IFTAUPDATE 2015 Volume 22 Issue 22015 Volume 22 Issue 2

IN THIS ISSUE

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

President’s Report to Colleagues

1

President’s Report to Colleagues

2

Congratulations New CFTes!

2

MFTA and CFTe Exam Dates

Dear IFTA Colleagues,

4

Invitation to Attend the IFTA 2015 Tokyo
Conference

7

Calendar At-A-Glance

There were a lot of happenings within
IFTA during the last few months. The
most important news is that IFTA’s board
has elected a new incoming president!
Congratulations to Mr. Mohamed El Saiid
from our Egyptian society. Mohamed’s
term will start after the conference in Tokyoin October 2015 and will last for three
years. He will be the 10 th IFTA president
and the first coming from the MENA region.

Education Lounge
9 Reaching for the Stars
14 Defects of RSI
17 Technical Analysis Officially in Muscat
18 Member News
19 Call For IFTA Board Nominations
20 IFTA Member Societies

20 IFTA Update Schedule
20 Board of Directors
21 IFTA 2015 Annual Conference Delegate
Brochure
40 IFTA 2015 Annual ConferenceSponsorship Opportunities

Next Issue: September 2015
Submission Deadlines
Education articles: August 15—
send submissions to newsletter@ifta.org
All other content: September 1—
send submissions to admin@ifta.org
Advertise in the UPDATE and reach morethan 6,950+ IFTA colleagues worldwide.
For more information, go to
www.ifta.org/publications/newsletter/.

page 1Another important step for IFTA was theMemorandum of Understanding that I
signed in May with H.E. Abdullah bin Salim
Al Salmi, executive president of the CapitalMarket Authority of the Sultanate of Oman.

IFTA UPDATE is a publication of the International
Federation of Technical Analysts, Inc.
(www.ifta.org), a not-for-profit professionalorganization incorporated in 1986.
International Federation of Technical Analysts
9707 Key West Avenue, Suite 100
Rockville, MD 20850 USA
Email: admin@ifta.org • Phone: +1 240-404-6508

IFTA 2015

Annual General Meeting
Thursday, October 1, 2015
16:00 to 17:30 (4:00PM – 5:30PM)
The Keio Plaza Hotel, Tokyo
Tokyo, JapanAll IFTA colleagues are invited andencouraged to attend. For further
information, contact the IFTA staff at
admin@ifta.org.

Mohamed is currently an executive director and the head of the technical analysis department of HC Brokerage in Cairo,
Egypt. In addition, he is the president of
the Egyptian Society for Technical Analysts(ESTA) and a director on IFTA’s board. He
holds both the CFTe and MFTA titles.
Some of you might already be familiar withhim, as he contributed to several IFTA conferences as a speaker.

We agreed to cooperate in organizing
training programs for professionals working in the fields of investment, technicalanalysis, and risk management in the capital markets of Oman.

I wish Mohamed all the best as IFTA president and will work very closely with him in
the next few months to ensure a smoothtransition.

This is the second Memorandum ofUnderstanding bet ween IFTA and a
Government Market Authority after theagreement we signed with Dubai in 2013.

IFTAUPDATE 2015 Volume 22 Issue 2

page 2President's Message continued
The architect of both agreements is our vice president in MENA, Mohammed Ashraf,
who will give you a detailed report in this newsletter.
Looking ahead, another big event for IFTA will be the offering of CFTe in Hong Kongand mainland China. During the last months, we translated the exams into Chinese,a request that was initiated by our Hong Kong society. Now that we’ve finished thetechnical process, this might push CFTe a big leap forward. Already today, CFTe is
the most popular exam for technical analysis in the world. No other financial exam isoffered in five languages (English, Arabic, German, Spanish, Chinese). This also reflects
the global plurality of IFTA’s 6,900+ colleagues organized in 28 countries.
Last, but not least, it is my pleasure to inform you about the annual event in Tokyo. By
now, the website is up and running, registration is open, and the program is mostly
finalized. What I can tell you so far is that NTAA, our Japanese host for the conference,has put together a very good list of speakers and is planning outstanding events where
you can talk to old friends and meet new ones. I would like to encourage everybody
to come to Tokyo in October 2015 and meet your colleagues from around the globe.

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: http://www.ifta.org/public/files/publication-downloads/IFTA_CFTe_Syllabus.pdf

Certified Financial Technician (CFTe)—Level II
Date

1 Oct

TBA AprRegistration deadline

21 AugTBA AprRegister at www.ifta.org/register/cfte2.php.
Syllabus and Study Guide: http://www.ifta.org/public/files/publication-downloads/IFTA_CFTe_Syllabus.pdf
For more information on the CFTe program, visit http://www.ifta.org/certifications.

Master of Financial Technical Analysis (MFTA)

Best regards,

Alternative Path Pre-Application Deadline

31 Jul

28 Feb

Application/Outline Deadline

2 Oct

2 May

Paper Deadline

15 Mar

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

Rolf Wetzer, Ph.D.
IFTA President

MFTA/IFTA Journal Style Guide

Congratulations New CFTes!
Mohd Asri Ahmad, Malaysia (STA)
Dalilah Amaluddin, Malaysia (STA)
Abdalmagsoud Bajaber, Saudi Arabia
Daniel Belchers (STA)
Eric Benhamou, France (AFATE)
Kuldeep Bhan, India
Florian Buehl, Germany (VTAD)
Kyle Crystal, USA
Georges Debbas, United Kingdom (STA)

Peter John Antony Hiam, United Kingdom (STA)
Regan Firdosh Homavazir, India
Peter Houdek, Germany (VTAD)
Rohan S. Karnik, India
George Linas, Greece (STA)
Benjamin Menge, Germany (VTAD)
Brian Thomas Murello, USA
Adibah Musa, Malaysia (STA)
Nicolina Perrotti, Canada

Amr Nashaat Reszk, Qatar
Aiman Shamsul Iwardi, Malaysia (STA)Ali Sharifazadeh, Iran
Ashwamegha Eknath Ugile, India
Hanhui Wang, Singapore (TASS)
Lorenz Ulrich Weidinger, Germany (VTAD)
Yeo Zi Ping, Singapore (TASS)Save the Date
The Nippon
Technical
Analysts
Association ofJapan (NTAA)
welcomes all
to attend IFTA
2015 Tokyo

28th Annual Conference
2-4 October 2015
The Keio Plaza Hotel, TokyoIFTAUPDATE 2015 Volume 22 Issue 2

page 4Invitation to Attend the IFTA 2015 Tokyo Conference
Akira Homma, CFA, CIIA,
CMA, CFTe, CMT, FRM
Vice President(Asia-Pacific) and
Conference Director,
IFTA
Dear IFTA Colleagues,
On behalf of the International Federationof Technical Analysts (IFTA) and the
Nippon Technical Analysis Association(NTAA), it gives me great pleasure towelcome you to the 28 th Annual IFTA
Conference, to be held in the Keio Plaza
Hotel, Tokyo, Japan, from Friday, October
2 through Sunday, October 4.
Fea t u r i n g t h e t h e m e “C o n t i n u o u s
Progression in Investment Management,”
the conference will cover a broad arrayof concepts within the realm of technicalanalysis, from new takes on trusted techniques to the application of ultra-modern
algorithmic trading.
Since the 18th century, Japan has always
been the leader in the development of
new investment strategies, from the initialconcept of the futures contract and eventhe futures market itself, to the inceptionof technical analysis. Much like technicalanalysis, IFTA keeps adding to its own
appeal with every passing year. So, if you
have been waiting to attend an IFTA event,
this is the one you shouldn’t miss. If you
have been waiting for the right time toreturn to an IFTA conference, now is thetime. Join IFTA in Japan, where the rootof technical analysis exists.

28th Annual Conference
The Keio Plaza Hotel,Tokyo

This year, IFTA will be the stage for over
40 internationally renowned speakers fromall over the world, including Japan. IFTA
has gathered all the greatest minds in thetechnical analysis field together for one
three-day event unlike any other. Book
your early-bird ticket (available throughJuly 31) today and save. Japan is waiting
for you!

Unique and Intensive Three-Day(+half day) Program
The conference program will feature over
20 individual presentations, five panel sessions, one power hour session, and one
technical walkabout session, as well as ahalf-day pre-conference workshop.

Pre-conference workshop
A half-day workshop on "Fibonacci Price
Projection" by Ms. Constance (Connie)
Brown, CMT, Founder, Aerodynamic
Investments Inc.

Panel sessions
Technical Research at World-Leading
Investment Managers: How do world-leading investment management organizations
use technical analysis to maximize investment performance? Advice for investment
performance enhancement
Speakers from world-leading investment
management organizations will comprisethe panel. The panel will discuss how theyutilize technical analysis to enhance investment performance, and how technicalanalysis should and should not be used.
The audience will be encouraged to participate by speaking to any panelists fromwhom they want to ask questions or seek
advice.

Wave Theory Debate: New Breedsof Elliotticians vs. Conventional
Elliotticians
The individual presentation on Harmonic
Elliott Wave, a revolutionary new wave
theory openly challenging the conventional Wave Principle, by its founder, Mr.

IFTAUPDATE 2015 Volume 22 Issue 2

page 5Invitation to Attend the IFTA 2015 Tokyo Conference continued
Ian Copsey, will be followed by a panel session on wave theories. Besides Mr. Copsey,
a number of other leading Elliotticiansfrom different regions (Americas, Europe,
Asian-Pacific) of the world will form thepanel and discuss wave theories, with new
breeds of Elliotticians and conventional
Elliotticians challenging each other.

