
BollingerBands.it offers the same for Italian traders.
John is the recipient of the Technical Securities
Analysts Association of San Francisco Lifetime Award
for Outstanding Achievement in Technical Analysis, the2005 Market Technicians Association (now the CMT
Association) Annual Award for Outstanding Contribution
to the Field of Technical Analysis, and the IFTA Lifetime
Achievement Award.
Ron William: Welcome, everyone. This is our exclusive
interview on behalf of IFTA with our IFTA 2020 keynote
speaker, Mr. John Bollinger. John, welcome.

John Bollinger: Well, thanks very much, Ron. Pleasure to
be here. Happy to do this interview.
RW: John, you're very well known for the Bollinger Band
indicators, which I'd like to kick start a question on.
But also, I wanted to add that some years ago you arereceived the IFTA Lifetime Achievement Award.
JB: I think back several years ago in Singapore, I was
given that award, and it was one of the greatest honoursof my career. I'm still humbled by that experience.
RW: One of greatest contributions is the Bollinger Band
volatility based indicators. Many people know and use
them. Could you give us a little bit of the back story as
to how Bollinger Bands came into creation?
JB: Well, I created Bollinger Bands in the very early 1980s.
In those days, we did a lot of our technical analysis byhand, and we kept indicators and such on long yellow
pads and column accounting pads and such like that.
I was an option trader at the time. I was very lucky
amongst technicians. I was also a little bit of an electronics hobbyist, so I had an early microcomputer. This wasin the days before it became upgraded and created into
the PC. I had a working microcomputer, ran the operating
system, and it allowed me to run a spreadsheet in earlyversion of spreadsheet that was called “Super Count.” I
would keep track of my option positions and all my investments on that spreadsheet.

If you've ever traded options and you know anything
about options, then you understand the key to being a
successful option trader is understanding both historicalvolatility and implied volatility. That is the option. That isthe volatility that is buried in options price. So one day,
I was copying down a formula for volatility in a columnof the spreadsheet, and I saw that the calculation forvolatility was running, changing over time. Now, that was
important to me because I was in the middle off a big
research project.
So when I came into the business, the first technical toolsthat were really explored were trading bands. Trading
bands in those days were simply a moving averagereflected up and down by some percentage. For example, a moving average of the DOW with a line of 4.5%
above it, or 4.5% below it? We would weigh a price action
within those bands with the action of indicators based on
advances and declines up and down volume.
We tagged the upper band and one of those indicatorswith negative. We take that as a cell alert, and we tagged
the lower band. One of those indicators was positive, thentake that as a signal. The problem with this is marketschange over time. The volatility characteristics of markets change. So you are constantly having to readjust the
bands. In one regime, you need 4% bands and anotherregime a 7% band. Nothing's changed, except for themarket activity.
The problem with that is you're constantly having to handfit the bands. When you do so, you let emotions into theIFTAUPDATE 2021 Volume 28 Issue 2

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Interview With John Bollinger continued
training process. If you're bullish, you set the bands topresent a bullish picture. If you’re bearish, you present abearish picture. This conditioning was very hard to overcome, so I was looking for some mechanism to maketrading bands adapt. When I saw that volatility was asvolatile as it was, I thought, well, maybe we could usethat volatility calculation to set the with bands, and thatwas the genesis of the Bollinger Band.
Now, it's interesting, because at the time we believed thatvolatility was a static quantity. We believed that it didn'tchange over time. For example, if you use a calculationof beta, which is the market stock sensitivity, we thoughtthat a stock's beta was simply a stock's beta. This is akinto stating the wall is white, or the sky is blue.
It only changed over the life cycle of a company fromwhen the company was small, young, and growing. Maybeit would be 1.8 or 2, and as it matured gradually, that's the
only way we thought that volatility changed.
But, you know, those ideas were in the air at the time. For
example, Richard Angle some years ago got the Nobel
Prize for the observation that the that economic series,
the volatility of economic series, was in fact volatile.
A lot of people were thinking about this at the time. I justhappened to be the one working on the trading bandproblem. The moment I coupled a measure of volatility, I
chose standard deviation. After looking at several alternatives, I coupled a measure of volatility with the moving
average and such, and I realized that I had the answer
to the question.

RW: Well, an interesting point in terms of market regime.
Looking back at the long-term chart of equity markets
and the bear market prior to that 1966 to 1982, it was oneof the well-known volatile roller-coaster rides for tradersof that era. Is it fair to say that maybe it set the scene forvolatility type indicators thereafter?
JB: Well, I think yes. It's more than fair. That environment
from, 1966 to 1982 as you pointed out, which contains thegreat 1973-1974 bear market—it was a very challenging
environment. We had the great post-World War II bull
market. That lasted for some 20 years, up until 1960 tomake the top 1966.
It just depends on what index you look at. But you had
a very, very long bull-run, where investing was basicallya slam dunk. And in that in that world, you know, people
like Markowitz and other people, started putting forth“modern portfolio theory” and the “efficient market”.
People pointed out the big bull-run—it's really hard tobeat the market because, you know, everything's goingup, everything's going north. They think that because it’scorrect. Random Walk Down Wall Street was published in
1974. The efficient market people were right to a certain
extent here. We talked about this earlier.
If you're a really large institution, you effectively are themarket, and beating the market's really, really, really hardfor you because you own such a big piece of the market.
I always use the retirement fund as an example. They are
the market, and all their efforts to try to beat the market
really ended up upcoming for not, and it's been a huge

