2019 Volume 26 Issue 3

a newsletter for the colleagues of the International Federation of Technical Analysts

IN THIS ISSUE

President’s Report to Colleagues

1

President’s Report to Colleagues

2

Member News

Education Lounge
4Market Report8

Congratulations New CFTes!

9

Congratulations New MFTAs!

112019 IFTA Board of Directors Nominations

13 MFTA and CFTe Exam Dates
14 IFTA Asia-Pacific Summit
17 2018 John Brooks Memorial Award Winner
18 2018 Bronwen Wood Award Winner
19 Calendar-at-a-Glance
21 Board of Directors

Next Issue: December 2019
Submission Deadline: November 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/publications/newsletter/.

Dear IFTA Colleagues,
As I write this article,
global developed andemerging
markets
continue to struggle
while being caught inthe middle of a trade
war between the United States and China. While some emerging markets are trying to fight back in an
attempt to jumpstart their economies
through various economic measures,
global lack of demand on their local asset classes continues to weigh in on
their respective market performances.
This has caused significant variations in
performances, even within the emerging markets themselves. I strongly believe that this exclusively warrants evenmore emphasis on technical analysis
tools, methods, and approaches that aim
primarily on ranking the various market
performances while identifying and timing the opportunities to invest according
to market preference and rank.

IFTA 32nd Annual Conference(2019) Update

As most of you know by now, our next
conference is right around the corner—
being held in Cairo, Egypt, October
5–6, 2019. The IFTA AGM and conference mock-tail party are scheduled totake place the night before the conference commencement. Registration is
now closed, as the conference is fully
booked. We are also happy to announce
that a night-time event—the Sound andLight Show at the Pyramids of Giza—hasbeen scheduled for IFTA delegates on
Saturday night, October 5, at 8:00 pm.
For all updates and developments related to the upcoming conference, please
visit https://ifta2019cairo.com/.
On behalf of the hosting society (ESTA),
I look forward to meeting you at the
IFTA 32nd Annual Conference in Cairo!

FTAA Asia-Pacific Summit

I would like to take this opportunity tocongratulate the FTAA for organizing avery successful Asia-Pacific TechnicalAnalysis Summit last July in Bund Centre,

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

IFTA 2019

Annual General Meeting
Friday, 4 October(4:00 pm–5:30 pm)

Marriott Zamalek Hotel, Cairo, Egypt
All IFTA colleagues are encouraged andinvited to attend. For further information,
contact IFTA staff.

Shanghai. I have received numerous
emails praising the event and organization. I thank my colleagues Jeff Wang
and KC Chan and their organizing teamfrom FTAA for delivering such a valuable
event to the technical analysis community in China and for supporting the IFTA
Annual Conference this year by promoting it during the seminar. I would also
like to thank the NTAA, MATA, AATI, andTASN societies for supporting this FTAA
event, whether through speakers and/or
through their attending delegations. This
collaboration between IFTA sister societies is admirable and much appreciatedfrom our technical analysis community.
Continued on page 2

IFTAUPDATE 2019 Volume 26 Issue 3

President's Report to Colleagues continued
Last, but not least, I would like to thank all member
societies who shared updates and news from yourlocal societies. Sharing information, knowledge, andexperience is and will always be, in spirit, the reason
why IFTA exists and continues to do so.
Hope to see you all this year in Egypt at the IFTA 32nd
Annual Conference!!
Best regards,

Mohamed El Saiid, CFTe MFTA
IFTA President

page 2

Member NewsThe Society of Technical Analysts(United Kingdom)

We are delighted to report that the Society ofTechnical Analysts (STA) has formed a collaboration with ACI UK–the Financial Markets Association.
There is a great deal of synergy between the twoorganisations, with our comprehensive education
programme complementing their education events.
This new relationship was cemented at a special
signing ceremony at the STA summer party on
Tuesday, July 9. We look forward to sharing detailsof joint events over the coming months.
The summer party also included our annual
awards ceremony, where diploma certificateswere presented to newly qualified MSTAs and ourlatest Bronwen Wood Memorial Prize winner, Akif
Din. Congratulations to them and all new MSTAs
around the world.

