2023 Volume 30 Issue 1

IN THIS ISSUE
1

President’s Report to Colleagues

2

Highlights from the 2022 Conference3

Congratulations New and Re-elected IFTA
Board Members

5

Member News

6

2021 John Brooks Award Winner

7

2021 Bronwen Wood Award Winner

8

Congratulations 2022 Lifetime Achievement
Awardee: Larry R. Williams

9

Congratulations New CFTes!

9

MFTA and CFTe Exam Dates

10 Calendar-at-a-Glance
14 IFTA Journal Call for Articles
16 Complimentary Webinar and ConferenceVideos
17 IFTA Journal 2023 – Now Available!
18 IFTA Member Societies
18 IFTA Update Schedule
18 Board of Directors
18 IFTA Staff

Next Issue: March 2023
Submission Deadline: 15 February
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.

a 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

Dear Colleagues,
Last year was a tough year, I like to say. As things
looked to be going back to normal in January, theworld tumbled even stronger. War, inflation, and thefirst signs of recession are just three topics we experienced in the markets and our daily lives.
As life is full of insecurity, so are the markets. Will the markets return into
the bull mode or will we see not only a correction but a trend reversal? Wecannot say for sure and therefore we need to rely on the art of technicalanalysis to find areas where we can give recommendations and makedecisions. As we all know, we cannot foresee the future, but we canforesee human behavior — and that is what charts are about.
Speaking of humans, it was great to be back at IFTA’s first in-person
conference in Melbourne after the pandemic. It was great to meet andgreet, to discuss, and to learn. It was great to get back together, to chat,and to laugh — and also to share a drink or two. Building and strengthening a network with other professionals all over the world — that was

the intention from the very beginning of the IFTA conferences and I will
underline this: We will continue!
Yes, there will still be a demand for virtual conferences in the future andwe will cover this as well. But will they ever replace in-person conferences? Of course, not! The 2023 IFTA conference will be held in Jakarta,
Indonesia October 5-7. More details will be announced in the next issue.
To meet, discuss and network — like it always has been and always willbe.
Last, I wish all of you a great start to the new year!

Wieland Arlt
IFTA President

IFTAUPDATE 2023 Volume 30 Issue 1

page 2Highlights from the 2022 ConferenceWith markets turning more volatile and unpredictable in a changing global landscape, it’s well worth arming yourself with the skills and tools
to be able to maximize opportunities in this uncertain environment.
IFTA’s well-received 35th Annual Conference took placein the Rendezvous Hotel in Melbourne, Australia, from 7–9
October, 2022. The conference was hosted and perfectly
organized by the ATAA.

IFTAUPDATE 2023 Volume 30 Issue 1

page 3Congratulations New and Re-elected IFTA Board Members(Term October 2022–October 2025)
A complete list of board members can be viewed on the
IFTA website.

Alessandro Greppi, Ph.D.—
Institutional Director

Nominated by: SIAT (Italy)
Current Board Member: No
Alessandro Greppi, Ph.D., is an equity andfunds portfolio manager at Zurich Insurance
Company Ltd., a certified SIAT technical analyst, and alecturer. He holds a Ph.D. in economics and managementof technology; a master’s degree in economics, finance,
and international integration; and a bachelor’s degree inpolitical science and international relations.

Clive Lambert, MSTA, MCSI,
CFTe—Vice President, Europe

Nominated by: STA (United Kingdom)
Clive Lambert, MSTA, MCSI, CFTe, is thefounder of and continues to be the main
contributor for FuturesTechs in the United
Kingdom. He has been involved in the futures market for25+ years as a broker and trader and has been performing technical analysis for over 15 years.
Clive is a board member of the UK Society of TechnicalAnalysts (STA). He has spoken at several of the STA’s
monthly meetings over the years and has also beenenlisted as a regular lecturer on the Society’s annual
Diploma Course, covering a wide range of subjects.
He was on the STA board between 2003 and 2011 andrejoined in 2015.

Clive has taught technical analysis around the world,
including the CME Group and the London Stock Exchange
among his clients. He has had articles published in various technical analysis publications, is regularly quoted
in the leading news wires, has appeared regularly on
CNBC, and now is seen on Core Finance weekly (usually
on Fridays).