CFAs and Technical Analysis: Why andHow Do CFAs Use Technical Analysis?
A number of dual holders of CFA and TA
designations (e.g., CFTe, MSTA, Dip TA,
CETA, CMT) representing various leading financial institutions around the world(North America, Europe, Middle East, Asia/
Pacific) will form the panel. This will be alively, fast-paced discussion. The panelists
will talk on their experiences and express
their views, prompted by moderator questions such as: “Although you are a CFA, why do you
use technical analysis?” or “how did youcome to use technical analysis?” “How do you use technical analysis?” and“what are your favorite technical analysis
techniques/tools?”
 “How do you combine technical analysis
and fundamental analysis?” “Where do you think technical analysis
will be heading in the next decade andthe next century?”International Debate on Abenomics:
Will It Succeed or Fail?
The individual presentation on Abenomics
and Japan’s economic future by Ms. Hiroko

Ota, a special economic advisor to theJapanese government, will be followed bya debate session on Abenomics. In addition to Ms. Ota, prominent economists atworld-leading buy-side and sell-side companies will comprise the panel and debate
on the Japanese government’s economic
policy. The audience will be encouraged
to participate by directly asking questions
to Japan’s economic policy maker or any
other panelists.

Technical Analysis Education at
Universities Around the World: How
Is Technical Analysis Being Taught at
Increasing Numbers of Universities
Around the World?
The panel will be formed by several
educators teaching technical analysis toundergraduate or postgraduate students
at global, world-leading universities (interms of technical analysis education) to
discuss how technical analysis is beingtaught at increasing numbers of universities around the world. The panelists will
illustrate how technical analysis is beingtaught at their universities and discuss how
university technical analysis education will
likely evolve in the future.

techniques, or any other informative topic
related to technical analysis.

fund company's multi-strategy investment
management process.

Individual presentations“Recent Trends in Hedge Fund Industry
and Fund Flows,” by Mr. Stefan Nilsson,
CEO and Founder, HFC Advisory Group;
President and Founder, Hedge Funds Club.

The following is a partial list of the over 20
fascinating individual presentations:
A Keynote Speech by Mr. Yasuhiro
Yo n e z a w a , P h . D . , C h a i r m a n o f
the Inves tment Commit tee of theGovernment Pension Investment Fund(GPIF), the world’s largest state fund (with
AUM over US$ 1 trillion).
“Combining Technical Analysis andFundamental Analysis,” by Mr. John
Bollinger, CFA, CMT. Mr. Bollinger, theworld’s first CFA/CMT dual holder, will
demonstrate how investment professionals should combine technical analysis andfundamental analysis.

Technical Analysis à La Carte“Technical Research at Fidelity: Behind
the Scenes,” by Mr. David Keller, CMA,Managing Director of Research, Fidelity
Investments. Mr. Keller, the immediate
past president of the MTA, will demonstrate to the audience how technical analysis is incorporated in the world's largest
mutual fund management company's decision-making process and how it is contributing to enhance investment performance.

A number of prominent speakers from different parts of the world will be speaking
at this session. Each speaker will make asuccinct 10-minute presentation on his/her proprietary technical analysis methods, unique uses of technical analysis“Technical Research at CQS,” by Mr. Adam
Sorab, FSTA, Head of Research at CQS. Mr.
Sorab, the immediate past president of
IFTA, will illustrate how technical analysis isincorporated into the world-leading hedge“Power Hour” sessions“Harmonic Elliott Wave,” by Mr. Ian
Copsey, Founder of Harmonic Elliott
Wave and Private Equity Fund Chief
Analyst. Mr. Copsey will demonstrate
Harmonic Elliott Wave (HEW), a fundamental modification of the impulsive development in the Elliott Wave Theory thatchallenges the conventional Wave Principle.
He argues that HEW has the following
advantages:
 HEW provides a definition of what
constitutes an impulsive move, controlled
by the underlying and consistent ratio
structure.
 The ratio structure reduces subjectivityof wave counts considerably.
 The HEW structure eliminates extended
waves, failed fifths, and leading/ending
diagonals to produce a single uniform
structure.
 HEW provides the basis for more accurate
targets for Wave (iii) and Wave (v), and also
Wave (iv) from the process of alternation.
 HEW contains a higher level of logic
compared to Elliott’s original impulsive
structure.
 HEW produces a continuous and consistent
fractal development across the wave
degrees.

IFTAUPDATE 2015 Volume 22 Issue 2

page 6

Invitation to Attend the IFTA 2015 Tokyo Conference continued“Comprehensive Fibonacci Analysis—A
Paradigm of Modern Technical Analysis,”by Mr. Viktor Pershikov, MFTA. Mr.
Pershikov, the first MFTA charter holder
in Eastern Europe and the author of several books on trading, will introduce tothe audience a new independent areaof technical analysis—“Comprehensive
Fibonacci Analysis (CFA). The CFA concepts and CFA-based trading principles,
along with key analytical tools and rulesof their construction and application, will
be explained.
“The IVPR: Understanding the Effects ofVolatility Patterns on Market Dynamics,”
by Mr. Mohamed El Saiid, CFTe, MFTA,
Executive Director and Head of theTechnical Anlaysis Department, HC
Brokerage (HCB); IFTA Director. Mr.
El Saiid will illustrate how the Implied
Volatility Projection Range (IVPR) extends
the statistical and visual capability of
implied volatility indices over their underlying assets in such a way so as to allow us
to reinterpret the asset’s price action andestimate some of its more probable future
paths from a statistical/implied volatility
standpoint.
“Algorithmic Trading Methodology
in Technical Analysis —We Need aCountermeasure for HFT, Not Only FromIT, but Also From Technical Analysis,” byMr. Hiwon Yoon, Ph.D., President, CMD
Laboratory Inc., the leading company inalgorithmic trading system research anddevelopment in Japan.

“Mapping the Markets,” by Mr. Robin
Griffith, Chief Technical Strategist, ECUGroup. Mr. Griffiths, one of the world's
most experienced and highly regarded
technical analysts/strategists, will delivera global overview of investment markets
using his signature “Roadmap” cycle analysis, guided by proprietary models of all
asset classes and investment styles.
“Automated Robotic Trading System:
The Next Technical Analysis Evolution
Which Appeals to the New Generation ofTraders” by Dato’ Dr. Nazri Khan, MSTA,
CFTe, President, Malaysian Association
Technical Analyst (MATA); Vice President,
Affin Hwang Investment Bank
“Neural Network Systems for Identifying
Market Pat terns and Trading,” by
Mr. Tomoya Suzuki, Ph.D., Associate
P r o f e s s o r a t I b a r a k i U n i v e r s i t y,
Department of Intelligent Systems
Engineering, Ibaraki, Japan, the leading
researcher in the development of neuralnetwork-based market analysis and trading
systems in Japan.
“W.D. Gann's Method of Forecasting Timeand Price in Global Financial Markets,”by Ms. Constance (Connie) Brown, CMT,Founder, Aerodynamic Investments Inc.
“Forecasting Long-term Economic andSocial Change Using the Wave Principle”
b y M r. M a r k G a l a s i e w s k i , A s i a n Pacific Market Analyst, Elliott Wave
International.

“Back to the Futures: Economic Analysis
of Rice Futures Market in 18th Century
Japan,” by Mr. Katunari Yamaguchi, Ph.D.,
CFA, President, Ibbotson Associates
Japan, Inc. Mr. Yamaguchi, a leading figure
in securities analysis/investment management research in Japan’s academic community, also one of Japan's first CFA holders,will present his analysis of how rice futures
prices were being fixed efficiently at the
18 th century Osaka Dojima Rice futures
exchange (the first organized futures market in human history). Mr. Yamaguchi will

also present his analysis of the investment
philosophy and secret trading strategies ofSokyu Homma, the legendary 18th century
speculator, in the modern-day behavioral
finance framework.
…and more Conference Website:
http://www.ntaa.or.jp/IFTA2015/
indexE.html
 Delegate Brochure: Page 19
 Sposorship Brochure: Page 20

IFTAUPDATE 2015 Volume 22 Issue 2

page 7

Calendar At-A-Glance
Date

Topic

Host

Monthly Presentations from local and international speakers on a comprehensive STANZ
range of topics (e.g., sharemarket, CFDs, options, futures, FOREX(New Zealand)
trading, methodologies, money management, psychology).
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 fee is $30.

Speaker

Location

Time

Contact

Various

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

Varieswww.stanz.co.nz/

Various

Varieswww.ataa.com.au/meetings

ATAA (Australia) Various

Monthly Chapter leaders and their volunteer members serve as ambassadors CSTA Chaptersfor the CSTA and plan social and educational events for the area.
(Canada)Events include presentations by industry professionals and technicalanalysis experts and peer learning gatherings. Chapters also playa vital role in their communities by connecting individuals andpromoting technical analysis.