Sue Attwood, president of ACI UK, and Tom Hicks, chairman of the STA,
signing the Memorandum of Understanding

For the fifth year running, the STA had a team running in the JPMorgan Corporate Challenge—London’s most popular team fun run—raising funds for Cancer Research UK.
We returned from the summer break with our annual dinner, with guests gathering at the National Liberal Club on
Wednesday, September 18.
On Wednesday, October 16, the CISI accredited Diploma Part 1 course will commence running its weekly eveningclasses. This will be followed by the Diploma Part 2 course in mid-January 2020. For those unable to attend thecourses in London, the Home Study Course is available to download and can be viewed using PC, Mac, iPad, orAndroid machines. For more information on the courses we offer, please see this ad or contact the STA office at
info@sta-uk.org.
To keep up to date with the STA and its events, follow us on Twitter at @STA_ORG or like our Facebook page.

‫‪page 3‬‬‫شريكك األمثل‬‫لالستثمار في البورصة‬‫‪IFTAUPDATE 2019 Volume 26 Issue 3‬‬

IFTAUPDATE 2019 Volume 26 Issue 3

page 4

Education Lounge

Market Report
By Robin Griffith, FSTA, and Ron William, CFTe

Bullion breakout

Rising tide lifts across FX-basket, but USD lags

• The uptrend is outperforming its 20-year dynamic regression measure (5x1) andnow focusing on the higher level (6x1).

• In term of price action, Gold is even rocketing to all-time highs across a variety of
FX rates, with exception to USD (Fig 2B). While this demonstrates broad strength
for the Gold, it also signals further upside potential ahead for Gold in USD terms.

• Bullion’s long-term breakout remains strong, after breaking to new six-year highs.
The accumulation (base) pattern that led to the technical breakout targets a minimum
price objective at $1,700. Expect a return back to the old all-time high.

• Our tactical strength indicator (lower axis), based on the number of consecutive
months, highlights further upside scope. Despite Gold’s already impulsive pricebreakout, the indicator remains near its average, with scope for the 7-month record.

• Gold’s rising tide is broad and lifts across a variety of FX-basket rates, marking a net
year-to-date gain that is greater than 15%. In fact, the leading proxies are Gold inresource currencies, such as AUD and ZAR, both outperforming by 23–24%

Fig 2A and 2B. Gold/FX basket. Source: RW Market Advisory, Optuma.

Fig 1. Gold long-term chart. Source: RW Market Advisory, Optuma.

IFTAUPDATE 2019 Volume 26 Issue 3
Market Report continued

Safe-haven dynamics remain key• Safe-haven dynamics remain key, as Gold is bolstered by short-term equity market
underperformance from its August seasonal peak, nearby its flat 200-day averageand -2 STD from the YTD mean (Fig 3A). In fact, Gold’s relative performance against
equities is verging on a major breakout zone, as part of a two-year accumulation
pattern that targets a minimum trajectory of 25%, in favour of gold (Fig 3B).
• This is against the backdrop of a six-year breakdown in real yields (Fig 3C), which
signals less return on investments, pressured by ongoing central bank policy.
Interestingly, safe-haven flows are fueling both Gold and potentially Bitcoin (Fig
3D), as they temporarily correlate during this past summer heat of rising volatility
and macro uncertainty.

page 5

Education Lounge...but watch short-term corrective risk under $1,580• H owever, Gold’s short-term momentum and liquidity readings signal risk for a temporary corrective dip into $1,455 and $1,280 (Fig 4). Pressure zone can be foundoverhead between 1580 and 1520, while speculative long positions hit three-year
overbought climax record (small insert).
• Only a sustained confirmation above $1,580 would unlock further upside into thenext target zone between $1,700 and $1,745.

Fig 4. Short-term gold chart, with speculative long positioning. Source: RW Market Advisory, Optuma.
Fig 3A, 3B, 3C, and 3D. Safe-haven related charts. Source: RW Market Advisory, Optuma.