Indarwijaya Rangkuti, MBA, CTA—
Development Director

Nominated by: AATI (Indonesia)
Indrawijaya Rangkuti, MBA, CTA, is an asset
manager for private clients and companies
with Migliore Investment Indonesia as wellas an independent trade coach. He often collaborates
with IFTA members to share market outlooks and trading knowledge. As a trader and analyst, he researches
how to simplify WD Gann’s theory to be more applicative. Indrawijaya was a speaker at the 2020 IFTA Annual
Conference.
Indrawijaya is the treasurer of AATI (Asosiasi Analis
Teknikal Indonesia). He is also a speaker on market andstock technical analysis on several TV programs and at
various seminars and workshops related to technicalanalysis applications for investors and traders.

Saleh Nasser, CMT, CFTe—
Education Director

Nominated by: ESTA (Egypt)
Saleh Nasser, CMT, CFTe, is currently thechief technical strategist of Pioneers Holding
and is currently heading the investment committee of the Asset Management Company.

Prior to joining Pioneers, Saleh was the executive director and the chief technical strategist of Pharos Holding
from 2009 until May 2017. He was also the chief technicalstrategist of CIBC from 2001 until 2009, and he was amember of the CIBC investment committee
Saleh completed his CMT designation from the Market
Technicians Association (MTA) in 2001. He was awarded
an honorary CFTe designation from IFTA because of his
contributions to the Education Committee. He is the originator of the Egyptian Society of Technical Analysts’ CETA
Professional Program, which is one of three international
degrees that are accredited by IFTA as equivalent to the
CFTe.

Karin Roller, CFTe—Treasurer

Nominated by: VTAD (Germany)
Karin Roller, CFTe, is an independent trader
and trader coach. She holds the German
Stock Broker license and worked at thestock exchange in Stuttgart at the Trading
Surveillance. She is a board member of the German
Association of Technical Analysts (www.vtad.de) andoversees the chapter in Stuttgart.
Karin also has authored several books about technicalanalysis, including Ichimoku Trading, Set Goals with
Fibonacci, and the German Trading für Dummies. Karinwrites stock analysis and articles for leading financial
newspapers. She runs seminars and workshops on
technical analysis for private and institutional Investors,
including preparing seminars for the CFTe exams. Karinholds a degree in biology from the University Hohenheim/
Stuttgart.

IFTAUPDATE 2023 Volume 30 Issue 1

page 4

Congratulations New and Re-elected IFTA Board Members (Term October 2022–October 2025) Continued

Eddie Tofpik—Marketing Director

Nominated by: STA (UK)
Eddie Tofpik started out as a warrants clerk
for London Metals Exchange (LME) trader
Transworld Metals in 1980. In 1984 he wasoriginally introduced by colleagues andfriends to technical analysis and has been an avid practitioner ever since. Eddie is a member of the Society ofTechnical Analysts in the UK and an affiliate of the Market
Technicians Association in the United States. He’s also amember of ACI-UK (the FX dealers association) and theChartered Institute for Securities & Investment.
In 1991, he joined Esprit Brokers Limited (precursor to
ADMISI) to develop FX and LME business and started
what is now the 24-hour FX desk of ADMISI. This year,
after 26 successful years as head of FX, he moved to starta new role at ADMISI as head of technical analysis andsenior markets analyst. At ADMISI, Eddie produces andpublishes ‘Eddie’s Crayons…’, a monthly technical analysis
review of FX and selected commodity futures markets
along with other daily and weekly technical analysis.
Additionally, he’s a regular commentator on FX and has
spoken at many international conferences and seminars.

Giovanni Trombetta, CFTA,
Electronic Engineer—Quant
Director

Nominated by: SIAT (Italy)
Giovanni Trombetta is the head of researchand development on the Gandalf Project.
He is an electronic engineer with experience as a radio
access network engineer. He is an expert in radiant systems and artificial intelligence algorithms and is a professional trading systems developer, a quant trader, and a
trainer. Giovanni has many years of programming experience with several languages and trading platforms anduses his knowledge in the field of genetic algorithms andneural networks to create automatic trading systems andfinancial models.