Various

Various

Varieswww.csta.org

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

VariesBritish Bankers Association
Pinners Hall105 – 108 Old Broad Street
London EC2N 1EX

VariesKatie Abberton, info@sta-uk.org

June

July

August20

TASN Conference Committee Meeting

TASN

TBA

77B Mobolaji Bank AnthonyWay, Behind Ikeja Plaza Ikeja. Lagos

11.00

stanigeria@gmail.com

25

Annual General Meeting

CSTA

Frances
Horodelski, CFA

Sheraton Centre
123 Queen St.
Toronto10:00-15:00

http://www.csta.org/event-1898913

11

Introductory Technical Analysis Course for New Members

TASN

Membership
Committee

77B Mobolaji Bank AnthonyWay, Behind Ikeja Plaza Ikeja. Lagos

10.00

stanigeria@gmail.com

25

Monthly Meeting

TASN

TBA

77B Mobolaji Bank AnthonyWay, Behind Ikeja Plaza Ikeja. Lagos

10.00

stanigeria@gmail.com

31

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

IFTA

NA

NA

NA

www.ifta.org

8

CFTe Training

TASN

TBA

77B Mobolaji Bank AnthonyWay, Behind Ikeja Plaza Ikeja. Lagos

10.00

stanigeria@gmail.com

15

IFTA Update submission deadline for educational articles(mid-September release)

IFTA

NA

NA

Variesnewsletter@ifta.org
Attn: Aurélia Gerber, Journal Director

15

IFTA Journal applicants notification of acceptance/rejection IFTA

NA

NA

NA

journal@ifta.org

15

Annual Conference – Best of Wyckoff

TSAA-SF

Linda Raschke,
Golden Gate University
David Weis,
Pr. Henry Pruden,
Bruce Fraser andRoman Bogomazov

08:30-17:00

http://www.tsaasf.org/

22

Application of Technical Market Analysis on NSE

TASN

TBA

77B Mobolaji Bank AnthonyWay, Behind Ikeja Plaza Ikeja. Lagos

10.00

stanigeria@gmail.com

29

Monthly Meeting

TASN

TBA

77B Mobolaji Bank AnthonyWay, Behind Ikeja Plaza Ikeja. Lagos

10.00

stanigeria@gmail.com

IFTAUPDATE 2015 Volume 22 Issue 2

page 8

Calendar At-A-Glance continued
September

October

1

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

IFTA

NA

NA

Variesadmin@ifta.org

8Monthly Meeting

STA

TBC

British Bankers Assoc.
Pinners Hall, 105-108 Old Broad St.
London UK

18.00-20.00

Katie Abberton
info@sta-uk.org

12

Investors /Business Discussion

TASN

TBA

TBA

13:00

stanigeria@gmail.com

1

Certified Financial Technician (CFTe) Level II Examination

IFTA

NA

VariesVariesadmin@ifta.org; www.ifta.org

1

IFTA Board of Directors Meeting

IFTA

VariesTokyo

TBA

admin@ifta.org

1

IFTA Annual General Meeting (Members Only)

IFTA

Varies

Tokyo

TBA

2

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

IFTA

NA

NA

NA

admin@ifta.org

2-4

IFTA 28th Annual Conference:Continuous Progression in Investment Management‘Omotenashi’ in Technical Analysis

IFTA and STA

TBA

Tokyo

Variesadmin@ifta.org; www.ifta.org

15

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

IFTA

NA

NA

NA

admin@ifta.org

November

15

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

IFTA

NA

NA

Variesnewsletter@ifta.org
Attn: Aurélia Gerber, Journal Director

December

1

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

IFTA

NA

NA

Variesadmin@ifta.org

31

IFTA Journal Web publication

IFTA

NA

NA

NA

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

7 January –25 March 2016

STA Diploma Level 2 Course

STA

Various

London School of Economics

18.00-20.30

Katie Abberton
info@sta-uk.org

January

1

Certified Financial Technician (CFTe) Level II – registration
opens for April 23rd examination through IFTA website

IFTA

NA

VariesVarieshttp://www.ifta.org

February

15

IFTA Update submission deadline for educational articles(mid-March release)

IFTA

NA

NA

Variesnewsletter@ifta.org
Attn: Aurélia Gerber, Journal Director

28

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

IFTA

NA

NA

NA

http://www.ifta.org

1

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

IFTA

NA

NA

Variesadmin@ifta.org

14

Certified Financial Technician (CFTe) Level II—deadline toregister for April 23rd examination

IFTA

NA

VariesVariesadmin@ifta.org

15

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

IFTA

NA

NA

NA

admin@ifta.org

April

TBD

Certified Financial Technician (CFTe) Level II Examination

IFTA

NA

VariesVariesadmin@ifta.org www.ifta.org

May

2

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

IFTA

NA

NA

NA

admin@ifta.org

15

IFTA Update submission deadline for educational articles(mid-June release)

IFTA

NA

NA

Variesnewsletter@ifta.org
Attn: Aurélia Gerber, Journal Director

31

IFTA Journal Call for Paper submission deadline

IFTA

NA

NA

NA

journal@ifta.org

1

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

IFTA

NA

NA

Variesadmin@ifta.org

March

June

IFTAUPDATE 2015 Volume 22 Issue 2

page 9Reaching for the Stars
By Richard W. Arms Jr.

In the last two trading days, we have seen
the NASDAQ Composite go to new highs,
while the S&P has hovered just below
those highs, and the Dow has stayed ata slightly lower level than the highs set inlate February and approached in March.
It appears that there is a switch underway to the somewhat more speculative
issues in search of performance. In Figure
1, we see that this is the second time inrecent months that the NASDAQ has
outperformed. Also, I have labeled theindividual entries of March 20 and April
24 because of their seeming similarity. In
both instances, we have a gap up to newhigh ground that then produces a short
Candlevolume entry with a red line acrossits middle—in other words, a “red cross”.
In March it signaled an immediate downturn. Let’s see if it happens again.
On the other hand, the S&P, shown in
Figure 2, did not go through the old highs
in a meaningful manner. It is also exhibiting
difficulty in moving, as evidenced by thesmall Candlevolume entry to end the week.
So the volatile techs are outperforming themore conservative S&P 500.

Figure 1. NASDAQ Composite Index, January - April 2015

Figure 2. S&P Index, January - April 2015

IFTAUPDATE 2015 Volume 22 Issue 2

page 10

Education Lounge

Reaching for the Stars continued

Figure 3. Dow Jones Industrial Average, January - April 2015

Figure 4. Dow Jones Industrial Average, Late 1999 - Mid 2001

Figure 5. Dow Jones Industrial Average, February - April 2015

I find the above comparison in Figure 3 tobe a concern because in the past, such aswitch to more speculative issues tended
to come at the end of market advances.
The classic example is the end of the big
secular bull market in 1999 and 2000. The
Dow topped out four months before the
NASDAQ. In Figure 4, we see the period
from late 1999 to mid-2001. The candlevolume entries are the Dow and theline is the NASDAQ.

Last week I wrote, feeling quite confident
based upon history, that a “red cross”
was unlikely to be followed by a “blackred reversal” without a further decline in
between. So, of course, the market action
the very next day contradicted what I
wrote. But what has followed is also atypical. A red-black reversal is usually followed
a powerful advance. In Figure 5, we seethat the trading after the reversal days
has been less than spectacular. Thursday

IFTAUPDATE 2015 Volume 22 Issue 2

page 11

Education Lounge

Reaching for the Stars continued

and Friday were both entries with a verysmall spread between the open and close.
This produced black crosses rather than
red crosses but still told us of difficult
movement.
Figure 6 shows a way of looking at theArms Index. While it is something I havefollowed for years, it has been a long timesince I have written about it. It is the overlaying of two moving averages in orderto observe their crossovers and their relative positions. The theory is simple: The
longer term moving average provides a“baseline’ in tune with the general marketof the time, and the shorter term moving
average tends to oscillate around thisvariable baseline, going from overbought
to oversold. When giving presentations,
I often get a question from the audienceasking me to provide overbought andoversold levels for a particular moving
average. The problem is, that those limits
are not fixed, but variable, depending on
the mood of the longer term market. The
two-average approach tends to mitigatethat problem.
In Figure 6, I have plotted the 21-day (blue)
versus the 55-day (red).

Figure 6. Dow Jones Industrial Average Showing Two Moving Averages(21-day vs. 55-day)on the 21-day seem to be more timely. So
one might look for the maximum separationof the two moving averages as a signal, andthen the crossover as the confirmation.
If we want to look at a more immediate
picture for short-term trading, we can pickshort-term moving averages. In Figure 7,
for example, I have used the 5-day andthe 10-day.
This is more erratic, and waiting for the
crossovers is usually too late. Looking at
the maximum separation at extremes isthe best approach.