“I was looking for some mechanism to make trading bands adapt. When I saw
that volatility was as volatile as it was, I thought, well, maybe we could usethat volatility calculation to set the with bands, and that was the genesis of the
Bollinger Band.

amount of money, a lot of time, and a lot of effort trying
to do that without any real success.
I think it's entirely possible to meet the market. Of course,
it's very hard during the “great bull-run” when all theboats are rising with the tide. But during these times, fullof price swings and sideways markets, you know that's
the ideal fuel from market timers. They could make moneyin those markets.
RW: This brings us to the subject of your presentation
at the IFTA 2020 conference. So without stealing thethunder off your of your key message, on the subject of“indexing and indexing for technicians,” can you pleaseshare with us some key insights about indexing and what
you've discovered in this recent work?
JB: I think the most important thing to understand aboutindexing is that indexing itself is a method. Each of theindexing methods has its strengths and its weaknesses.
For example, the DOW30 is a price weighted index, andthe largest stocks in that have the highest price stocks
that have the largest impact on the index.
But the benchmark for most investors is the S&P 500, andthat's a very special index because it is a capitalization
weighted index. Therefore, the weight of each stock in
the index is the price of the stock. This is multiplied by its
outstanding float of the number of shares that they haveavailable for trading. So each day, each stock that rises
on that day gets a little more weight in the index, andeach stock that falls on that day gets a little less weightin the index.
In fact, to be 500 is an incredibly efficient relative strength
allocator. It's a great market timing mechanism. So thequestion is whether your market timing mechanism is better than their market timing mechanism, not whether you

IFTAUPDATE 2021 Volume 28 Issue 2

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Interview With John Bollinger continued
want to use a market timing mechanism. This is because
if you invest in the S&P 500, by definition, you are using amarket timing method. In that case, the method is called
relative strength. Once again, S&P 500 is an incredibly
efficient relative strength mechanism.
RW: How much concern do you have on the concentration off-market cap stocks in the S&P 500, such as theinfamous tech FAANG stocks. I mean, it's just been theirrational exuberance story of 2020 since the bounceback from the pandemic crash lows.
JB: You know, I think it's a pretty big problem. NASDAQ
recognized some years back, and they capped Apple’s
exposure in the NASDAQ composite. They just wouldn't
let it grow beyond a certain percentage. I don't think thatS&P 500 has ever done anything like that. Last time I
checked, six stocks composed 20% of the S&P 500. The
bottom 100 smallest stocks in the S&P 500 were lessthan 5% of the index. So it's a very, very skewed index.
There's no question about that, but it does its job very
efficiently. You know it's hard to beat, because it is, infact, a very efficient relative strength index, and I guess tosome extent it will offer lead and lag divergence signals.
RW: If we compared NASDAQ, otherwise known as “TechStreet” versus “Wall Street,” DOW and S&P 500, then“Main Street,” Russell 2000. It's a form of breath. Relative
measures will give an idea of what's been outperforming.
JB: Yeah, I think that's right. You know, one way to lookat that is that there's an equal weighted version of the
S&P 500 published. You can look at the equal-weighted
version versus the performance of the cap-weighted
version. That contains a lot of information. For example,
the cap-weighted version has been pounded. It’s wasdiverging for quite a long time. That's a big message. So“So the question is whether your market timing mechanism is better thantheir market timing mechanism, not whether you want to use a market timing
mechanism.”
you needed to be involved in, you know, the largest cap
stocks. In order to stay in the game, you know, there arelots of ways to take this apart.
What interests me most, actually, is sub-setting index. I
think you can develop clever algorithms. We'll talk aboutsome of that in my talk, but I think that through cleveralgorithms and good choices, one can very successfully
subset and index and do very well against that index.
You know, I'll tell you a funny story. So I'm a CFA in addition to being a CMT, and I studied for my CFA in the mid
1980s, taking the tests. Early on in the CFA process, aguy that I was studying with looked at me and said, “The
whole argument here is that you can't beat the market,
as defined by the S&P 500.” I said, “Oh yes, you can.” All
you have to do is eliminate the poorly performing stocks.
So, you know, I've been interested in this idea of trying
to subset, indices for the benefit of portfolios for a very
long time.
I think it's a very powerful idea. I think it's a underappreciated, underutilized, and underdiscussed idea. I thinkpeople start thinking about it and will realize tremendous
value there. If you think about it, people do it without
thinking. When you invest in a sector, that's essentiallywhat you're doing. You're investing in the substance of
these indices and they are run the same way. So it's notlike it's a unique or totally, you know, a new shiny idea.
The idea has been with us for a long time. I just think that
if practitioners focus on sub-setting, they can really add
value to their client's portfolios.

RW: Another key point in your presentation is ESG investing. What was the inspiration for that focus?
JB: Well, you know, a couple of years ago, my daughterjoined our firm, and she brought with her a rich interest
in ESG investing. She had a new, extensive backgroundin the area and really wanted to do something. This ideaof ethical investing has a very long history. However, it
mostly underperforms the market.
Instead, I looked at her and said, “I'm totally fine withdoing something, but we have to do it right.” So what we
did is build from scratch a couple of ESG indexes and thenlooked at ways of sub-setting. That's essentially the heartof my talk. So I'm not going to give that much more away. I
think you'll find it very interesting. It's a kind of classic in a
number of ways. But it's also very, very practical. This stuff
is relatively easy to do. You have to be very disciplined.
But you can really add value to client portfolios with this.
You know, this idea of sub-setting using technical tools,
maybe just a question on the position of technical analysis
and market timing.
RW: Right here and now on a bigger picture level. What's
your sense in terms of this age-old debate about passive
vs. active investing and where technical analysis adds
value.
JB: So I think passive investing is a reality only for thevery largest investors. Other people can’t and shouldtake a more active approach, even if it's a simple little
allocation mechanism. You know, it's pretty easy. ThisIFTAUPDATE 2021 Volume 28 Issue 2