IFTAUPDATE 2019 Volume 26 Issue 3
Market Report continued

From FAANG to BAANG; significant upside ahead• L eading gold mining stocks also remain attractive opportunities, notably Barrick
Gold, Anglo Gold, Agnico Eagle Mines, Franco-Nevada and Gold Fields. Each hassignificant upside ahead.
• These so-called BAANG stocks are better plays (40–80% YTD gains) than mega-cap
FAANG names (only 14% YTD), as the popular growth stocks lose steam following
a potential market top.

page 6

Education Lounge
Disclaimer & Disclosures
No information published constitutes a solicitation, or offer, or recommendation, or advice, tobuy or sell any investment instrument, to effect any transactions, or to conclude any legal actof any kind whatsoever.
The information published and opinions expressed are provided by RW Advisory (RWA) for
personal use and for informational purposes only and are subject to change without notice.
RWA makes no representations (either expressed or implied) that the information and opinions
expressed are accurate, complete or up to date.
In particular, nothing contained constitutes financial, legal, tax or other advice, nor should any
investment or any other decisions be made solely based on the content.
All opinion is based upon sources that RWA believes to be reliable but they have no guarantees
that this is the case. Therefore, whilst every effort is made to ensure that the content is accurate
and complete, RWA makes no such claim.
Limitation of Liability
RWA disclaims, without limitation for any loss or damage of any kind, including any direct orconsequential damages.
Copyright
All material produced is copyright protected by RWA and may not be copied, e-mailed, faxedor distributed without the express permission of RWA.

Fig 5. Leading gold mining stocks. Source: RW Market Advisory, Optuma.

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You can learn from the comfort of your home at times
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Since the HSC is International Federation of TechnicalAnalysts (IFTA) syllabus compliant it can also be used
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examinations.

WHAT WILL IT COVER?

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IFTAUPDATE 2019 Volume 26 Issue 3

page 8Congratulations New CFTes!
Abdullah Qadan Alotaibi
Matthew Armstrong
Patrick Bauer
David Thomas Broderick (STA)
Brendan Patrick Coffey
Mohamed Mustafa Fulad (STA)
Keith J. Gentile
Tudor Ghemes
Yuki Harunari
Mohamed Mahmoud Khadr (ESTA)
Jeffrey A. Leauby
Oliver Patrick Mathis
Fidel Castro Odhiambo Ochieng (TASSA)Davide Pandini (SIAT)
Francisco Miguel Paris Oliva (IEATEC)
Germán Antonio Pérez López (IEATEC)Kevin Pietrzyk
Chin Chun Quan
Matthew S. Sawyer
Christian Speth
Aws Subaih
Kantilal Vekaria
Chuah Wen Yan
Jason Jianqiu Yang
Alex Zervoulias

www.hc-si.com

www.hcresearch.com

IFTAUPDATE 2019 Volume 26 Issue 3

page 9Congratulations New MFTAs!
Alessandro Moretti, CFTe, MFTA

MFTA Research Paper Title: An
Investment Strategy to Beat the
U.S. Stock Market for Investors andProfessionals
Alessandro Moretti,
CF Te, M F TA , is anindependent stock
market technical analyst. He is the author of
the book Smart
I n v e s t i n g: H o w t oinvest in stocks withsuccess.
Alessandro founded the project SegnaliDiTrading.net in 2016, where
he is the operative strategist, handlinginvestment portfolios and providing professional financial education for retail andprofessional clients.
In his latest work, Alessandro presents theinvestment strategy based on sector rotation, which, through the combined use of
relative strength and Donchian Channels,
allows one to beat the American stock
market in the long term. His research was
carried out over a period of 20 years using
both sectoral indices for a theoretical
study and also ETFs. Alessandro has had
the chance to apply the resulting strategy
to his portfolios.

Tadashi Saito, MFTA

MFTA Paper Title: The Relationship
Between Constituent Elements of a
Triangle and Percentage Change After
Triangle Formation
Tadashi Saito, born in
Gosen City in Niigata
Prefecture in the northeast Chubu region ofJapan, studied at the
Chiba University ofCommerce andreceived his bachelor’s
degree. After graduation, he joined Okasan
Niigata Securities Co. Ltd. (formerly
Marufuku Securities Co. Ltd.) and worked
as a trader on the exchange floor. Later,
he worked for the Sales Planning
Department and Sales Support
Department, and currently he is assigned
to the Equity Information Department,
where he is engaged in the technicalanalysis of Japanese and overseas stocks
and speaking for various seminars.

Kersten Wöhrle, MFTA

MFTA Research Paper Title: 27.02 Day
Cycle Model
Kersten Wöhrle started
his career w i t h an
apprenticeship as aprecision mechanic.
F o r f ur t her c are er
development, hefocused on the growth
m ar ket of m e d ic altechnology and laboratory diagnostics. He
studied medical technology at the MTAE
in Esslingen and earned the electronics
certificates II, III, IV C, and IV D in his freetime while working in Munich. Over the
next 30 years, he worked for two leading
employers in the research and development of medical systems and laboratory
diagnostic systems. In the last 10 years
prior to his retirement in 2017, he worked
as a product manager for coagulation syste m s f o r p ro f e s s i o n a l l a b o r a to r ydiagnostics.