Figure 7. Dow Jones Industrial Average Showing Short-term Moving Averages(5-day vs. 10-day)

DJ INDU AVERAGE (18,056.42, 18,108.87, 18,009.08, 18,080. 14, +21. 4512)

DJ INDU AVERAGE (18,056.42, 18,108.87, 18,009.08, 18,080. 14, +21. 4512)

18400
18300
18200
18100
18000
17900
17800
17700
17600
17500
17400
17300
17200
17100
17000
16900
16800
16700
16600
16500
16400
16300
16200
16100
16000
15900
15800
15700

SHRT TRM TRD NDX (1.06000, 1.10000, 0.65000, 1. 01000, -0. 22000)

Mov ing Av erage (1.10000), Mov ing Av erage (1.04857)

As we can see, when the blue line is above
the red line, it is a good time to be long,while a blue line below the red line is a time
to be short. We should also pay attention
to the actual level of the two moving averages. At this time, we seem to be very close
to a crossover to the bearish side, and itcomes when both averages are quite highon the chart. (Note, the scale is inverted
and logarithmic.) Observe how much better
this seems to do than if we were to just set
numerical levels for overbought and oversold. The indications from this pair of moving averages tend to apply for a number ofweeks or even months. Actually, the peaks

21-day2
1

SHRT TRM TRD NDX (1.06000, 1.10000, 0.65000, 1. 01000, -0. 22000)

0.90

Mov ing Av erage (1.07600), Mov ing Av erage (1.12800)

18350
18300
18250
18200
18150
18100
18050
18000
17950
17900
17850
17800
17750
17700
17650
17600
17550
17500
17450
17400
17350
17300
17250
17200
17150
17100
17050
17000
16950
2
1

10-day AI

0.95
1.00
1.05

1

1.10

55-day AI

9

16

23

30 7
July

14

21

28

4
11
August

18

25

1.15

5-day

1.20
1.25
1.30
1.35
2 8
15
September

22

29 6
13
October

20

27

3
10 17
Nov ember

24 1
8
15
December

22 29 5
12
2015

20 26

2
9
17 23
February

2
9
March

16

23

30 6
April

13

20

27

4
May

11

29

5
2015

12

20

26

2
February

9

17

23

2
March

9

16

23

30

6
April

13

20

27

4
May

11

IFTAUPDATE 2015 Volume 22 Issue 2

page 12

Education Lounge

Reaching for the Stars continued

Figure 8. Dow Jones Industrial Average Showing Long-term Moving Averages(144-day vs. 233-day)Figure 10. VIX Volatility Index

D J IN DU AVER AGE (18,056.42, 18,108.87, 18,009.08, 18,080. 14, +21. 4512)
18500
18000
17500
17000
16500
16000
15500
15000

DOW

14500
14000
13500

13000
10-day AI
12500

12000
11500
11000
10500
10000
9500
SH R T TRM
Mov TR
ingDAvNerage
D X (1.06000,(1.09622),
1.10000,
Mov ing0.65000,
Av erage1.(1.13667)
01000, -0. 22000)
1.00
1.05
1.10

144-day

1.15
1.20

233-day

1.25
1.30
1.35
1.40
1.45

Aug Sep Oct N ov D ec 2011

Mar Apr May Jun Jul Aug Sep Oct N ov D ec 2012

Mar Apr May Jun Jul Aug Sep

N ov D ec2013

Mar Apr May Jun Jul Aug Sep

N ov D ec 2014

Mar Apr May Jun Jul Aug Sep Oct N ov

2015

Mar Apr May

Figure 9. Dow Jones Industrial Average Showing Long-term Moving Averages(144-day vs. 377-day)
D J IN DU AVER AGE (18,056.42, 18,108.87, 18,009.08, 18,080. 14, +21. 4512)

19000
18500
18000
17500
17000
16500
16000
15500
15000
14500
14000
13500
13000
12500
12000
11500
11000
10500
10000
9500
9000
8500
8000
7500
7000
6500
6000

DOW

10-day AI

SH R T TRM
Mov TR
ingDAvNerage
D X (1.06000,(1.09557),
1.10000,
Mov ing0.65000,
Av erage1.(1.13667)
01000, -0. 22000)
1.00
1.05

But how about going to long-term moving
averages? In Figure 8, I have used the 144day and the 233-day. (Fibonaccci numbers)
Now we are seeing how much more important the crossovers are than the numericallevels. The width of separation is far lessuseful than the crossovers.
And, if we go really far out, there is value
to each crossover in the relationship of the
144-day to the 377-day. It has been negative
since the first of the year. (Figure 9)

1.10
1.15
1.20

377-day

144-day

1.25
1.30
1.35
1.40
1.45

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

But, returning to the immediate market,
look at the chart of the VIX (Figure 10)
below. Two weeks ago we were saying it
was reflecting extreme complacency andlooked as though it could not go much

lower. But it has gone even lower. The lowof 12.16 on Friday was its most fearlessreading of the year.
And the market seismograph is very quiet.
Figure 11. Market Seismograph

IFTAUPDATE 2015 Volume 22 Issue 2

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Education Lounge

Reaching for the Stars continued

The markets are still fighting their way higher but seem to be encountering extreme
resistance at the old highs or, in the case of NASDAQ, just above them. The complacency is bothersome, and that is also reflected in the Arms Index moving averages. The
quiet market seismograph suggests building pressure for a more substantial shakeout.
A slide from here would perhaps find some temporary support at the lows of six sessions ago around 2070, but by then it would have broken the ascending trendline fromFebruary, thereby suggesting a further slide to the 2040 region. The cycles we looked
at in the last two weeks point to a market low in early to mid-May.

Figure 12. S&P Index, January - April 2015

About the Author
Richard (Dick) Arms has
spent nearly half a century following, trading,
and writing about stock
markets. Best known for
his Arms Index, or TRIN,
his other major contribut i o n s t o Wa l l St r e e tmethodology include
Equivolume Charting,
Ease of Movement, Volume Adjusted Moving
Averages, Volume Cyclicality, and a number ofvolume-based indicators. These tools are
revealed and explained in his seven books, themost recent titled Arms Candlevolume.
His Arms Index appears daily in the Wall Street
Journal and weekly in Barron’s and is available on all quotation systems. His charting
method and many of his other indicators are
one of a number of charting services, including Metastock. He is an internationally known
seminar speaker and has made innumerable
TV and radio appearances.
Mr. Arms has received many of the highest
awards in technical analysis, including theMarket Technicians Association award for lifetime achievement, and has been inducted into
the Traders Hall of Fame.
Located in Albuquerque, New Mexico, as Arms
Advisory, Dick advises a select group of institutions. He also writes a twice-weekly column forRealmoney Pro, a subsection of Thestreet.com.

IFTAUPDATE 2015 Volume 22 Issue 2

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Education Lounge

Defects of RSI
How to use RSI in overbought or oversold
by Howard Wang, M.D.

Talking about the famous index—
RSI, everyone knows.
Talking about the reasons for losing money
using RSI in overbought or oversold,maybe nobody knows also.
No matter whether yu are an expert in
Figure 1. Defects of RSItechnical analysis, an RSI index fan, orinvestor and trader, it is important tounderstand the defects of RSI and answer
the seemingly simple question.
What are the defects of RSI? See Figure  1
below.

The figure shows when the RSI is below 30
or above 70—meaning that the stock isoversold or overbought—it alerts tradersthat they can buy or sell/short stock. Then,if you trade it following the RSI signals,
the stock price actually still goes down or
up so that you will lose money.
It is the defects of RSI, in particular adefect of a buy and sell signal, that will
mislead you to make the wrong trade.
Why are the signals wrong in overbought
and oversold?
It is because RSI cannot absolutely reflect the
movement of the stock price, and the problem stems from the RSI calculation formula.
So, my research tries to reveal the defectsof the well-known index by using a newconcept and avoid being misled and losing
money in real trading.
To clearly understand the defects, we must
answer the following two questions:

1. What are the defects of the RSI formula?
2. What is a method making up for these
defects?

1) The defects of RSI formula
To clearly understand the defects of RSI, we
must know the calculation structure of RSI,
to check carefully the factors in the formula.
As we all know, for each trading period,
an upward c hange U or dow nwardchange D is calculated. Up periods arecharacterized by the close being higher
than the previous close:

Conversely, a down period is characterized
by the close being lower than the previous
period’s close (note that D is nonethelessa positive number),If the last close is the same as the previous,
both U and D are zero.

IFTAUPDATE 2015 Volume 22 Issue 2

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Education Lounge

Defects of RSI continued

The average U and D are calculated using
an n-period exponential moving average (EMA). The ratio of these averages is
the relative strength or relative strength
factor:

The relative strength factor is then converted to a relative strength index between
0 and 100.
As in the calculation of the RSI above, theindex is based on the daily closing pricechanges. There is a big problem, however.
For this, we have to think of the strengthof stock movement in two sides:
A. Only comparing the closing price,
whether it can reflect the real strengthof stock movement.
B. Without using volume and range, whether
it is reasonable to describe the strengthof stock movement.

comparative strength of buyers and sellers.
It is the nature of profit-taking.
If one does not consider these importantfactors, RSI may send out the wrong signal for trading; it is a major defect of RSI
formula. Regardless of whether it is used
for real trading or theoretical technicalanalysis, I think it is necessary to know
this.
One defect of the RSI formula is that it onlyuses stock closing prices.

2) What is a method making up forthese defects?
To analyze candlestick together, you canmake up for the defects.
As we all know, the 4 price of candlestick is
the foundation of all technical analysis andtheory. That is why any change of stock
price appears on candlestick first, andindex signals are behind the candlestick.

You can’t judge the real strength ofstock ups and downs without any volume
information.

RSI calculation is based on the trend ofstock closing price, but the closing priceis only one of many important factors forcandlestick. Right now, we should carefully study the defects of RSI comparedto candlestick and see where the problem
forms.

There is also no indication of stock range.
How do you know it is a real overbought
and oversold? Stock range reflects the

There are three different candlesticks, as
shown in Figure 2. We note that the closing
price of the three candlesticks is the same.

My answer is NO.

Figure 2. Three Candlesticks

But, if you short stock according to the
RSI overbought signal, you will lose a lotof money because candlestick C reflects
more power from the buy side, so that thestock price may still continue to rise. The
key is that the signal from candlestick C isreally different than the RSI signal.

According to the candlestick theory, thestrengths of the three candlesticks arevery different. Candlestick C is strongest,
A is weakest. Even if RSI is overbought,
candlestick C tells us the stock may stillbe going up.

Thus, RSI calculation, not including the sizeof the stock range, might lead to signal
error. If you consider volume again, you willobserve the inadequacy of the RSI.