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Interview With John Bollinger continued
adds value. Harry Brown is a very well-known market
technician who is now long retired. He put forth the ideaof a permanent portfolio. You take a portfolio and cut it up
into four pieces. A quarter in stocks, a quarter in bonds, aquarter in cash and a quarter gold. So that's a great idea
and it works well over time.
It tends to be much less volatile than the market as awhole. Investors could be pretty happy with that. Except
the months they're looking over at the S&P 500. That
will, on its own, beat the portfolio for many years. But
think about it. Just take a very simple little allocation anddecide to work with a permanent portfolio. But instead ofjust one quarter, one quarter, one quarter, let's make it
adjustable. Let's say you know any element of the portfolio can range from 10% to 50%. Adjust it based on theperformance of the components. You know what's working versus what's not, and you give higher allocations towhat's working in lesser allocations.
For example, gold is very, very trendy. So when gold isrising, you add a little extra weight to gold. When gold
is not rising, you pull some way away when stocks are
doing well. I think the idea of active investing could besomething that simple. Once a month, sitting down withthe yellow pad and making a few tiny little calculations toadjust your portfolio. Or it could be something as active
as running a portfolio. For example, a very active relative strength program that's making daily changes in in
a portfolio. There's a range of possibilities.
That's why it always disturbs me so much when I hearpeople saying market timing is not for me. So what you
mean is making money is not for you? It just doesn't makeany sense, because there are so many approaches, andthey could be really suited to the individual to their risk
and reward criteria. They could be happy versus how
many people you know that put all their money in the S&P
500 and lived through the extreme drawdown.
I think there are so many people who pulled out of all theirpositions near the bottom and are now sitting there after
this massive rally that has ensued saying, “Oh, my God.
You know, I've missed the entire recovery process.” I think
the case against passive investing is very clear and thecase for active investing is also very clear.
RW: It may be part of the kind of market timing benefit ofmaking money, as you quite aptly said. It also flips into adouble benefit off risk management, particularly when themarket is just so risk centric in terms of the destructionof diversification with too much indexation.
JB: How much of that is really driven by people? I don't
think I understand indexing all this money that's going
into these ETFs. When money comes in, they must buy
the whole list of stocks. When money comes out, theymust sell the whole list of stocks.
I think that's becoming a very, very tough game to play.
It's a really delicate effect on the areas of the stock market
that are covered by those indexes. You know, I must say,
I'm a little bit of a heretic in this regard. Everybody wants
to index. But I love investing in individual stocks. I thinkthat's where the real opportunity to start with the crowd
is headed 100% toward. You know, all of these exchange
traded funds and mutual funds of various sorts and type. I
think they create more opportunity for people like myself“That's why it always disturbs me so much when I hear people saying market
timing is not for me. So what you mean is making money is not for you?”and my firm, who want to invest in individual stocks. We've
had some terrific opportunities.
This year, I think we'll continue to have opportunities
because, you know, the vast majority of people aren't
looking over into our world of individual stocks. They're
all about exchange traded funds and passive investing.
So it's just it's really a land of plenty for stock pickers.
RW: A final risk question regarding the options market.
There's been a lot of talk about overheated leverage positioning in the options market from big and small money,
within the institutional and retail space. What's your senseof the extent of the option market situation?
JB: I'm not sure that I have a really good handle on that. I
know that there’s a lot of options activity out there. I keep
a number of option indicators, so I keep a fairly, you know,
good sense of the pulse of that market. But I'm not sure
how important that is. For example, coming into the U.S.
presidential elections, virtually all of the exchanges andmany of the brokerage houses have started graduallyraising their margin requirements, reducing the leverage that's available to customers—both professional andamateur. That ranges from the brokerage firms catering toprofessionals like interactive brokers to brokerage firms
catering to individuals like TD Ameritrade. All of these
entities have raised their margins. Now, I must say thatthey seem to have done so pretty responsibly. They're
doing it gradually, and they made the announcement way
in advance. So they're not disrupting the markets by doingso. So I think there is some understanding there's toomuch use of leverage out there.
These firms are starting to lean against the wind. The
same thing is true about brokerage firms. I keep hearing
people talk about a couple of big players, that they'reusing a call option trying to drive the process of individual

IFTAUPDATE 2021 Volume 28 Issue 2

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Interview With John Bollinger continued
stocks. I think the big Wall Street firms, they understandwhat's going on there. You know, they're fully capable oftaking the other side of that trade. So, I'm not as worried
about it as some people are. I do see a potential problem,
but I always see leverage as a problem. Leverage is thegreat destroyer. Whenever there's been a blowup in thestock market, you look back and what was behind it, someform of leverage. It's happened time and time and timeagain. So I've never been a fan of leverage. WheneverI’ve used it, it’s always been very judiciously.
RW: Macro and technical question, all in one phrase:“Don't fight the tape. Don't fight the Fed.” What’s yourperspective on both of those statements in the current
environment?
JB: It's pretty strong, and the Fed’s pretty strong. So
prices are going up. I mean, it seems very straightforward.
Marty Zweig famously coined those phrases. It was mucholder market wisdom, but he put those phrases into thevernacular. It featured during his appearances on WallStreet Week, Louis Rukeyser's TV show many years ago.
He would, you know, constantly remind people, “Don't
fight the Fed, don't fight the tape.” That's great wisdom.
I think it is as important today as it was then. If the Fed’s
providing liquidity and ensuring that the financial environment is conducive to higher stock prices, you ought
to pay attention. And if stock prices are rising, you ought
to pay attention.
RW: A final question on my side from the new generation of traders, particularly new traders that have literally
started this year from the crash lows into what has beena phenomenal bull market. What key lessons can someof those new traders learn?
JB: Well, if you take any old professional and ask them
what the worst thing is that could happen to a beginning