IFTAUPDATE 2023 Volume 30 Issue 1

page 5

Member News
AFATE (France)

ESTA (Egypt)

AFATE celebrated its 30th birthday this past 13th ofDecember! AFATE was created in 1990, but for the past
two years it has been difficult to organise something
special because of the pandemic. The debate at theircelebration was "Are we at the end of the bear market
of stocks?"

The Egyptian Stock Exchange EGX Honors 31 Graduates of the Egyptian Society of Technical Analysts (ESTA) forcompleting their CETA Diploma.

Most of the top French analysts were there including
several former presidents of AFATE: Claude Estier andThierry Bechu (two creators of AFATE), Julien Nebenzahl,Jean-Charles Gand, Robert Haddad, Claude Mattern,
and Laurent Albie.
Nearly 160 people attended the event, including top professionals of financial markets: bankers, brokers, technical analysts, advisers, teachers, economists, journalists
and more.

Mr. Rami El-Dokany, chairman of the Egyptian Exchange (EGX), met with the Board of Directors and members of ESTAat the EGX headquarters and began his speech by welcoming the members of the association, pointing out that theEgyptian Stock Exchange is their second home. He added that he has always been interested in studying technicalanalysis despite his studies in fundamental and economic analysis. He stressed the important role played by technical analysts in the Egyptian capital market. He pointed out that it is not the first cooperation with the Association, as
he had cooperated with the Association in many training courses during his tenure as Secretary General of the Arab
Capital Markets Federation. The Chairman of the EGX was interested in hearing the opinions and suggestions of thegraduates regarding the capital market and was also interested in knowing the details of the academic program in
the association.
Mr. Mohamed Younis, president of the Association, also delivered a speech in which he expressed his great happiness for Mr. Rami El-Dokkani's assumption of the presidency of the Egyptian Exchange and thanked him for his interest in honoring the graduates of the Association, which indicates the extent of his appreciation for the Associationand the science of technical analysis in financial markets. The president of the Association explained that the CETA
diploma consists of three levels that last for three years, after which graduates are entitled to two certificates, theCETA diploma certificate and the equivalent international certificate CFTe. At the end of the ceremony, the chairmanof the EGX handed over the certificates to the graduates, wishing them continued success.

IFTAUPDATE 2023 Volume 30 Issue 1

page 62021 John Brooks Memorial Award WinnerThis paper is presented for the best Master of Financial Technician (MFTA) research paper written each year.
Ronco Briantino, Italy | davide.pandini@hotmail.com | Member of Societa Italiana di Analisi Tecnica (SIAT-Italy)

Davide Pandini, PhD, CFTe, MFTA, CMT

MFTA Research Paper Title: Are the Streets Still Smart? Evaluating Swing
Trading Strategies in Modern Markets
Davide Pandini holds a Ph.D. in electrical and computer engineering from Carnegie Mellon University. He was a researchintern at Philips Research Labs in Eindhoven, the Netherlands,
and at Digital Equipment Corp., Western Research Labs, in
Palo Alto, California. He joined STMicroelectronics in Agrate
Brianza, Italy, in 1995, where he is a technical director and afellow of ST technical staff.
Dr. Pandini has authored and co-authored more than 50
papers in international journals and conference proceedings
and served on the program committee of several premiere international conferences.
He received the STMicroelectronics Corporate STAR Gold Award in 2008 and 2020
for R&D excellence. Since June 2015, Dr. Pandini has been the chair of the ST Italy
Technical Staff Steering Committee.
In the field of technical analysis, Dr. Pandini is a Certified Financial Technician of IFTA,
holds the Chartered Market Technician (CMT) designation from the CMT Association,and is a professional member of SIAT (Societa’ Italiana Analisi Tecnica). In 2021, Dr.
Pandini was the recipient of the prestigious XII SIAT Technical Analyst Award in theOpen category. He was a speaker at SIAT Trading Campus in May 2022, and at theInvesting and Trading Forum in June 2022. Dr. Pandini served as volunteer at the
Universal Exhibition Expo 2015 — Feeding the Planet, Energy for Life — in Milano, Italy.

In Memory of John Brooks

Past winners of the award:

John Brooks was a highly respected technical securities analyst who worked at severalof the prominent Wall Street firms, including
Edwards & Hanley, Robinson Humphrey, andLowry Research, where he served as senior vicepresident and senior analyst.