For 25 years, he has been intensively
involved with financial market analysis in
his free time, with a particular interest in
the analysis of natural cyclical patterns
that reveal a synchronicity with the financial markets. The biggest discovery so far
is the 27.02 Day Cycle. In his MFTA paper,
Kersten describes the mathematical relationship of the 27.02 Day Cycle with thesolar rotation period, the anomalistic
period of the earth, Pi, and the fine-structure constant. Kersten uses the exampleof the S&P 500 to demonstrate how the
emergence of emancipated cycles can bedetected and calculated with the 27.02
Day Cycle as carrier frequency and natural
time base.
Since 2015, Kersten has been memberof the VTAD in Frankfurt. He has sincepresented the 27.02 Day Cycle Model atseveral regional conferences. Due to greatinterest, the current status is published on
the VTAD homepage with every 27.02 Day
Cycle completion. This makes the 27.02
Day Cycle Model forecast transparent to
all interested parties and comparable tothe actual development.

IFTAUPDATE 2019 Volume 26 Issue 3

page 10

IFTAUPDATE 2019 Volume 26 Issue 3

page 112019 IFTA Board of Directors Nominations (Term October 2019–October 2022)
Five nominations were received for six open positions on the IFTA board of directors. Elections will be held at the Annual General Meeting (AGM) on Friday, October 4, 2019,from 4:00 pm–5:30 pm, at Marriott Zamalek Hotel, Cairo, Egypt.
If you would like to contact any of the candidates, please email the IFTA staff at admin@ifta.org, and we will be glad to facilitate your communication.

Francesco Caruso, MFTA

Nominated by: SIAT (Italy)
Current Board Member: Yes
Francesco Caruso graduated from Bocconi
Universit y with adegree in economics.
Since 1989, as fundmanager and chief ofrelevant European
financial organizations,
he has focused on thedevelopment of trading systems and the application of technical and algorythmic analysis to asset management and asset allocation.
Francesco has published books andarticles for financial media and createdmany technical models and indicators,
including the Composite Momentum®. He
is a two-time winner (1997 and 1998) of
the international award “Leonardo d’Oro
Della Ricerca Finanziaria®”, in the technical analysis division. In 2008, he became
the first MFTA in Italian history and wasawarded IFTA’s John Brooks Award®
for the best MFTA paper. The paper,“Technical Tools and Equity Selection: A
Reward/Risk Rating Indicator for the Stock
Market Components”, was also publishedin the official 2010 IFTA Journal. In 2011,
Francesco entered the newly organized
SIAT Awards for the first time and won.
He won again in 2015.

Francesco has 30 years of experience inall financial market fields, from technicaland quantitative analysis to trading, asset
allocation, and asset management. He isa strategist, chief of financial area, member of the board of directors, CEO, andconsultant for primary financial groups(UBIBANCA, BANCA DEL SEMPIONE,
ARCA GROUP, RCF, MELIOBANCA ,BANCA INTERMOBILIARE, BANQUEMORVAL etc.). He is currently a prominent
financial blogger and author of technicalbooks and specialized articles, founderand owner of Market Risk Management,
and an Italian leader in independent advisory. He is also an advisor for banks andfunds and is an associate professor at
the Cassino University in the Executive
Master’s degree in Quantitative andTechnical Analysis of the Financial
Markets.
Francesco is vice president of SIAT, theItalian Technical Analysis Society, andpresident of the Scientific Committee ofthe association. He has held many courses
and conferences on technical analysis andmarkets and has already been an official
speaker at IFTA 1998 (Rome) and IFTA
2006 (Lugano) and the SIAT ambassador
at the IFTA Annual Congress 2007.