trader, they will look at you and say that the first trade is ahuge win. I'm afraid that we've created an enormous cropof traders who feel that they could do no wrong, no matter
what they buy. No matter how they buy it. No matter how
little discipline they use, they're going to make money,
and they're going to find out that all of those things were
wrong. They're going to find out that what they buy isincredibly important.
We will find out how much leverage they use is incredibly
important. Sitting on top of all of that, they're going to findout that that self-discipline is the number one determining
factor of investment performance.
RW: Very wise words, John. One that I think that will
create a lot of ongoing insights with many of our IFTA
members around the world. We hope to have thousandsof attendees in this first ever online 24-hour conference.
We're really excited to have you on board as our keynote
speaker.
JB: Well I'm really looking forward to beyond this conference, which obviously I'm very excited about. I'm looking
forward to next year's conference, where I can meet andgreet my fellow analysts and portfolio manager technicians and talk about ideas and get to see people in theflesh once again. So, we look forward to some new normal
in next year and thereafter. I wish you a great conference
this year. I'm happy to contribute to it. But I'm also hoping
for a regular conference next year.
RW: We do, too. Thank you very much, John.
JB: My pleasure.
View live interviews with John Bollinger via YouTube and
IFTA’s podcast.

L-R: Dorit Kehr, Zoe Bollinger, Ron William, John Bollinger(2018), Zurich, Switzerland

IFTAUPDATE 2021 Volume 28 Issue 2

page 21Congratulations New CFTes!

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Paper Deadline

15 Mar 2022

15 Oct 2022

(Session 1) Register at https://ifta.org/application-forms/mfta-application-session1/(Session 2) Register at https://ifta.org/application-forms/mfta-application-session-2/

IFTAUPDATE 2021 Volume 28 Issue 2

page 22

IFTA2021 CONFERENCE IS VIRTUALFRIDAY AND SATURDAY, OCTOBER 8–9, 2021

Hosted by the American Association of Professional Technical Analysts, the 2021 IFTA Conference is themed TRADING PLACES–
focusing on the international scope of today's financial markets and the application of technical analysis to global investing.
TRADING STRATEGIES

Understanding financial markets is anything but
static. Success comes from always learning.

MARKET OUTLOOKS

Post-pandemic, where are global markets
headed? What new challenges may lie ahead?

PROFIT OPPORTUNITIES

Where are leading investors looking for gains intoday's financial climate and the year ahead?

For 32 years the International Federation of Technical Analysts (IFTA) conferences have been local, in one country, hosted by one of our member Societies. In
2020, we adapted to extraordinary times with a virtual conference hosted by the Vereinigung Technischer Analysten Deutschlands e.V. (VTAD) in Germany. Morethan 5,000 technical analysts attended.
The 2021 (34th) Annual IFTA conference will take place October 8–9, 2021 in a digital virtual space, offering exceptional exposure to the thoughts of well-known
technical analysts and like-minded IFTA members, traders and investors.

Go to the CONFERENCE WEBPAGE for more info and to sign up for updates!

IFTAUPDATE 2021 Volume 28 Issue 2

page 232021 VIRTUAL

Conference

OCTOBER 8-9, 2021

SPONSORSHIP OPPORTUNITIESIFTAUPDATE 2021 Volume 28 Issue 2

page 24

GLOBAL OUTREACH FOR SPONSORSFor 32 years the International Federation ofTechnical Analysts (IFTA) conferences havebeen local, in one country, hosted by one ofour member Societies. In 2020, we adapted to
extraordinary times with a virtual conference
hosted by the Association of Technical Analysts
in Germany (VTAD). More than 5,000 techicalanalysts attended.
In 2021, with international travel restricted formany of our members, our host society - theAmerican Association of Professional Technical Analysts (AAPTA) - continues the virtual
format with an exciting agenda shaped by the
dynamic changes taking place throughout thefinancial markets worldwide.
The 34th annual IFTA conference will take place
October 8-9, 2021 in a digital virtual space. In
addition to offering exceptional exposure to
the thoughts of well-known technical analysts

and like-minded IFTA members, traders andinvestors, the 34th IFTA Conference is a unique
opportunity for sponsor companies to reacha global audience of heavy-hitter technicalanalysts.
Four sponsorship levels are available. The
benefits of each sponsorship are shown on thefollowing grid. Platinum and Gold Sponsorships
will be limited to one Platinum and four Gold
Sponsor companies. If these opportunities are
ideal for your firm, complete and submit thesponsorship application quickly.
For more questions about IFTA Conferences
and how this event will benefit your firm, contact Peter Mauthe at 972-213-5816, Scott Fullman at 917-627-7409 or email info@aapta.com.
For additional conference information - www.
ifta2021intheUS.org.
2