2020 Shinji Okada, CMTA, CFTe, MFTA
(Japan)During his long and distinguished career, John
was the co-founder and past president of theMarket Technicians Association (MTA) andwas one of the first recipients of the Chartered
Market Technician (CMT) designation in the
United States. In 1985, he co-founded theInternational Federation of Technical Analysts(IFTA) and served as chairman from 1996
to 1998. As the long-time chairman of theMarket Technicians Association Educational
Foundation, John was instrumental in establishing accredited college-level courses in technicalsecurities analysis in many universities.
John was also a co-founder of the American
Association of Professional Technical Analysts(AAPTA) and served on its board of directors.
John authored the highly regarded book
Mastering Technical Analysis, publishedby McGraw-Hill in 2005. His many awards
include the prestigious Market Technicians
Association Award for Outstanding Contribution
to the Field of Technical Analysts and theTechnical Securities Analysts Association of
San Francisco’s Lifetime Award for Outstanding
Achievement in Technical Analysis. In recognition of his support of technical securities analysis throughout the world, John was also nameda Fellow of the British Society of TechnicalAnalysts (STA).

2019 Kersten Wöhrle, MFTA (Germany)
2018 Dr. Oliver Reiss, CFTe, MFTA
(Germany)
2017 Alexander Spreer, MFTA, CIIA,
CEFA, CFTe (Germany)
2016 Tomoya Suzuki, Ph.D., MFTA
(Japan)2015 Miyoko Nishimura, CMTA, CFTe,
MFTA (Japan)
2014 Adam Cox, MFTA (New Zealand)
2013 Alex Neale, MFTA (United Kingdom)2012 Yoshinobu Sakai, CFTe, MFTA
(Japan)2011 Stephan A. Belser, CFTe, MFTA
(Germany)
2010 Mohamed Elaasar, MFTA (Egypt)2009 Pavlos Theodoulos Ioannou, MFTA,
CFTe (Cyprus)
2 0 0 8 F r a n c e s c o C a r u s o , M F TA
(Switzerland)

IFTAUPDATE 2023 Volume 30 Issue 1

page 72021 Bronwen Wood Award WinnerThis award is presented to the candidate who had the best Certified Financial Technician (CFTe) paper for the year.
Muenchen, Germany | brenningth@hotmail.com

Thomas Brenning, CFTe
Thomas has worked as an equity analyst for nearly a decade.
He is currently working in finance for the telecommunications industry.

In Memory of Bronwen Wood

Past winners of the award:

Bronwen Wood was one of the founding board members of IFTA’s Societyof Technical Analysts (STA). She wasinstrumental in developing both the CFTe
Diploma Examination and the preparatory courses for the examination. She
wrote and graded all papers in the earlyyears. Ms. Wood was a great technicalanalyst, rated one of the best by her
peers, particularly for her work on theequity indices and individual shares. For
both her contribution to education andher outstanding analytical skills, she wasmade a fellow of the STA in 1993. Ms.
Wood was also a long-standing member of the IFTA board in various capacities. Through this connection, she wasrespected worldwide as an outstanding
technical analyst and an expert in theteaching of technical analysis.

2020 No award given
2019 Ryan Jin Rong Toh (Singapore)2018 Klaus Horn, CFTe (Germany)
2017 No award given
2016 Ruslan Mikhailov, CFTe (Russia)
2015 Lorenz Ulrich Weidinger, CFTe
(Germany)
2014 Jörg Rühlicke, CFTe (Germany)2013 Sebastien Duhamed, CFTe (France)
2012 Jean-Francois Owczarczak, CFTe
(Switzerland)
2011 Muhamad Makky Dandytra, CFTe
(Indonesia)
2010 Manasi Kumbhat, CFTe (UAE)2009 Hisham Abdullah A. AlQuohi, CFTe
(Saudi Arabia)
2008 Tamar Gamal Eldin Hassan, CFTe
(Egypt)IFTAUPDATE 2023 Volume 30 Issue 1

page 8Congratulations 2022 Lifetime Achievement Awardee: Larry R. Williams
This year’s IFTA Lifetime Achievement Award went to Larry R. Williams.