Why?
Because RSI only considers the closing
price and does not consider the stock
range.
For candlestick A, the range is smallest;that is, there are sharp fluctuations, and a
lot of profit-taking occurs. It is consistent
with the RSI overbought signal—profittaking market behavior made the candlestick style. RSI and candlestick tell us it isa good time to sell. A short sell could also
be reasonable.
The key is candlestick C. Note, its closing price is the same as candlesticks A
and B, but the body is very long, whichmeans there is almost no profit-taking.
From opening to closing, most traders holdthe stock, waiting for more profits.

However, looking at another candlestick,as shown in Figure 3, you will feel differently. In the figure, the closing price of
three candlesticks is also the same. If RSI
is signaling overbought, you should try
to short sell. The reason is obvious andsimple: three candlesticks have reflectedheavy selling, profit-taking is stronger, andthe candlestick signal is matched with the
RSI signal.
Figure 3. Three Candlesticks

If you don’t sell stocks at this time, or are
afraid of being short, I can say that you

IFTAUPDATE 2015 Volume 22 Issue 2

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Education Lounge

Defects of RSI continued

neither know the candlestick theory nor
understand RSI overbought and oversold
signals.

3) Examples: NFLX

Check carefully; if you can find a long stock
range in this position, it means stock prices
are stronger, and there is a great possibility
that stock prices will still go up. Therefore,
even if RSI is in an overbought area, thebest strategy should be to wait and see,not to sell, or to short.

In Figure 4, A, B, C, D, E of RSI are in the
overbought zone and stay above 80, but
you will find the range of the candlestick
is too long at five points, which means thebuy side is powerful. If you make shortaction, you will lose money.

This example told us that when RSI isoverbought, it does not reflect the stock's
real fluctuations and trends. Only a candlestick can reflect the real movement ofstock prices.

You have to learn from the beginning.

Figure 4. NFLX Showing Candlestick Range

4) Conclusion
When RSI signals are overbought and oversold, you should combine with the strengthof candlestick; it is the only way to avoid
defects of RSI and make right trading.
It is the key to trading in overbought oroversold strategies.
To improve the signals of RSI oversold
and overbought, a new relative strength
index is created, called Breakout Relative
Strength Index (BRSI).

BRSI includes both data of RSI and candlestick; there are three important factors:
Breakout Price, Range, and Volume. It is a
new analysis method of the strength of stock
movement and will help you make goodtrades in overbought or oversold areas—
resulting in more money and less risk.
The article on BRSI is in IFTA Update
Volume 21 Issue 3, pp. 19-20.
http://www.ifta.org/public/files/
newsletter/d_ifta_update_vol21-iss3.pdf

About the Author
Howard Wang, M.D.,
lives in Los Angeles,
California. He has
more than 20 years
of investment experience. He is particularly interested inanalyzing technicalindicators and candlestick construction
and designing breakout trading software.
He also created a new concept in trading—Profit Taking Theory. He may bereached at tradesoftusa@yahoo.com.

IFTAUPDATE 2015 Volume 22 Issue 2

page 17

Technical Analysis Officially in Muscat
Memorandum of Understanding Between the International Federation of Technical Analysts (IFTA) and the Capital Market Authority of Sultanate Oman (CMA)

As an important step toward consistently disseminating technical analysis
science and establishing technical analysis local societies around the globe, theInternational Federation of TechnicalAnalysts (IFTA) is pleased to announce
that it has signed a Memorandum ofUnderstanding (MOU) with the CapitalMarket Authority of Sultanate Oman
(CMA). The MOU’s objective is to reinforce the mutual cooperation in promoting
technical analysis science and accreditationof market professionals operating in the
Sultanate of Oman capital markets and thefinancial services industry.
The signing ceremony was held on 12 May
2015 at the Crown Plaza Hotel in Muscat.
The MOU was signed by H.E. Abdullah
Al-Salmi, CMA executive president, and Dr.
Rolf Wetzer, IFTA chairman. A three-day
technical analysis course was provided for
CMA attendees by Mr. Mohamed Ashraf,
IFTA vice president for the Middle East andAfrica, as part of highlighting the meaning
and importance of technical analysis science as an essential analytical tool in thefinancial industry.
The duration of the MOU is five years,
which will be automatically renewed; italso includes the intention of CMA toprepare its candidates for applying for the
CFTe program for the sake of producing
educated certified candidates and urging
those candidates to establish the technical analysis society of Oman as a member
society in IFTA’s family.

(from left to right) Khalfan Al-Sharji, General Director of Capital Market Institutions Directorate; Sheikh
Abdullah Al-Nabhani, General Director of Muscat Clearing & Depository Company S.A.O.C; H.E.
Abdullah Al-Salmi, CMA Executive President; and Ahmed Muqaibal, Deputy DG, Administration & IT,
Muscat Securities Market.

Opening speech of Khalfan Al-Sharji, General
Director of Capital Market Institutions Directorate.

H.E. Abdullah Al-Salmi and Dr. Rolf Wetzer
signing the Memorandum of Understanding.

Speech of Dr. Rolf
Wetzer, IFTA Chairman

The event officials with some of the attendees.

Speech of Mohamed Ashraf,
Vice President MENA.

The entire event was a big success. The
ceremony was opened by Khalfan Al-Sharji,
general direc tor of C apit al Market
Institutions Directorate, and was then followed by speeches by Dr. Rolf Wetzer andMr. Mohamed Ashraf. The event was also
attended by Sheikh Abdullah Al-Nabhani,
general director of Muscat Clearing &Depository Company S.A.O.C and Ahmed
Muqaibal, deputy DG, Administration &IT at Muscat Securities Market. The MOU
was then signed by the CMA executive
president, H.E. Abdullah Al-Salmi, and
Dr. Rolf Wetzer. After exchanging gifts,

IFTAUPDATE 2015 Volume 22 Issue 2

page 18
Technical Analysis Officially in Muscat continued

Member NewsSAMT (Switzerland)
SAMT Has a New President
Patrick Pfister, CFTe
(Zurich), has recently
been named president of the Swiss
Association ofMarket Technicians.
He is also the association’s webmaster!
Patrick succeed s
Daniel Stilhart, who
served for seven years and was a great
influence on the association. Patrick canbe reached at patrick.pfister@samt-org.ch.

Spring Edition of The Swiss TechnicalAnalysis Journal Now Available in PDF
The spring edition of
the SAMT Journal isfocused on commodities and the methodsof technical analysis
used in these markets. The first article
will introduce you tot h e L u g a n oCommodity Forum,
followed by the commodity-focused articles by Martin Pring about how technicalanalysis can be applied to commodity
p r i c e s , J e a n e t t e S c h w a r z Yo u n g ’scommentary on intermarket analysis andcommodities, and Carlo Alberto De Casa’s
discussion on gold. Professor Hank Pruden
continues his work that began in our previous edition about “The Life Cycle Model:
Wyckoff Method Combined with Elliott
Waves.” We have Ron William’s interview
with Robin Griffiths and an article byAlberto Vivanti about index sector selection. Download the spring edition at http://
samtjournal.uberflip.com/i/521988-samtjournal-spring -2015.

Next CFTe Level II Exam Preparatory
Course: 12–13 September 2015
For the four thyear, Bruno Estierand Ron William
will be presenting
their semiannual
preparation
course in Geneva,
Switzerland. This
immersion course is designed to prepare
candidates for the upcoming CFTe Level II
exams. The course will be limited to 5–10
candidates so that each person will receive
the same individual level of informationand instruction. Download the course broc hu re for com plete infor mation at
http://samtjournal.uberflip.com/i/394255samt-cfte-prep-course-sept-2015.

the technical analysis course started.
CMA candidates included brokerageand investment company CEOs, investor
directors and managers, wealth managers, CMA officials, bank account managers, financial analysts, and investors andbrokers. The candidates are very keen
to participate in the next step provided
by CMA and IFTA in this long-term plan.
It is IFTA’s pleasure also to thank thegreat efforts of the Union of Arab
Securities Authorities (UASA) and especially Jalil Tarif, UASA General Secretary,
for bringing CMA and IFTA together
and for his many efforts to improve andspread the technical analysis science in
the MENA region. IFTA and UASA are
expecting to accomplish similar important events within different Arab countries during the current year.
IFTA is very pleased with this important
step, as it is considered a continuationof what IFTA has achieved in the United
Arab Emirates, moving forward its planfor spreading technical analysis science
in in the Gulf region. IFTA would like tothank CMA for its positive, strong, andserious cooperation with in supporting
our objective of increasing the education standards, efficiency, awareness,safety, and professionalism of understanding the technical analysis science.
IFTA wants to thank Shaima Al Busaidi,
CMA Acting Director of International

H.E. Abdullah Al-Salmi giving a gift to Dr. Rolf
Wetzer.

Mr. Khalfan Al-Sharji giving a gift to Mr.
Mohamed Ashraf.

Affairs, and Ahmed Al Souti, CMA
International Affairs Specialist, for theirefforts, cooperation, and professionalism in organizing and accomplishing the
MOU, the event, and the course.

IFTAUPDATE 2015 Volume 22 Issue 2

page 19

Call For IFTA Board Nominations
IFTA 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 conductedat the time of IFTA’s Annual Conference. In selecting a slate of candidates for the IFTA
board of 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 2015 – October 2018 term. IFTA estimates that eight board vacancies
will be filled at the 2015 Annual General Meeting in Tokyo. Nominees must be willingto 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 to support 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 2, 2015.