IFTAUPDATE 2021 Volume 28 Issue 2

page 25

SPONSORSHIP LEVELSIFTA 2021 CONFERENCE
VIRTUAL - OCTOBER 8-9

PLATINUMGOLDSILVER

BRONZE$12,000$9,000$6,000$3,000

YES

NO

NO

NO

YES

NO

NO

NO

Post-conference webinar with AAPTA
and IFTA members

YES

NO

NO

NO

Introduce speakers

YES – 2

YES – 1NONO

FULL PAGE½ PAGE¼ PAGE

NO

8

6

4

2

YES

YES

YES

YES

Sponsor logo and contact information
on meeting break screen

YES

YES

YES

YES

Registrant list (pre- and post-event)

YES

YES

YES

YES

Speaker presentation on agenda(45 minutes)
Sponsor message emailed to all
registrants

Complimentary ad in IFTA Journal
Complimentary conference registrations
for sponsor representatives*
Opportunity for attendees to download
sponsor information* Additional conference registrations may be purchased.

3

IFTAUPDATE 2021 Volume 28 Issue 2

page 26

SPONSOR REGISTRATION FORM
2021 IFTA SPONSORSHIP LEVELPLATINUM$12,000

GOLD$9,000SILVER$6,000

BRONZE$3,000Company Name:____________________________________________________________
Name___________________________________________Title_______________________Email Address__________________________
Name___________________________________________Title_______________________Email Address__________________________
Individual to contact regarding Conference information: Attending: __Yes __ No
Name___________________________________________Title_______________________Email Address__________________________
Company Address:__________________________________________________________
City_______________________________State_________Zip________________________
Phone______________________________Fax___________________________________
Additional Attendees: (PlatinumSponsorship includes registration for 8 attendees; Gold 6 attendees; Silver 4 attendees and Bronze 2 attendees. Additonal attendees pay the regular attendee price per person.)
Individuals who will be attending the conference:
1. Name ________________________________________Title_______________________Email Address__________________________
2. Name ________________________________________Title_______________________Email Address__________________________
3. Name ________________________________________Title_______________________Email Address__________________________
If there will be more attendees, please attach a list of their names, titles and email addresses.
Payment Method: __MasterCard __Visa __ AMEX __ Discover __Check (Please make checks payable to AAPTA)
Credit Card number_______________________________________
Expiration Date___________________________________________________________________________________________________CARDHOLDER’S SIGNATURE

Total amount enclosed or to be charged: $ ________________
4

IFTAUPDATE 2021 Volume 28 Issue 2

page 27

IFTA MEMBERS

The International Federation of Technical Analysts (IFTA) was incorporated in 1986 and is a global organization of market
analysis societies and associations in 21 countries. IFTA offers certification to technical analysts around the world.
ATAA - Australian Technical Analysts Association
ESTA - The Egyptian Society of Technical Analysts
AFATE - Association Francaise des Analystes Techniques
VTAD - Vereinigung Technischer Analysten Deutschlands e.V.
FTAA - Financial Technical Analysts Association, Hong Kong
ATA - The Association of Technical Analysts, India
AATI - Asosiasi Analis Teknikal Indonesia
SIAT - Societa Italiana di Analisi Technica
NTAA - Nippon Technical Analysts Association
LSTA - Lebanese Society of Technical Analysts
MATA - Malaysian Association of Technical Analysts
STANZ - Society of Technical Analysts of New Zealand

TASN - Technical Analysts Society, Nigeria
STAF - Scandinavian Technical Analysts
TASS - Technical Analysts Society Singapore
TASSA - Technical Analysts’ Society of Southern Africa
IEATEC - Instituto Español de Analistas Tecnicos y Cuantitativos
SAMT - Swiss Association of Market Technicians
STA - Society of Technical Analysts Ltd., Great Britain
STAP - Society of Technical Analysts Philippines
TSAASF - Technical Securities Analysts Association of San
Francisco
AAPTA - American Association of Professional TechnicalAnalysts2021 HOST - AAPTA
The American Association of Professional Technical Analysts is the premier place for accomplished professional
technicians to engage in networking, open dialogue
and thought-provoking get-togethers. AAPTA provides a5

forum for its members to share research and resources,
exchange ideas on Technical Analysis and the markets,and facilitate the highest level of professionalism in ourfield. www.aapta.org

IFTAUPDATE 2021 Volume 28 Issue 2

page 28

Calendar-at-a-Glance
Date

Host

Speaker

Location

Time

ContactMonthly Presentations from local and international speakers on a comprehensive range of
topics (e.g., sharemarket, CFDs, options, futures, FOREX trading, methodologies,
money management, psychology).

Topic

STANZ

VariesVaries, or online

Varieshttps://stanz.co.nz/

Monthly Monthly Meetings are held monthly in nine cities across Australia. All monthly
meetings are free to members. Visitors are welcome to attend. Bookings are
not required. Visitors are welcome, first visit free.

ATAA

VariesVaries, or online

Varieshttps://ataa.asn.au/

Monthly Monthly Meetings & Events: The STA holds monthly meetings in London, usuallyon the second Tuesday of every month, except for a summer break in August.