Larry Williams has been trading futures, commodities, andstocks for over 53 years. Through good years and bad, he
has worked tirelessly to bring his market wisdom to the restof us, recording, writing, sharing, and teaching fellow traders.
He has taught thousands to trade the markets and has been
the only futures trader in the world to repeatedly trade $1
million of his own money live at seminars around the globe.
Larry's long list of best-selling books includes 1982's “Howto Prosper in the Coming Good Years,” which accurately forecasted the largest bull market and surge in economic growthin American history. He is a past board member of the National Futures Associationand the recipient of numerous awards, including Futures Magazine's first Doctor of
Futures Award, the Omega Research Lifetime Achievement Award, Significant Sig(a Sigma Chi acknowledgement), Traders International 2005 Trader of the Year, and2014 MTA (Market Technicians Association) Man of the Year Award. On October 6, 2002,
the mayor of San Diego declared that day as Larry Williams' Day.

About the Award

Prior recipients:

The Lifetime Achievement Award Honors
the career achievements of a technicalanalysis practitioner who has madeextraordinary contributions to the fieldof technical analysis. The recipient will
exemplify and promote the mission of
IFTA through education and research.
The honor will be considered for a technician who has demonstrated the highest
standards of personal and professional
conduct and whom his/her peers and theinvestment community at large hold ingreat regard.

2020 J. Wells Wilder Jr.
2019 Robert R. Prechter, Jr.
201 8 Ir. A bdul Wahid Bin Jantan(posthumously)2017 Sergio Paolino
2015 John A. Bollinger
2014 John J. Murphy
2013 Dr. Henry O. Pruden

IFTAUPDATE 2023 Volume 30 Issue 1

page 9Congratulations New CFTes!
Bandar Mansour Abubakar (STA)
Dr. Muhd Al-Aarifin Ismail (STA)
Koki Ando (NTAA)
Adarsh Ajit Araballi (ATA)
John C. Beal
Amerul Haqimi Bin Ameruddin (STA)
Modh Aminudin Bin Samsudin (STA)
Habibah Binti Muhammad (STA)
Cesare Borgia (STA)
Matthew Buxton (STA)
Christian Eggers, CFTe (VTAD)
Junichi Hashizume (NTAA)
Toshiki Hio (NTAA)
Nobuaki Kakimoto (NTAA)
Sho Kato (NTAA)
Nobuhiro Kitagawa (NTAA)
Hitoshi Kokubo (NTAA)
Prof. Dr. Thomas Kunz (VTAD)

Hideki Maeda (NTAA)
Kazue Matsushima (NTAA)
Bajram Merovci
Hayata Nakamura (NTAA)
Romain Neboit
Nur Saiydidah Nik Zainal Alam (STA)
Matej Reisman
Michihiko Saito (NTAA)
Shingo Sato (NTAA)
Susumu Shima (NTAA)
Naruhisa Takahashi (NTAA)
Orie Takazawa (NTAA)
Masaki Takehara (NTAA)
Hisataka Tanaka (NTAA)
Masayoshi Tanaka (NTAA)
Edzard Wiener (VTAD)
Masato Yoshida (NTAA)
Kentaro Yoshioka (NTAA)

Advanced
tools fortraders of
all levels

MFTA and CFTe Exam Dates
Certified Financial Technician (CFTe)–Level 1

2023-2024

Exam dates

20 Apr 2023

19 Oct 2023

Registration deadline

9 Mar 2022

7 Sep 2023

Register at https://ifta.org/application-forms/cfte-ii-application/
Syllabus and Study Guide www.ifta.org/public/files/publication-downloads/IFTA_CFTe_Syllabus.pdf
For more information on the CFTe program, visit www.ifta.org/certifications.

Master of Financial Technical Analysis (MFTA)

2023-2024

Alternative Path Pre-Application Deadline

28 Feb 2023

Application/Outline Deadline

2 Oct 2023

2 May 2023

Paper Deadline

15 Mar 2023

15 Oct 2023

(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/

Get a 1-month free trial at MetaStock.com/ifta

31 July 2023
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IFTAUPDATE 2023 Volume 30 Issue 1

page 10

Calendar-at-a-Glance
Date

Topic

Host

Speaker

Location

Time

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

VariesVaries, or online

Varieshttps://ataa.asn.au/

Monthly Meets monthly on second Tuesday and fourth Thursday.