The nomination procedure is simple:

1 Any member in good standing of an IFTA member society may be nominated or
may nominate him/herself.
2 Nominations must be seconded by two members in good standing of an IFTA
member 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
2, 2015.
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
9707 Key West Avenue, Suite 100
Rockville, Maryland 20850 USA

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

Nominations will be announced to the membership in early September. Voting will takeplace at the IFTA Annual General Meeting on October 1, 2015. If you have questions
concerning this matter or would like a nominating form, please contact IFTA Admin at
admin@ifta.org.

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

Persons seconding this nomination (must be members in good standing of an IFTA member
society). Two seconders required.
1)
Name

SocietyNameSociety2)

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 thisapplication. Nominations deadline: August 2, 2015.

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 2015 Volume 22 Issue 2

page 20IFTA Member Societies
AUSTRALIA—ATAA Australian Technical Analysts Association www.ataa.com.au
BOSNIA and HERZEGOVINA—SMS* Society for Market Studies trzisnestudije.org
CANADA—CSTA Canadian Society of Technical Analysts www.csta.org
CROATIA- CTAA* Croatian Technical Analysis Association www.huta-ctaa.hr
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 Analyst Association www.ftaa.org.hk
INDIA—ATA The Asociation of Technical Analysis www.taindia.org
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 site.malaysianchartist.com
NIGERIA—TASN Technical Analysts Society, Nigeria www.tasnigeria.org
NETHERLANDS—DCTA Dutch Commission of Technical Analysis
NEW ZEALAND—STANZ Society of Technical Analysts of New Zealand www.stanz.co.nz
ROMANIA—AATROM Asociatia Analistilor Tehnici din Romania www.aatrom.org
SCANDINAVIA—STAF Skandinaviens Tekniska Analytikers Förening www.staf.nu
SINGAPORE—TASS Technical Analysts Society (Singapore) www.tass.org.sg
SPAIN—IEATEC* Instituto Español de Analistsas Técnicos y Cuantitativos www.ieatec.es
SOUTH AFRICA—TASSA Technical Analysts Society of Southern Africa www.tassa.org.za
SWITZERLAND—SAMT Swiss Association of Market Technicians www.samt-org.ch
TUNISIA—ATAT* Association Tusisienne des Analystes Technique
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

Board of Directors
President Rolf Wetzer, Ph.D. (SAMT)Email: rolf.wetzer@ifta.org
Vice-President—the Americas William Chin, MBA (CSTA)
Email: wchin@e3m.com
Vice-President—Asia Pacific, Conference Director Akira Homma, CFA, CIIA, CFTe, FRM, CMA,
CMT (NTAA)
Email: akira.homma@ifta.org
Vice-President—Europe Deborah Owen, FSTA, CFTe (STA)
Email: editor@irc100.com
Vice-President—Middle East, Africa Mohamed Ashraf Mohfauz, MFTA, CFTe, CETA (ESTA)
Email: mohamed.ashraf.esta@gmail.com
Treasurer Ralf Böckel, CFA (VTAD)
Email: ralf.boeckel@freenet.de
Education Director Gregor Bauer, Ph.D., CFTe
Email: gregor.bauer@vtad.de
Education Director Ian Flack, CFTe, DipTA
Email: Ian.Flack@ATAA.asn.au
Exam Management Director Jeanette Schwarz-Young, CFP®, CMT, M.S.
Email: optnqueen@aol.com
Accreditation Director Roberto Vargas, CFTe (TSAASF)
Email: roberto.vargasr@ifta.org
Marketing and Membership Director Dan Valcu, CFTe (AATROM)
Email: ta@educofin.com
Online Development Director Roman Bogomazov (TSAASF)
Email: roman.bogomazov@ifta.org
Journal and Newsletter Director Aurélia Gerber, MBA, CFA (SAMT)Email: aurelia.gerber@ifta.org
Website Content Director Akihiro Niimi, MFTA (NTAA)
Email: niimia@aifaminc.com* Developing

IFTA Update Schedule
IFTA Update is the quarterly electronic newsletter of the International Federation of TechnicalAnalysts, reaching more than 6,950 IFTA colleagues worldwide. The Update is an efficient andcost-effective way to communicate with IFTA’s member societies and colleagues.

PUBLICATION SCHEDULE
September Issue

Education articles: August 15

All other content: September 1

December Issue

Education articles: November 15

All other content: December 1

March Issue

Education articles: February 15

All other content: March 1

June Issue

Education articles: May 15

All other content: June 1

Send education 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/

Sponsorship Director Mohamed El Saiid, CFTe, MFTA (ESTA)
Email: melsaiid@hc-si.com

STAFF
Executive Director Beth W. Palys, FASAE, CAE
Vice President, Meetings Grace L. Jan, CAE, CMP
Senior Member Services Manager Linda Bernetich
Marketing Manager Julie Hill
Senior Graphic Designer Jon BenjaminAccounting Dawn Rosenfeld
Editor Lynne Agoston

IFTA HEADQUARTERS
International Federation of Technical Analysts
9707 Key West Avenue, Suite 100
Rockville, MD 20850 USA

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

DELEGATE
BROCHURE

28th Annual Conference
The Keio Plaza Hotel,Tokyo

ver. 5

Contents

Acknowledgment (TBA)

3

Welcome Letter

4-5General Information

6-7

IFTA 2015 Tokyo : Conference Highlights

8

Conference Program : Conference Eve & Day 1

9

Conference Program : Day 2

10

Conference Program : Day 3

11

Speakers

12

Conference Venue Keio Plaza

13

Conference Dinner (Gala) Venue Meiji Momorial Hall

14

Registration Fees

15

IFTA Conference History

16

Japan / Tokyo

17

IFTA Conference History

18

Previous Supporters of IFTA Conferences

192

Acknowledgements
The IFTA 28th Annual Conference kindly acknowledges the generous support from the following companies :GOLD SPONSORSILVER SPONSORSBRONZE SPONSORSSUPPORTING ORGANIZATIONＳ

3

Welcome

Continuous Progression in Investment Management

The Nippon Technical Analysts Association (NTAA) is delighted
to be hosting the 2015 International Federation of TechnicalAnalysts’conference in Tokyo.
The theme of the Conference,“Continuous Progression in
Investment Management,”will serve as the framework for thes ﬁrst futures market inprogram. The creation of the world’Japan, the Osaka Dojima Rice Futures Exchange, gave birth tothe concept of technical analysis in the 18th century. Since
those pioneering days, analytical methods have never remained
static. Technical analysis has markedly progressed from its
humble origins -- and will continue to do so -- being infused withnew ideas and techniques being developed continuously. These
new ideas, combined with continual improvements to existing
techniques, are what make technical analysis such a fascinating
topic. Recently, modern technical analysis has been rapidly
gaining ground and is signiﬁcantly reshaping the landscape of thetechnical analysis community in Japan.

While Japan was the birthplace of a number of traditional
technical analysis techniques (such as Candlestick charting,
Ichimoku Cloud charting, Kagi-ashi, Renko-ashi, etc.), it has now
s highest concentrations of modern technicalone of the world ’analysis practitioners and researchers. These new breed oftechnical analysis practitioners include traders deploying
ultra-modern algorithmic trading platforms, and researchersdeveloping world-leading sophisticated quantitative trading
systems and investment models.
That stated, some of the most intrinsic elements of market rules
have not changed, nor will likely change. The Conference will be
programmed in such a way to give the delegates a clear
perspective of how technical analysis has progressed and where
it is heading in the next decade and the next century.

General Information and Key Facts
Venue
Keio Plaza Hotel Tokyo / 2-2-1 Nishi-Shinjuku
Shinjuku-Ku, Tokyo 160-8330 Japan
Dates● １st October 2015
IFTA Board of Directors meeting & IFTA AGM● 2nd - 4th October
IFTA Conference program
Host
Nippon Technical Analysts Association of Japan (NTAA)
Supporting Organization
Japan National Tourism Organization (JNTO)

Conference Director
Akira Homma, CFA, CIIA, CMA, CFTe, CMT, FRM

Number of Delegates
200-250 (projected)

NTAA/IFTA Committee
Toshki Aoki, CMTA
Akira Homma, CFA, CIIA, CMA, CFTe, CMT, FRM
Tsuyoo Atsuchi, CMTA
Toshiki Tobe
Kazuyuki Namikawa
Kakuya Kojoh, MFTA
Yukitoshi Higashino, MFTA

Sponsorship Costs
From 300,000 yen(approx. US$2,500 (@120yen/$))Collaborators
Yoshihisa Hasegawa / Hidetoki Yokoi, CFTeJoe Young / Ian Copsey

Contact Details
NTAA oﬃce
Tel : +81-(0)3-5847-2231
FAX : +81-(0)3-5847-2232
Email : oﬃce@ntaa.or.jp
Akira Homma (Conference Director)
Email : akira.homma@ifta.org

4‘Omotenashi’Conference for All Investment Professionals and Academics‘Omotenashi’in Technical Analysis”will bestow
The sub-theme“
the conference with a local ﬂavor.‘Omotenashi’is a Japaneseword which means“Selﬂess, harmonious hospitality.”We havedecided on this sub-theme for the following reasons:●●

NTAA is determined to make the utmost eﬀort to ensure thatthe attending delegates will be thoroughly satisﬁed, fully
beneﬁting from the intensely condensed conference programin a highly cordial environment.
, the
The‘Omotenashi’spirit has a lot to do with‘simplicity’core of the Japanese culture and spirit, which forms the basefor, just to name a few, Sado (tea ceremony), Zen, Bushido(Samurai spirit), Bonsai (miniaturized trees grown incontainers), Ikebana (Japanese ﬂower arrangement), and manyother unique Japanese cultural arts and customs, and wewould like the delegates to enjoy the unique local cultural
ﬂavor.