STA

VariesOnline or
One Moorgate Place,
Chartered Accountants Hall,
1 Moorgate Place
LondonVarieshttps://www.sta-uk.org/resources/
meetings-events/

2021
June
July

Aug
Sept

Oct

No events scheduled at this time
5

STA Diploma, Part 1 Exam

STA (UK)

NA

OnlineTBA

https://www.technicalanalysts.com/
education/examinations/

13

Monthly Meeting: STA & ACI UK Debate - 2021 Outlook: Mid Year
Review

STA (UK)

Dominic Bunning, Head ofEuropean FX Research, HSBC;
Gerry Celaya, Redtower AssetManagement; Ron Williams,
Founder & Principal Market
Strategist, RW Advisory

Online or
One Moorgate Place,
Chartered Accountants Hall,
1 Moorgate Place
London6:30 PMhttps://www.technicalanalysts.com/
meetings/

31

Master of Financial Technical Analysis (MFTA) Alternative Path,
Session 2 application deadline

IFTA

NA

NA

NA

admin@ifta.org; https://ifta.org/

15

IFTA Update submission deadline for all news content(mid-September release)

IFTA

NA

NA

NA

admin@ifta.org; https://ifta.org/

9

Deadline to register for the CFTe II, 21 October 2021

14

Monthly Meeting

STA (UK)

TBA

Online or
One Moorgate Place,
Chartered Accountants Hall,
1 Moorgate Place
London6:30 PMhttps://www.technicalanalysts.com/
meetings/

2

Master of Financial Technical Analysis (MFTA), Alternative Path,
Session 2 application deadline

IFTA

NA

NA

NA

admin@ifta.org; https://ifta.org/

7

IFTA Virtual Annual General Meeting (AGM)

8–9

IFTA 2021 Annual Conference (Virtual)–Hosted by AAPTA (USA)

IFTA/
AAPTA

VariesOnlineTBA

admin@ifta.org; https://ifta.org/

Continued on page 29

IFTAUPDATE 2021 Volume 28 Issue 2

page 29

Calendar continued
Date

Oct

Nov

Dec

Topic

Host

Speaker

Location

Time

Contact

12Monthly Meeting

STA (UK)

TBA

Online or
One Moorgate Place,
Chartered Accountants Hall,
1 Moorgate Place
London6:30 PMhttps://www.technicalanalysts.com/
meetings/

15

Master of Financial Technical Analysis (MFTA),
Session 1 paper deadline

IFTA

NA

NA

NA

admin@ifta.org; https://ifta.org/

21

Certified Financial Technician (CFTe) Level II Examination

IFTA

NA

Varies or online

TBA

21

STA Diploma, Part 2 Exam

STA (UK)

NA

OnlineTBA

https://www.technicalanalysts.com/
education/examinations/

1

IFTA 2022 Journal Web publication

IFTA

NA

NA

NA

admin@ifta.org; https://ifta.org/
publicatons/journal/

15

IFTA Update submission deadline for all news content(mid-December release)

IFTA

NA

NA

NA

admin@ifta.org; https://ifta.org/

6

STA Diploma, Part 1 Exam

STA (UK)

NA

OnlineTBA

https://www.technicalanalysts.com/
education/examinations/

14

Monthly Meeting

STA (UK)

TBA

Online or
One Moorgate Place,
Chartered Accountants Hall,
1 Moorgate Place
London6:30 PMhttps://www.technicalanalysts.com/
meetings/

2022
Jan
Feb

No events scheduled at this time
15

IFTA Update submission deadline for all news content(mid-March release)

IFTA

NA

NA

NA

admin@ifta.org; https://ifta.org/

28

Master of Financial Technical Analysis (MFTA), Alternative Path,
Session 1 application deadline

IFTA

NA

NA

NA

admin@ifta.org; https://ifta.org/

Mar

15

Master of Financial Technical Analysis (MFTA),
Session 2 paper deadline

IFTA

NA

NA

NA

admin@ifta.org; https://ifta.org/

April

TBA

Certified Financial Technician (CFTe) Level II Examination

IFTA

NA

NA

NA

admin@ifta.org; https://ifta.org/

TBA

STA (UK) Diploma, Part 2

STA (UK)

NA

OnlineAll day

https://www.technicalanalysts.com/
meetings/

1

Certified Financial Technician (CFTe) Level II - registration opens for
October examination through IFTA website.

IFTA

NA

NA

NA

admin@ifta.org; https://ifta.org/

2

Master of Financial Technical Analysis (MFTA) Session 1 application,
outline and fees deadline

IFTA

NA

NA

NA

admin@ifta.org; https://ifta.org/

15

IFTA Update submission deadline for all news content (mid-June
release)

IFTA

NA

NA

NA

admin@ifta.org; https://ifta.org/

31

IFTA Journal Call for Paper submission deadline

IFTA

NA

NA

NA

admin@ifta.org; https://ifta.org/

MayBalance professional development and yourpersonal life with the STA Home Study Course©
WHAT WILL IT COVER?

WHY PURCHASE THE HOME STUDY COURSE?
The world-class e-learning Home Study Course (HSC)© iswritten by leading industry practitioners, making it one of
the best online products available on the technical analysis
market. Whether this is your first introduction to technicalanalysis, you want to refresh your existing knowledge, or you
wish to become a qualified technical analyst, the STA offersa tailored Home Study Course as part of our portfolio of worldrespected courses preparing students for our internationallyaccredited STA Diploma qualification.
You can learn from the comfort of your home at times thatbest suit you. Although website based, it is fully downloadable
and may be used online or offline via PC, Mac, iPad or Android
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•

The syllabi for both STA Diploma Part
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15 in-depth subject teaching units•