CATA

VariesVia Zoom

2000

https://canadianata.ca/

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

STANZ

VariesVaries, or online

Varieshttps://stanz.co.nz/

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

STA Varies One Moorgate
Place, Chartered
Accountants Hall,
1 Moorgate Place, London

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

2023
Jan
Feb

Mar

Apr

May

No events scheduled for January 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/

6

STA (UK) Diploma, Part 1)

STA

NA

Zoom

1800 – 1930

https://www.technicalanalysts.com/
education/sta-courses/#course1details

15

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

NA

NA

NA

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

20

Certified Financial Technician (CFTe) Level II Examination

IFTA

NA

NA

NA

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

20

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/

IFTAUPDATE 2023 Volume 30 Issue 1

Jun
Jul

Aug

No events scheduled for June at this time3

STA (UK) Diploma, Part 1

STA

NA

Zoom

1800 – 1930

https://www.technicalanalysts.com/
education/sta-courses/#course1details

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/

NANA

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

Sep
Oct

Nov

Dec

page 11

No events scheduled for September at this time2

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

IFTA

NA

5-7

IFTA 36th Annual Conference (Hosted by AATI, Jakarta, Indonesia)

IFTA/AATI

Varies6

IFTA Annual General Meeting (Held at IFTA's 35th Annual Conferencein Melbourne)

IFTA

NA

Melbourne, AU

1600

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

15

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

NA

NA

NA

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

19

Certified Financial Technician (CFTe) Level II Examination

IFTA

NA

Zoom

To be
announced

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

20

STA (UK) Diploma, Part 2

STA

NA

Zoom

To be
announced

https://www.technicalanalysts.com/
education/sta-courses/#course2details

1

IFTA 2024 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/

5

STA (UK) Diploma, Part 1

STA

NA

Zoom

1800 – 1930

https://www.technicalanalysts.com/
education/sta-courses/#course1details

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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 2023 Volume 30 Issue 1

page 14

CALL FOR SUBMISSIONSThe IFTA Journal is an annual publication establishedby the International Federation of Technical Analysts. It
is collated by a committee of IFTA colleagues. The IFTA
Journal is essential reading for academics, students, andpractitioners of technical analysis in all arenas. It contains
a wealth of resource material and is an excellent reference for anyone interested in technical analysis.

Credibility and Recognition

The IFTA Journal is the only international journal withoriginal contributions from all continents covering developments in technical analysis in global markets. The
Journal reaches leading practitioners and students oftechnical analysis throughout the world.
The IFTA Journal is a major professional resource. Itsarchival online publication on the IFTA website will makeyour original work available as a future resource to theworldwide community of technical analysts.

TopicsIFTA is seeking papers that cover developments impacting, either directly or indirectly, the field of technicalanalysis; they may be drawn from such areas as:• Basic market analysis techniques• Indicators—sentiment, volume analysis, momentum, etc.
• Global and intraglobal technical analysis• Styles of technical analysis• Data• The changing role of technical analysis in the investment community
We would especially like to see contributions that draw
from areas not previously examined and/or topics tangential to technical analysis.
The above list is just a guide and should in no way beconsidered restrictive. We wish to make the Journal
open to new and innovative ideas from all areas of technical analysis and those that connect with it.

Submitting Contributions

Licenses and CopyrightLanguage

We may publish online. We require that you place yourCommons AttributionAttributionsubmission under the Creative
Creative Commons
NonCommercial
3.0.
NonCommercial 3.0.

Writing Style

Unless another license is noted, we will assume thatyour contribution is under this license.

Registration and submission of contributions is
online via http://www.ifta.org, or by email to the editor
at journal@ifta.org.
Contributions must be submitted in English, with British
grammar required.
Papers should be written in a thesis st yle.
A guidance can be found at the following link:
http://www.ifta.org/public/files/publicationdownloads/MFTA_Thesis_IFTA%20Journal_Guide.pdf

We require all submissions to include the author’s signature on the Publication Agreement at the end of thisdocument.

Editorial Timeline
DecemberCall for papers distributed

All texts referred to in the paper must be appropriately
referenced in a list of "References" at the end of the
text. Further all notes are to be included as endnotes("Notes"). A Bibliography is not to be included.