The level of Conference presentations will be geared toprofessionally employed Fund Managers, Traders, Analysts,
Asset Allocators, Private Bankers, Financial Planners, and also
highly experienced private ﬁnancial market traders/investors, aswell as researchers and educators at leading academic
institutions.
The Conference will be held at the Keio Plaza Hotel, a luxurious
hotel located in the Shinjuku district of Tokyo, the business/
commercial district which has the highest concentration of
skyscrapers in the city.
We look forward to seeing you in Tokyo in October!

‘Omotenashi’masters are skilled in foresight with the ability to“anticipate”the feelings of their guests and take action toensure harmony (well before ordinary people notice),
operating in the same way as market masters who know how
to correctly“anticipate”future market developments and takeaction accordingly (well before ordinary market players start
reacting to widely known facts).

●●s trading
Mastery of the‘Omotenashi’spirit helps improves one’skills by allowing one to focus on the“essential”rather thanminor peripheral detail.

We have deliberately widened the scope of this conference toappeal to the broad ﬁnancial community as well as the academic
community, and not just technical analysts. We will be using our
extensive relationships with other ﬁnancial and educationalorganizations here and abroad to market the conference globallyand are looking to attract delegates from all over the world.

Toshiki Aoki, CMTA
Chairman, NTAA

Akira Homma, CFA, CIIA,
CMA, CFTe, CMT, FRM

Conference Director
Vice President, Asia-Paciﬁc,IFTA

5General Information
Dates
1st October 2015

Venue
IFTA Board of Directors
meeting & IFTA AGM

2nd - 4th October IFTA Conference
program

Conference Registration
Online registration is scheduled to open by
mid-April .

Room Rates

Keio Plaza Hotel Tokyo
2-2-1 Nishi-Shinjuku Shinjuku, Tokyo, Japan
Phone : +81(3)3344-0111
URL : http ://www.keioplaza.com/

Room Reservation
Delegates will be able to reserve hotel
rooms at the Conference registration site.

Double or Twin room (25 m2)
3rd OctoberSingle use : JPY 28,900 (Approx. US$ 241)*
Double use : JPY 32,600 (Approx. US$ 272)*
Other days
Single use : JPY 24,100 (Approx. US$ 201)*
Double use : JPY 27,800 (Approx. US$ 232)*
More aﬀordable accommodation options at nearby hotels will be
provided at the Conference registration site.

Getting There
There are two Airports near the Tokyo area, Haneda Airport and Narita International
Airport.
[ Haneda Airport ]Limousine bus : If you arrive at Haneda Airport, the easiest way to get to the hotel
would be the limousine bus. The limousine bus can take you directly to the Keio
Plaza Hotel for a nominal fee of around 1,230 yen (10 USD) .
[ Narita International Airport ]If you plan on arriving at Narita International Airport, there are two options to get tothe hotel :Limousine bus : The limousine bus can take you directly to the Keio Plaza Hotel for anominal fee of around 3,100 yen (26 USD). (It may be recommended to take thelimousine bus back to the airport upon return as there prices will be the same and it
will be more convenient. )Train : Some of the Narita Express (NEX) trains travel directly from Narita Airport to
Shinjuku Train station. It costs 3,190 yen (27 USD).

* @JPY 120 / US$; Guidance purposes only; Subject to ﬂuctuations according to foreign exchange rate ﬂuctuations

6

General Information
Visas
As there are diﬀerent rules and regulations concerning thevarious countries, it is recommended to read the Japan National
Tourism Organization website. The websites URL is:
http : //www.jnto.go.jp/eng/arrange/essential/visa.html

Tipping
Tipping in Japan is generally not advised, at restaurants, cabs,
luggage handlers, nowhere do you top, Japan is in general a
tip-free country. There is, however, an exception, if you happen
to ﬁnd yourself at American pubs or clubs in Shinjuku with
American staﬀ, you most likely should tip.

Price Levels and Cost of Living / Staying
It may come as a surprise that the cost of living / staying inTokyo (and Japan) is very reasonable. Basic necessities such as
food, clothing, haircuts, are much less expensive than most othermajor cities. For example, most bug lunch sets in Japan will run
in the neighborhood of 1,000 yen (8.4 USD). A similar portion offood in America or Europe would be at least 10-15 USD. Pleaseexamine the link below for a detailed comparison of prices.
Overall, one will deﬁnitely not spend anything more than if you
were in America or Europe.
http://www.numbeo.com/cost-of-living/compare_countries_result.jsp?country1=
Japan&country2=United+States&displayCurrency=USD

Weather
Autumn weather in Japan is very mild, with a cool breeze andthe colors of the trees are changing. It is a very lovely time of theyear. Recommended apparel is slacks, a light Jacket or otherkinds of similar clothing. Temperature usually hover around 15℃F) with a humidity of 60%.
F to 73°
to 23℃ (59°Tourist Activities
Tokyo is truly a city of unlimited possibilities. It may not be an
exaggeration to say that everything that exists in one’s
imagination exists somewhere in Tokyo. While the professional
Guest Relations staﬀ of the conference venue hotel will be happy
to provide you with useful sight-seeing and shopping information
as well as assistance you may need, it is recommended to buy a
travel guide if you are interested in exploring the various sights
and sounds of Tokyo (and of Japan). Suggested guides include

the following. These can be purchased at most large bookstores or Amazon.
＊ The Rough Guide to Tokyo (ISBN-10:1409343111) /The Rough Guide to Japan (ISBN-10:1409342832)＊ Lonely Planet Tokyo (ISBN-10:9781742200408) /Lonely Planet Japan (ISBN-10:1742204147)
s Tokyo (ISBN-10:0804141703) /＊ Fodor’s Japan (ISBN-10:0804141851)
Fodor’

7

IFTA 2015 Tokyo: Conference Highlights
Intensive 3- day program including :◆ 20 individual presentations (planned) by eminent speakers◆ Unique Debate / Power Hour sessions[Panel] Technical Research at World-Leading Investment
Managers : How do world-leading investment management
organizations use TA to maximize investment performance?;
Advice for investment performance enhancement●[Debate] International Debate on Abenomics : Will it
succeed or fail?
●[Debate] Wave Theory Debate: New breeds of Elliotticiansvs. Conventional Elliotticians●[Panel] Technical Analysis Education & Research at
Universities around the World●[Panel] CFAs & Technical Analysis: Why and how do CFAs
use Technical Analysis?
●[Power Hour] Technical Analysis à La Carte●... structured to give the attending delegates a ﬁrst-handunderstanding of :＊ A clear perspective of how Technical Analysis has progressed

and where it is heading in the next decade and the next
century.
＊ Cutting-edge TA techniques/ models/ systems＊ How world-leading investment management organizations(hedge fund managers, traditional asset managementcompanies, SWFs, private banks, and others) are incorporating
Technical Analysis in their investment management process toenhance investment performance＊ How top-notch investment masters combine TechnicalAnalysis and Fundamental Analysis to continue generatingsuperior performance＊ How Technical Analysis is being taught and researched atincreasing numbers of universities around the world... followed by :Splendid Conference Dinner (Gala),
located in a historic hall in Japanese style architecture,
standing within the magniﬁcent surroundings ofa traditional Japanese garden, and featuring :Japanese gourmet dinner
Sake tasting (and a choice of alcoholic or soft beverages)●
Unique entertainment programs to enjoy traditionaland modern Japanese cultural arts●●

8Conference Program : Conference Eve & Day 1
Date
Oct /01(Thu)

Oct /02(Fri)Time
13:00 ～ 17:30 (prov.)

Thursday, October 1st - Friday, October 2nd

Topic

Speakers

Pre-conference workshop on "Fibonacci Price Projection" ( at TBA )Constance ( Connie ) Brown, CMT

15:30 ～ 17:00

IFTA AGM ( at "Sagami", 42F Keio Plaza Hotel )15:30 ～ 17:00

Cocktail Party ( at "Fuji", 42F Keio Plaza Hotel )8:30 ～ 9:00

Registration ( at "Eminance Hall", 5F Keio Plaza Hotel )9:00 ～ 9:05

Opening Ceremony

9:05 ～ 9:50

Technical Walkabout

9:50 ～ 10:20

Keynote Speech

10:20 ～ 10:40

Coﬀee Break

10:40 ～ 11:10

Back to the Futures: Economic Analysis of Rice Futures Market
in 18th century Japan

Katsunari Yamaguchi, Ph.D., CFA

11:10 ～ 11:50

World's First Exchange : How was the world's ﬁrst futures exchange,
Osaka Rice Futures Exchange, born and operated ?

Yasuaki Okamoto

11:50 ～ 12:20

Combining Technical Analysis and Fundamental Analysis

John Bollinger, CFA, CMT

12:20 ～ 13:20

Lunch

13:20 ～ 13:50

Comprehensive Fibonacci Analysis - A Paradigm of Modern Technical Analysis

Viktor Pershikov, MFTA

13:50 ～ 14:20

Algorithmic trading methodology in technical analysis : We needa countermeasure for HFT not only from IT, but also from technical analysis

Hiwon Yun, Ph.D.