Alek Jankowski, BE, M.Eng.Sc.,
Grad.Dip.Mgt

Nominated by: ATAA (Australia)
Current Board Member: Yes
Alek Jankowski, originally trained as anelec trical engineer(Universit y of New
South Wales), also
holds a mas ter ’s
degree in industrial
engineering (operations research) as well
as a post- graduate
degree in management.
Prior to retirement from full-time employment, Alek worked for a Fortune 500
international corporation as group general manager, with responsibility for businesses in Australia, New Zealand, andSoutheast Asia. During his career, heworked for several international corporations where he held senior executiveroles. He joined the ATAA some 12 years
ago and since retirement has taken an
active role within the organisation. Alek
joined the Sydney Chapter Council in 2013
and then the national board in 2014. Heserved as national president in 2015–2016
and continued on the board until resigningin July 2019.
Alek has a keen interest in financial markets with his focus now on the management of his family investment portfolio

and the development of his own trading
systems. He has been instrumental in thedevelopment of a large aged care facility
in Sydney over 20 years, where he has
been the finance director for some 18
years. He was elected board chairman inNovember 2018. An active Rotarian forover 35 years, he has served that organisation at the club and district levels.

Clive Lambert, MSTA, MCSI,
CFTe

Nominated by: STA (United Kingdom)
Current Board Member: Yes
Clive Lambert 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 forover 15 years.
Clive is a board member of the UK Societyof Technical Analysts (STA). He has spoken at several of the STA’s monthly meetings over the years and has also beenenlisted as a regular lecturer on its annual
Diploma Course, covering a wide range ofsubjects. He was on the board between
2003 and 2011 and rejoined in 2015.

IFTAUPDATE 2019 Volume 26 Issue 3

page 122019 IFTA Board of Directors Nominations continued
Clive has taught technical analysis
around the world, including the CMEGroup and the London Stock Exchange
among his clients in this respect. He has
had articles published in various technical analysis publications, is regularly
quoted in the leading news wires, hasappeared regularly on CNBC, and now
is seen on Core Finance weekly (usually
on Fridays).

time-series analysis, prediction, machinelearning, and data mining with computers. In particular, his recent research
involved the integration of technicalanalysis, physics, and computer science.
Moreover, he also has a great interest inevidence-based technical analysis andhas been giving seminars for Nippon
Technical Analysts Association (NTAA)
members on this topic.

Tomoya Suzuki, Ph.D., CMTA,
CFTe, MFTA

Giovanni Trombetta

Nominated by: NTAA (Japan)
Current Board Member: No
Tomoya Suzuki is a
professor of computer science at
Ibaraki University inJapan. He won theJohn Brooks
Memorial award forthe best MFTA paperfor 2016.
Tomoya received his B.S., M.S., andPh.D. degrees in physics from the Tokyo
University of Science in 2000, 2002,
and 2005, respectively. Then, he joinedTokyo Denki University as an assistant in 2005 to teach electric circuits.
From 2006–2009, he was a lecturer ofDoshisha University, teaching computer
languages and computer engineering.
Since 2009, he has been an associate
professor and then a professor at Ibaraki
University, teaching mathematics, statistics, and computer science.
Tomoya’s research interest is the physics
of complex systems, especially financial
markets, and his research methods are

Nominated by: SIAT (Italy)
Current Board Member: No
Giovanni Trombetta
is the head ofresearch and development on the
Gandalf Project. He
is an electronic engineer with experience
as a radio accessnetwork engineer, an
expert in radiant systems and artificial intelligence algorithms, a professional trading systems
developer, a quant trader, and a trainer.
Giovanni has many years of programming experience with several languages
and trading platforms and uses his
knowledge in the field of genetic algorithms and neural networks to create
automatic trading systems and financial
models.

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IFTAUPDATE 2019 Volume 26 Issue 3

page 13

MFTA and CFTe Exam Dates
Certified Financial Technician (CFTe)—Level I
Date

Offered Year-roundSee our website for further instructions www.ifta.org/certifications/registration/
Syllabus and Study Guide www.ifta.org/public/files/publication-downloads/IFTA_CFTe_Syllabus.pdf

Certified Financial Technician (CFTe)—Level II
Exam dates

Exam 2

Exam 117 Oct 201923 Apr 2020

Closed12 Mar 2020

Registration deadline
Register at www.ifta.org/register/cfte2.php

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)

Session 2

Session 1

Alternative Path Pre-Application Deadline

Closed28 Feb 2020

Application/Outline Deadline

2 Oct 2019

2 May 2020

Paper Deadline

15 Mar 2020

15 Oct 2020

(Session 2) Register at www.ifta.org/register/mfta_alt_session2.php(Session 1) Register at www.ifta.org/register/mfta_alt_session1.php

IFTAUPDATE 2019 Volume 26 Issue 3

page 14IFTA Asia-Pacific Summit
The 2019 IFTA Asia-Pacific Summit was successfully organized by the Financial TechnicalAnalysts Association (FTAA) on July 30 at Westin Bund Center, Shanghai.