May 31

Deadline for all submissions

May 31

Papers distributed for review

The author is responsible for the accuracy ofreferences and quotations. We expect the author tocheck them thoroughly before submission.

July 31

Reviewer’s comments returned to editor

August 15

Notification of acceptance/rejection

August 31

Submission to printerOctoberWorldwide distribution

December

Web publication

Referencing

Figures, Charts, and Tables

Illustrations and charts must be referred to by
figure number and source. Tables must be referred toby table number and source.

Length of Contribution

Papers should be approximately 1,200 to 3,000 words,
with supporting graphs and charts.

FormatWe ask for submissions in MS Word or other text format,
as well as a PDF. Charts and graphs may be in .GIF
or .JPG, but we ask that authors also keep a .TIF
format in case it is required for printing purposes.
An Excel spreadsheet supporting your submission
may also be included.

For more information, see our website
www.ifta.org/publications/journal/.

IFTAUPDATE 2023 Volume 30 Issue 1

page 15

Benefit of IFTA Membership: Complimentary Webinar andConference Videos
In our continuous efforts to bring the global technical community closer as well as offer further accessibility to renowned technical analysis experts worldwide, we have launcheda series of IFTA-hosted webinars. These webinars are offered exclusively to all members of IFTA-affiliated societies around the globe. Your local society will forward you thedetails when they become available. If you would like to view past webinars and conference videos, please request access via IFTA’s website.

Recent Past Webinars: 2022–2023
13 January: 2023 Equity Market Outlook
Presenters: Martin Pring & Bruce Fraser
15 December: Wyckoff Workshop Trading Education &Mastery
Presenters: Alessio Rutigliano, Frantz Herr, John
“Johniscan” Colucci, William Reardon, Roman Bogomazov,
and Bruce Fraser
1 August: How You Can Benefit from Seasonality in
Difficult Markets
Presenter: Dimitri Speck, Founder, Seasonax
18 June: IFTA SE Asia Market Outlook—2nd Semester
from Cycle Perspective
Presenters: IFTA Southeast Asia Societies—Asosiasi
Analis Teknikal Indonesia (AATI), Malaysian Associationof Technical Analysts (MATA), Technical Analysts Society
Singapore (TASS), and Society of Technical Analysts
Philippines (STAP)
19 April: Telling the Truth After 12 Years of Trading
Presenter: Kevin Bull, MSTA, CFTe

23 March: Crypto Markets & the Wyckoff Method:A Top-Down Approach
Presenter: Alessio Rutigliano
17 February: A Chartists View of the Markets in 2022
Presenter: Greg Schnell, CMT, MFTA; Chief TechnicalAnalyst at Osprey Strategic, Calgary, Canada
17 January: Southeast Asia Market Outlook 2022:
Breakout Recovery
Presenters: IFTA Southeast Asia Societies—Asosiasi
Analis Teknikal Indonesia (AATI), Malaysian Associationof Technical Analysts (MATA), Technical Analysts Society
Singapore (TASS), and Society of Technical Analysts
Philippines (STAP)
16 January: Martin Pring: 2022 Outlook, Part 1 andMartin Pring: 2022 Outlook, Part 2
Presenter: Martin Pring—President of Pring Research andChairman of Pring Turner Capital
See website for more videos.

IFTAUPDATE 2023 Volume 30 Issue 1

page 16IFTA Journal 2023 – Now Available!
We are pleased to announce that the 2023 IFTA Journal is now available for viewing and download from the IFTA website. Please share with your society colleagues and/or post
to your website.

Inside this Issue:
MFTA Paper
 Are the Streets Still Smart? Evaluating Swing Trading
Strategies in Modern Markets, by Davide Pandini, Ph.D.,
CFTe, MFTA, CMT

A Professional Journal Published by the International Federation of Technical Analysts

NAAIM Papers
 Active/Passive Blending Based on the Liquidity Premium:
A Practical Study, by Garrett H. Brookes, CFA
 MACD -V: Volatilit y Normalized Momentum,by Alexandros Spiroglou, DipTA, CFTe

23
Inside This Issue
2 Are the Streets Still Smart? Evaluating Swing Trading Strategies inModern Markets
24 Order Flow Analysis"We build too many walls andnot enough bridges."—Isaac Newton