Exercises to self-test progress•
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Since the HSC is International
Federation of Technical Analysts•
Adviceon report
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out(IFTA) syllabus compliant
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candidates for both the IFTA CFTe I and II examinations.
Since the HSC is International Federationof Technical Analysts (IFTA) syllabus
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WHO IS THE COURSE
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The course is intended
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WHO IS THE COURSE FOR?
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The course is intended for individuals
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designed for
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iswrittenbyleading
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makingit one of Part 1 & Part 2
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Don’t Get Caught Inside
When You Can Be
Hanging Five
OK, so truth be told, we had a fairly heated discussion at Elliott
Wave International over the direction of this ad. Do we gostraight serious, like just about every other ad? Or do we show
our playful side, in the hope that you won’t just skip past it likeall those other ads?
Because on the one hand, the Certified Elliott Wave Analyst(CEWA) designation is dead serious. The CEWA program is
the standard for Elliott wave analysts. But at the same time, theWave Principle is gnarly, dude – why surf the chop with the
kooks when you could be rippin' the best waves with the locals.
And so, in an exclusive arrangement with our buds at IFTA,
EWI now offers the Certified Elliott Wave Analyst (CEWA)
designation for the coolest dudes: Elliott wave pros, analysts
and traders.
Your CEWA designation lets everyone know that you're alegend in the practical application of the Elliott Wave Principle,
one of the most recognized forms of technical analysis. With
CEWA you can finally paddle out away from the crowds andfind some open water where you can shoot the curl.
Show your CEWA designation to potential employers andprospective clients, so they know YOU know where the bombs-- and the grey fins -- lurk.

Get Started. Visit www.elliottwave.com/wave/GetCertified“Is it just me, or has Wilson gained someconfidence since he became a CEWA?”IFTAUPDATE 2021 Volume 28 Issue 2

page 32

In Memoriam
J. Welles Wilder Jr.
(1935–2021)

IFTA’s 2020 Lifetime Achievement Award was presented to a man who revolutionized technical analysis.
In the mid-1970s J. Welles Wilder Jr. created a set ofindicators that was considered revolutionary because
the indicators proved optimal during the sideways
period that the market was witnessing during theseyears.
His indicators, however, stood the test of time andproved to be of great value, even when the markets
witnessed strong trends. The approach worked well inthe 70s, 80s, 90s, and 2000s.

Welles was a real genius and understood very well themechanics of market movements, which was obvious
in his simple but concrete definitions of upward anddownward movements in addition to the relative comparisons between buyers and sellers that he always used in a very professional manner.
Welles’ DMI system is one of the most well-built systems in technical analysis. It is aconcrete system that gives you clear information about market direction, how strong
the move is, in addition to clear overbought and oversold signals. It is important to notethe DMI system (in my opinion) is the only system that can give you a real overbought
situation during an uptrend, and a real oversold situation during a downtrend. This is
one of the techniques that is very much underrated in this system.
Other great indicators include RSI, Parabolic (SAR), and Average True Range.
Professionals that used Welles’ indicators know well that they contain real value, much
more than was actually written in his books.
Welles was 90 years old, and his achievements in technical analysis are endless. He
will remain one of the greatest technical analysts in history. There is no doubt about
that. Thank you, Welles, for all you have done for our industry and for technical analysis.
We all love and respect you.
IFTA Education Committee

J. Welles Wilder Jr.—A Farewell to One of the Greatest TechnicalAnalysts in History
It seems like yesterday that I was given the honor and pleasure of presenting the
IFTA Lifetime Achievement Award to Welles Wilder during IFTA’s online 2020 Annual
Conference.
It was long overdue, not only because the work and contribution of Welles wasrevolutionary on many levels, but also because his work helped countless technicalanalysts worldwide to improve their analysis and therefore make better investment
decisions.
As technical analysts, we are all using at least one of the indicators and systems
developed by Welles, such as the DMI System, the Relative Strength Index, theAverage True Range, or the Parabolic SAR, to get better market insight.
But Welles was even more than that. In his personal life, he was also a great husband, father, and friend. While Welles could not receive the award himself, Tom
DeMark—his close friend for over 40 years—accepted the reward on his behalf,
sharing memorable stories about their decades together as colleagues and closefriends.
I am grateful thinking of that touching moment when Welles’ daughter, Catherine, waswith us during the conference. I still hear her loving words about Welles being a dad
and a husband. Truly a very special moment that all who attended will never forget.
Welles leaves a big gap—as a husband, a father, friend, and colleague.
We have to say farewell now, but we never will forget Welles and the contribution
he made to all of us. His legacy continues in our charts, and this is handed downfrom one generation of technical analysts to another. This is IFTA’s duty, and weare grateful to fulfill it.
Wieland Arlt, IFTA President

IFTAUPDATE 2021 Volume 28 Issue 2

page 33

In Memoriam
Adrian Kömel(1988–2021)

With deep dismay, I haveto inform you about thepassing of one of ouryoung colleagues andfriends, Adrian Kömel.
Just a couple months
ago, we were discussing
the “Evolution of Trading
and Technical Analysis”
with Adrian, Linda
Raschke, Raul Glavan,
and Tobias Bärlin at
I F TA’s o n l i n e 2020
Annual Conference.