Ten speakers from IFTA, FTAA, NTAA, TASS, MATA and AATI convened to present
excellent speeches to the participants. The theme of the summit was "Navigation
through volatility in China," which was related to volatility again after the 2018 IFTA
Annual Conference, but focused on the Chinese market.

Left-to-right: Alex Wang, FTAA chief technical counselor; Akihiro Niimi, NTAA vice chairman; Yukitoshi Higashino, NTAA director; Nicholas Tan, TASS analyst; KC Chan, FTAA president; Ron William, IFTA development director; Nik Ihsan, MATA president; Omar Ali, MATA
analyst; Muhammad Al Fatih, AATI analyst; Jeff Wang, FTAA vice president.

Speakers

IFTAUPDATE 2019 Volume 26 Issue 3

page 15IFTA Asia-Pacific Summit continued
Approximately 80 participants attended the summit,
and most of them were Chinese financiers and individual investors. The summit was well-received and brought
more attention to technical analysis, IFTA and its member societies.

To promote further development of technical analysis in
the Chinese market, FTAA is looking forward to the next
event in China.

Past IFTA conferences

The summit venue

At the summit

Chinese curriculum

Registration desk

Roundtable discussion

Souvenir bags

IFTAUPDATE 2019 Volume 26 Issue 3

page 16

IFTAUPDATE 2019 Volume 26 Issue 3

page 172018 John Brooks Memorial Award WinnerThis paper is presented for the best Master of Financial Technician (MFTA) research paper written each year.

Dr. Oliver Reiss, MFTA, CFTe

MFTA Research Paper Title:
Empirical Mode Decomposition: Application to Financial Time Series With
Chart Projection
Duesseldorf, Germany
oliver-reiss@freenet.de
Member of Vereinigung Technischer Analysten Deutschlands
e.V. (VTAD-Germany) r. Oliver Reiss, CFTe, MFTA, received a master degree in physD
ics from the University of Osnabrueck (1998) and a Ph.D. inmathematics from the University of Kaiserslautern (2003)—thelatter for his research on financial mathematics performed at theWeierstrass Institute in Berlin. Since then, he has been working
in the banking industry and presently is a self-employed consultant for financial institutions with focus on risk controlling,
derivatives pricing (quant), and the related IT implementations.
As a private investor, Oliver was interested in technical analysis and joined the VTAD when
he became a freelancer in 2011. Currently, Oliver serves as deputy manager of the VTAD’sregional group in Dusseldorf and is a frequent attendee of the IFTA annual conferences.
He will present his research at the upcoming IFTA conference in Cairo. Due to his mathematical and programming expertise, he is focused on the development and back-testingof mid-term trading strategies.
In his MFTA paper rewarded by the John Brooks Memorial Award, Oliver presents an introduction on the Empirical Mode Decomposition (EMD), which is designed to identify cycles
with changing amplitude or wavelength. To use this technique on financial time series,
Oliver improved the EMD algorithm to increase the stability on the righthand end of thedata. Furthermore, he presents three applications of the EMD. At first, a new kind of moving average is introduced, which is adapted to the obtained cycles. Second, a projection
technique is provided which is based on the idea of continuing the identified cycles bydamped oscillations. And finally, two profitable trading strategies based on the EMD are
introduced and back-tested.

In Memory of John Brooks

Past winners of the award:

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

2017 Alexander Spreer, MFTA, CIIA,
CEFA, CFTe (Germany)

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).

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 2019 Volume 26 Issue 3

page 182018 Bronwen Wood Award WinnerThis award is presented to the candidate who had the best Certified Financial Technician (CFTe) paper for the year.

Klaus Horn, CFTe
Amberg, Germany
klauswhorn@t-online.de laus Horn is a manager in a savings bank and, together withK
his team, is responsible for the company's own investments.
He has been privately active in the financial markets for morethan 30 years. He bought his first stock—AT&T—in 1984.
As a private investor, he is investing in European and U.S.
stocks. Klaus Horn has been a member of the regional group
Nürnberg, of the Association of German Technical Analysts(VTAD), since 2016. The technical analysis has improved thequality and performance of his assets. He holds a degreefrom the University of Applied Sciences in Bonn.