Articles Order Flow Analysis, by Anand Behere Plotting Market Dependencies, by Dr. Oliver Reiss,
CFTe, MFTA
 Modelling Financial Time Series by Generative
Adversarial Networks: With Applications to the Nasdaq
Composite Index, By Cezar-Valerian Lupusor, MSc, CFTe
 Using Deep Learning Models for Stock Market
Predictions: An Application of Long Short-Term Memory
Algorithms to Micron Technology, Inc., by Cezar-Valerian
Lupusor, MSc, CFTe Price Monitoring of Stock Portfolio—Software
Development in Lazarus, by Christoph T. Wildensee,
Ph.D., MFTA

Book Review
 Technical Analysis Using Multiple Timeframes, by Brian
Shannon; reviewed by Regina Meani, CFTe

30 Plotting Market Dependencies
37 Modelling Financial Time Series by Generative Adversarial Networks:
With Applications to the Nasdaq Composite Index
46 Using Deep Learning Models for Stock Market Predictions: An
Application of Long Short-Term Memory Algorithms to Micron
Technology, Inc.
55 Price Monitoring of Stock Portfolio—Software Development in Lazarus"...it is more imperative than everthat we all reach out to each otheragain to bridge our problems andfind good solutions for a peaceful
future for all of us."—Dr. Rolf Wetzer, CFTe, MFTA,
Journal Editor“We build too many walls
and not enough bridges.”—Isaac Newton

ISSN 2409-0271

IFTAUPDATE 2023 Volume 30 Issue 1

IFTA Member Societies
AUSTRALIA—ATAA Australian Technical Analysts Association www.ataa.asn.au
CANADA—CATA* Canadian Association for Technical Analysis www.canadianata.ca
EGYPT—ESTA Egyptian Society of Technical Analysts www.estaegypt.org
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.matamalaysia.org
NEW ZEALAND—STANZ Society of Technical Analysts of New Zealand www.stanz.co.nz
PHILIPPINES–STAP* Society of Technical Analysts Philippines www.staphilippines.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.technicalanalysts.com
USA—TSAASF Technical Securities Analysts Association www.tsaasf.org
USA—AAPTA American Association of Professional Technical Analysts www.aapta.com*Developing Society

page 17

Board of Directors
President Wieland Arlt, CFTe (VTAD)
wieland.arlt@ifta.org
Treasurer Karin Roller, CFTe (VTAD)
karin.roller@vtad.de
Secretary and Membership Director Warren Murnane, Dip TA, CFTe, ST & I (Wealth Within) (ATAA)
warren.murnane@ataa.asn.au
Vice President Middle East and Africa Ayman A. Waked, MFTA, CFTe (ESTA)
aymanwaked@yahoo.com
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, Webinar Director Bruce Fraser (AAPTA)
rdwyckoff@me.com
Conference and Development Director Indarwijaya Rangkuti, MBA, CTA (AATI)
Indra.senna@gmail.com
Education Director Saleh Nasser, CMT, CFTe (ESTA)
snasser72@gmail.com
Examination Director Gregor Bauer, Ph.D., CFTe, (VTAD)
gregor.bauer@vtad.deMarketing Director Eddie Tofpik, MSTA
Eddie.Tofpik@admisi.com
Website Director Tamer Gamal, CFTe (ESTA)
tgamal@gmail.com
Director Alessandr Greppi (SIAT)
greppi.alessandro01@gmail.com
Quant Director Giovanni Trombetta, CFTA, Electronic Engineer (SIAT)
giovanni.trombetta@gandalfproject.com

IFTA Update Schedule

Director Yukitoshi Higashino, MFTA (NTAA)
higashino3z@gmail.com

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.

Staff

PUBLICATION SCHEDULE
March Issue

All content due February 15

June Issue

All content due May 15

September Issue

All content due August 15

December Issue

All content due November 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/.

Executive Director Linda Bernetich, CAE
Vice President, Director of Marketing and Creative Services Jennifer Olivares, CDMP, PCM
Production Manager Tiffany WardManaging Editor Heather Rigby
Director of Accounting Services Dawn Rosenfeld

IFTA HEADQUARTERS
International Federation of Technical Analysts
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Phone: +1 240-404-6508
Fax: +1 301-990-9771
Email: admin@ifta.org