As a technical analyst
and trader, Adrian was well known for his application of
CoT data and statistics. He was a dear friend and colleague and a very promising speaker, and he was justabout to get the international recognition he deserved.
He left us at the age of 32.
Our deep condolences are with his family and friends.
Wieland Arlt, IFTA President

More about Adrian…

Adrian Kömel studied business mathematics and successfully completed it as one of the top students . He became
interested in trading through an internship and got toknow his trading partner, Tobias Bärlin, with whom he has
been working and trading since then and built the website
https://www.suricate-trading.com/. Tobias has been trading for about 15 years now, and Adrian had been trading full time for about seven years. First, they dealt withstatistical approaches and evaluated the markets using
simulation programs and looked at what works and what
doesn’t. Through the World Trading Championship, they
became aware of other approaches and analyzed whatis the best in the world trade. So they got to know the CoTdata and developed their own trading system that combines different approaches. This system combines CoT
data, timing instruments, volume profiles, and the footprint
chart. They had been participating in the Trading WorldChampionship for three years and had been among thefive best traders in the world every year.

IFTAUPDATE 2021 Volume 28 Issue 2

page 34

IFTA Member Societies

Board of Directors

EGYPT—ESTA Egyptian Society of Technical Analysts www.estaegypt.org

President Wieland Arlt, CFTe (VTAD)
wieland.arlt@ifta.org

AUSTRALIA—ATAA Australian Technical Analysts Association www.ataa.asn.au
FRANCE—AFATE Association Française des Analystes Techniques www.afate.com
GERMANY—VTAD Vereinigung der Technischer Analysten Deutschlands e.V. www.vtad.de
HONG KONG—FTAA Financial Technical Analysts Association www.ftaa.org.hk
INDIA—ATA Association of Technical Analysts www.tataindia.org

INDONESIA—AATI Asosiasi Analis Teknikal Indonesia www.aati.my.id
ITALY—SIAT Società Italiana di Analisi Tecnica www.siat.org
JAPAN—NTAA Nippon Technical Analysts Association www.ntaa.org.jp
LEBANON—LSTA Lebanese Society of Technical Analysts www.lstalebanon.com
MALAYSIA—MATA Malaysia Malaysian Association of Technical Analysts www.malaysianchartist.com
NEW ZEALAND—STANZ Society of Technical Analysts of New Zealand www.stanz.co.nz
PHILIPPINES–STAP* Society of Technical Analysts Philippines www.technicalanalysts.org
SCANDINAVIA—STAF Skandinaviens Tekniska Analytikers Förening www.staf.nu
SINGAPORE—TASS Technical Analysts Society (Singapore) www.tass.org.sg
SOUTH AFRICA—TASSA Technical Analysts Society of Southern Africa www.tassa.org.za
SPAIN—IEATEC Instituto Español de Analistsas Técnicos y Cuantitativos www.ieatec.es
SWITZERLAND—SAMT Swiss Association of Market Technicians www.samt-org.ch
UNITED KINGDOM—STA Society of Technical Analysts Ltd. www.sta-uk.org
USA—TSAASF Technical Securities Analysts Association www.tsaasf.org
USA—AAPTA American Association of Professional Technical Analysts www.aapta.com*Developing Society

IFTA Update Schedule

The IFTA Update is the quarterly electronic newsletter of the International Federation of TechnicalAnalysts, reaching more than 7,000+ IFTA colleagues worldwide. The Update is an efficient and costeffective way to communicate with IFTA’s member societies and colleagues.

PUBLICATION SCHEDULE
September Issue

All content due August 15

December Issue

All content due November 15

March Issue

All content due February 15

June Issue

All content due May 15

Send Education Lounge article submissions to newsletter@ifta.org. Send all other content to admin@ifta.org.
For more information and to advertise, visit our website: www.ifta.org/publications/newsletter/.

Treasurer and Website Director Karin Roller, CFTe (VTAD)
karin.roller@vtad.de
Secretary and Membership Director Alek Jankowski, BE, M.Eng.Sc., Grad.Dip.Mgt. (ATAA)
Alek.Jankowski@ATAA.asn.au
Vice President Middle East and Africa and Immediate Past President Mohamed El Saiid, MFTA, CFTe (ESTA)
mohamed.elsaiid@ifta.org
Vice President Europe Clive Lambert, MSTA, CFTe (STA)
clive@futurestechs.co.uk
Vice President Asia-Pacific Hiwon Yoon, Ph.D., CMTA (NTAA)
yoon@cmdlab.co.jp
Vice President The Americas and 2021 Conference Chair Jeanette Young, CFP®, CMT, M.S. (AAPTA)
optnqueen@aol.com
Education Director Saleh Nasser, CFTe, CMT (ESTA)
saleh.nasser@ifta.org
Examination Director Gregor Bauer, Ph.D., CFTe, (VTAD)
gregor.bauer@vtad.de
Development Director Ron William, MSTA, CFTe, CMT (SAMT)
ron.william@ifta.org
Director Francesco Caruso, MFTA (SIAT)
info@cicliemercati.it
Director Nik Ihsan Raja Abdullah, MSTA, CFTe (MATA)
nmihsan@gmail.com
Director Giovanni Trombetta, CFTA, Electronic Engineer (SIAT)
giovanni.trombetta@gandalfproject.com
Director Yukitoshi Higashino, MFTA (NTAA)
higashino3z@gmail.com

Staff

Executive Director Kristen LeBlanc, MPA, CAE
Senior Vice President, Meetings Grace L. Jan, CAE, CMP
Senior Member Services Manager Linda Bernetich, CAE
Senior Marketing Director Julie Hill
Production Manager Maryia Alenchyk
Managing Editor Lynne Agoston
Director of Accounting Services Dawn Rosenfeld

IFTA HEADQUARTERS
International Federation of Technical Analysts
1300 Piccard Drive, Suite LL 14
Rockville, MD 20850 USA

Phone: +1 240-404-6508
Fax: +1 301-990-9771
Email: admin@ifta.org