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.

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 2019 Volume 26 Issue 3

page 19

Calendar-at-a-Glance
Date

Topic

Host

Speaker

Location

Time

ContactMonthly Presentations from local and international speakers on a comprehensive range of topics (e.g.,

STANZ
(New
Zealand)

Various

Epsom Community Centre
200-206 Gillies Ave.
Auckland, NZ

Varieswww.stanz.co.nz/

Monthly Meetings are held monthly in nine cities across Australia. All monthly meetings are free to

ATAA(Australia)

Various

Various

Varieswww.ataa.asn.au

Monthly Chapter leaders and their volunteer members serve as ambassadors for the CSTA andCSTA
Chapters(Canada)Various

Various

Varieswww.csta.org

Monthly Meetings & Events: The STA holds monthly meetings in London, usually on the second

STA

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

sharemarket, CFDs, options, futures, FOREX trading, methodologies, money management,
psychology).

members. Visitors are welcome to attend. Bookings are not required. Visitors are welcome,first visit free.
plan social and educational events for the area. Events include presentations by industry
professionals and technical analysis experts and peer learning gatherings. Chapters also playa vital role in their communities by connecting individuals and promoting technical analysis.
Tuesday of every month, except for a summer break in August.

2019
Date
Oct

Nov

Dec

Topic

Host

Speaker

Location

Time

Contact2

Master of Financial Technical Analysis (MFTA) Session 2 application,
outline and fees deadline

IFTA

NA

NA

NA

admin@ifta.org

4

IFTA Annual General Meeting

IFTA

Mohamed El Saiid, IFTA
President

Marriott Zamalek Hotel, Cairo, Egypt

4:00pm–
7:00pm(tentative)admin@ifta.org
http://www.ifta.org

5–6

IFTA 32nd Annual Conference: History Speaks

IFTA &
Hosted by
ESTA

VariesMarriott Zamalek Hotel, Cairo, Egypt

Varieshttps://ifta2019cairo.com/

8

Monthly Meeting

STA

to be announced

One Moorgate Place, Chartered
Accountants Hall, 1 Moorgate Place,
London6:30pmhttps://www.sta-uk.org/resources/
meetings-events/

17

IFTA CFTe II Exam

IFTA

NA

Varies in locations worldwide

Varieshttps://ifta.org/certifications/

17

STA Diploma Exam, Part 2

STA

NA

Central London

1:00pmhttps://www.sta-uk.org/education/

12

Monthly Meeting

STA

Amy Dodd, MSTA,
Louis Capital

One Moorgate Place, Chartered
Accountants Hall, 1 Moorgate Place,
London6:30pmhttps://www.sta-uk.org/resources/
meetings-events/

15

IFTA Update submission deadline for educational articles and newcontent (mid-December release)

IFTA

NA

NA

Variesnewsletter@ifta.org

1

IFTA Journal Web publication

IFTA

NA

NA

NA

http://www.ifta.org/publications/journal/

2

STA (UK) Part 1 Exam

STA

NA

StayAhead Centre, London

10:00amhttps://www.sta-uk.org/education/

10

STA (UK) Christmas Party

STA

NA

One Moorgate Place, Chartered
Accountants Hall, 1 Moorgate Place,
London6:30pmhttps://www.sta-uk.org/resources/
meetings-events/

Continued on page 21

IFTAUPDATE 2019 Volume 26 Issue 3

page 20

Calendar continued

2020
Date
Jan

Feb

Mar

Apr

May

Topic

Host

Speaker

Location

Time

Contact

14Market Outlook Panel

STA

VariesOne Mooregate Place, Chartered
Accountants Hall, 1 Moregate Place
London, UK

6:30pmhttps://www.sta-uk.org/resources/
meetings-events/

15

Diploma Part 2 Course

STA

VariesLondon School of Economics

6:15pmhttp://www.sta-uk.org/education/

11

Monthly Meeting

STA

to be announced

One Mooregate Place, Chartered
Accountants Hall, 1 Moregate Place
London, UK

6:30pmhttps://www.sta-uk.org/resources/
meetings-events/

15

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

IFTA

NA

NA

NA

admin@ifta.org
http://www.ifta.org

28

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

IFTA

NA

NA

NA

admin@ifta.org
http://www.ifta.org

10Monthly Meeting

STA

to be announced

One Mooregate Place, Chartered
Accountants Hall, 1 Moregate Place
London, UK

6:30pmhttps://www.sta-uk.org/resources/
meetings-events/

15

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

IFTA

NA

NA

NA

admin@ifta.org
http://www.ifta.org

14Monthly Meeting

STA

to be announced

One Mooregate Place, Chartered
Accountants Hall, 1 Moregate Place
London, UK

6:30pmhttps://www.sta-uk.org/resources/
meetings-events/

23

CFTe II Examination

IFTA

NA

VariesVariesadmin@ifta.org
http://www.ifta.org

23

STA Diploma Part 2 Exam

STA

NA

London School of Economics

1:00pmhttp://www.sta-uk.org/education/

1

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

IFTA

NA

NA

NA

admin@ifta.org
http://www.ifta.org

2

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

IFTA

NA

NA

NA

admin@ifta.org
http://www.ifta.org

15

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

IFTA

NA

NA

NA

admin@ifta.org
http://www.ifta.org

22–24 ATAA (Australia) National Conference

ATAA

VariesRendezvous Hotel Melbourne

TBA

info@ATAA.asn.au

31

IFTA Journal Call for Papers submission deadline

IFTA

NA

NA

NA

admin@ifta.org
http://www.ifta.org

Jul

31

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

IFTA

NA

NA

NA

http://www.ifta.org

Aug

15

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

NA

NA

NA

http://www.ifta.org

IFTAUPDATE 2019 Volume 26 Issue 3

page 21IFTA Member Societies

Board of Directors

AUSTRALIA—ATAA Australian Technical Analysts Association www.ataa.asn.au
CANADA—CSTA Canadian Society of Technical Analysts www.csta.org
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
GHANA—BSG* Bastiat Society Ghana https://bastiatghana.org
HONG KONG—FTAA Financial Technical Analysts Association www.ftaa.org.hk
INDIA—ATA Association of Technical Analysts www.ataindia.in
INDIA—ATMA* Association of Technical Market Analysts www.atma.ac
INDONESIA—AATI Asosiasi Analis Teknikal Indonesia
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
NIGERIA—TASN Technical Analysts Society, Nigeria www.tasnigeria.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

President Mohamed El Saiid, MFTA, CFTe (ESTA)
mohamed.elsaiid@ifta.org* Developing

Director Nik Ihsan Raja Abdullah, MSTA, CFTe (MATA)
nmihsan@gmail.com

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
December Issue

All content due November 15

March Issue

All content due February 15

June Issue

All content due May 15

September Issue

All content due August 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/.

Vice President Middle East and Africa and Conference Director Tamer Gamel Edin Hassan, CFTe (ESTA)
tgamal@gmail.com
Vice President Europe Clive Lambert, MSTA, CFTe (STA)
clive@futurestechs.co.uk
Vice President Americas Jeanette Anne Schwarz-Young, CFP®, CMT, M.S. CFTe (AAPTA)
optnqueen@aol.com
Vice President Asia-Pacific Hiwon Yoon, Ph.D., CMTA (NTAA)
yoon@cmdlab.co.jp
Treasurer and Website Director Karin Roller, CFTe (VTAD)
karin.roller@vtad.de
Director Francesco Caruso, MFTA (SIAT)
info@cicliemercati.it
Development Director Ron William, MSTA, CFTe, CMT (SAMT)
ron.william@ifta.org
Education Director Gregor Bauer, Ph.D., CFTe (VTAD)
gregor.bauer@vtad.deExamination Director Saleh Nasser, CFTe, CMT (ESTA)
saleh.nasser@ifta.org
Secretary, Development Director and Asia-Pacific Affairs Takashi Nakamura, MFTA, CFTe (NTAA)
nakamtak@mse.biglobe.ne.jp
Membership Director Alek Jankowski, BE, M.Eng.Sc., Grad.Dip.Mgt. (ATAA)
Alek.Jankowski@ATAA.asn.au
Marketing and Webinar Director Tom Hicks, MSTA (STA)
tom.hicks@live.co.uk

Staff

Executive Director Charles W.L. Deale, FASAE, CAE
Senior Vice President, Meetings Grace L. Jan, CAE, CMP
Senior Member Services Manager Linda Bernetich, CAE
Marketing Director Julie Hill
Accounting Dawn Rosenfeld
Editor Lynne Agoston
Production Manager Jennifer Olivares

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