14:20 ～ 14:50

Expert Trading System : A Glimpse Into Future AI Robot Trader

Dato' Nazri Khan, Ph.D., CFTe, MSTA

14:50 ～ 15:10

Coﬀee Break

15:10 ～ 15:50

Harmonic Elliott Wave

Ian Copsey

15:50 ～ 16:20

Elliott Wave-based Global Market Projection ( prov. )Naohiko Miyata, CFTe

TBA

Murray Gunn, MSTA, CFTe

[ Debate ] Wave Theory Debate:

Ian Copsey
Naohiko Miyata, CFTe
Constance ( Connie ) Brown, CMT
Murray Gunn, MSTA, CFTe
Mark Galasiewski
Other Elliotticians
MOD: Ron William, CMT, MSTA

16:20 ～ 16:50

16:50 ～ 17:30

New Breeds of Elliotticians vs. Conventional Elliotticians

18:30 ～

Welcome Reception

Yasuhiro Yonezawa, Ph.D.

Subject to change without notice9

Conference Program : Day 2
Date

Time

Saturday, October 3rd

Topic

Speakers

8:30 ～ 9:00

Registration ( at "Eminance Hall", 5F Keio Plaza Hotel )9:00 ～ 9:30

The IVPR: Understanding the eﬀects of volatility patterns on market dynamics

Mohamed El Saiid, CFTe, MFTA

9:30 ～ 10:00

Mapping the Markets

Robin Griﬃths

10:00 ～ 10:30

Forecasting Long-term Economic and Social Change Using the Wave Principle

Mark Galasiewski

10:30 ～ 10:45

Coﬀee Break

10:45 ～ 11:15

Abenomics and Japan's Economic Future

Hiroko Ota[ Debate ]Oct /03(Sat)

Hiroko Ota
Ryoji Musha, CMA
Other speakers ( buy-side, sell-side economists )MOD: Megumi Takarada, CFA, CIIA

10:50 ～ 11:50

International Debate on Abenomics : Will it Succeed or Fail ?

12:05 ～ 13:15

Lunch ( at "Hana", 4F Keio Plaza Hotel )13:15 ～ 13:35

TBA

Craig Johnson, CFA, CMT

13:35 ～ 14:05

Neural Network Systems for Identifying Market Patterns and Trading

Tomoya Suzuki, Ph.D.

14:05 ～ 14:45

W.D. Gann's Method of Forecasting Time and Price in Global Financial Markets

Constance ( Connie ) Brown, CMT

14:45 ～ 15:15

Logical Technical Analysis ( prov. )15:15 ～ 15:35

Coﬀee Break[ Power Hour ]15:35 ～ 17:25

Technical Analysis A La Cartel

18:00 ～

Dinner Tour - Optional

Yutaka Yoshino, CFTe
Carlos Jaureguizar
Tom Dorsey
Ivano Menabue
Feng Han, CFA, CMT
Jeanett Schwarz Young, CFTe, CFP, CMT, MS
Varios other speakers

Subject to change without notice10Conference Program : Day 3
Date

Sunday, October 4th

Time

Topic

8:30 ～ 9:00

Registration ( at "Eminance Hall", 5F Keio Plaza Hotel )9:00 ～ 9:30

Technical Investment Strategies ( prov. )Eiji Kinouchi

9:30 ～ 10:00

Technical Research at Fidelity : Behind the Scenes

David Keller, CMT

10:00 ～ 10:30

Technical Research at CQSAdam Sorab, FSTA

10:30 ～ 10:50

Coﬀee Break[ Panel ]10:50 ～ 11:50

Oct /04(Sun)

Technical Research at World-Leading Investment Managers :How do world-leading investment management organizations use TechnicalAnalysis to maximize investment performance?;
Advice for investment performance enhancement

Speakers

David Keller, CMT
Adam Sorab, FSTA
Frank Teixeira, CFA, CMT
Rolf Wetzer, Ph.D.
Akihiro Niimi, MFTA
MOD : Brett Villaume, CMT, CAIA

11:50 ～ 12:50

Lunch ( at "Eminence Hall", 5F Keio Plaza Hotel )12:50 ～ 13:20

Lunch-time Symposium

Oki Matsumoto

13:20 ～ 13:50

Technical Analysis Education at Universities around the World

Roman Bogomazov[ Panel ]Henry ( Hank ) Pruden, Ph.D.
Roman Bogomazov
Mohamed El Saiid, CFTe, MFTA
Rolf Wetzer, Ph.D.
David Lundgren, CFA, CMTDavid Furcajg, CFTe, MFTA
Maurizio Milano

13:50 ～ 14:50

Technical Analysis Education at Universities around the World :How is Technical Analysis being taught at increasing numbersof universities around the world?

14:50 ～ 15:05

Coﬀee Break

15:05 ～ 15:35

Recent Trends in Hedge Fund Industry & Fund Flows

Stefan Nilsson[ Panel ]John Bollinger, CFA, CMT
Craig Johnson, CFA, CMTDavid Lundgren, CFA, CMT
Feng Han, CFA, CMT
Akira Homma, CFA, CIIA, CMA,CFTe, CMT, FRM
Other dual holders of CFA & Technical Analysis
designation ( CFTe/MSTA/Dip.TA/CETA/CMT)
MOD : Aurelia Gerber, MBA, CFA

15:35 ～ 16:40

CFAs & Technical Analysis :Why and how do CFAs use Technical Analysis?

16:40 ～ 17:10

Award-giving & Closing Ceremonies

18:30 ～

Conference Dinner ( GALA ) ( at Meiji Memorial Hall ( Meiji Kinenkan ))- Leaving Keio Plaza Hotel at 18:00
Subject to change without notice11

Speakers
Roman Bogomazov

Adjunct Professor, Golden Gate University

Maurizio Milano

Head of Technical Anlaysis, Banca Sella GroupJohn Bollinger, CFA, CMT

President and Founder,
Bollinger Capital Management

Naohiko Miyata, CFTe

Chief Technical Analyst,
Mitsubishi UFJ Morgan Stanley Securities

Constance (Connie) Brown, CMT

Founder, Aerodynamic Investments Inc.

Stefan Nilsson

CEO and Founder, HFC Advisory Group;
President and Founder, Hedge Funds Club

Carlos Jaureguízar FrancésCEO, Noesis AF; Presidente del Instituto Español deAnalistas Técnicos y Cuantitativos (IEATEC)

Akihiro Niimi, MFTA

Executive Director, AIFAM

Ian Copsey

Founder of Harmonic Elliott Waveand Private Equity Fund Chief Analyst

Yasuaki Okamoto

Chairman, Osaka Dojima Commodity Exchange

Tom Dorsey

President and Co-founder, Dorsey Wright & Associates

Hiroko Ota｠｠

Professor, National Graduate Institute for Policy Studies (GRIPS);
Special Economic Advisor to Japanese Government

Mohamed El Saiid, CFTe, MFTA

Executive Director and Head of the TA Dept.,
HC Brokerage (HCB), IFTA Director

Viktor Pershikov, MFTA｠｠

Consultant Analyst, Forex ClubDavid Furcagj, CFTe, MFTA

President and Co-founder, Highwave360

Henry (Hank) Pruden, PhD.｠｠

Professor, Golden Gate University

Mark Galasiewski

Asian-Paciﬁc Market Analyst, Elliott Wave International

Adam Sorab, FSTA｠｠Head of Technical Research at CQS

Aurélia Gerber, MBA, CFA

Founder and CIO Ghiribizzo GmbH; IFTA Director

Motoya Suzuki, Ph.D., CMTA

Associate Professor at Ibaraki University,
Department of Intelligent Systems Engineering

Robin Griﬃths

Chief Technical Strategist, ECU Group

Megumi Takarada, CFA, CIIA

Senior Equity Analyst, Investment Research Division,
Toyo Securities Co., Ltd.

Murray Gunn, MSTA, CFTe

Head of Technical Research, Global Research,
HSBC Bank

Frank Teixeira, CFA, CMT

Senior Vice President, Partner, and Director ofTechnical Analysis, Wellington Management

Feng Han, CFA, CMTHead of Technical Research in Asia, Fidelity Investments

Brett Villaume, CMT, CAIA｠｠

Senior Vice President, Director of Investor Relations,
Opus Bank

Akira Homma, CFA, CIIA, CMA, CFTe, CMT, FRM

Joint General Manager, Operations Headquarters, Tokai Tokyo Securities;
Vice President (Asia-Paciﬁc) & Conference Director, IFTA

Rolf Wetzer, Ph.D.

Founder and CEO, Ghiribizzo GmbH; IFTA President

Craig Johnson, CFA, CMTManaging Director and Senior Technical Research
Strategist, Piper Jaﬀray

Ron William, CMT, MSTA

Senior Tactical & Market Timing Strategist
for the Technical Research team, ECU GroupDavid Keller, CMT｠｠

Managing Director of Research for Fidelity Investments

Katsunari Yamaguchi, PhD, CFA｠｠

President, Ibbotson Associates Japan, Inc.

Dato' Nazri Khan, Ph.D., MSFA, CFTe

Vice President and Head of Retail Research, Aﬃn Investment Bank;
President of Malaysian Association of Technical Analysts (MATA)

Yasuhiro Yonezawa, Ph.D.｠

Chairman of the Investment Committee,
Government Pension Investment Fund (GPIF)

Eiji Kinouchi

Chief Technical Analyst, Daiwa Securities

Hiwon Yoong, Ph.D.

President, CMD Laboratory Inc.

David Lundgren, CFA, CMT

Vice President and Technical Analyst,
Wellington Management

Jeanette Schwarz Young, CFTe, CFP, CMT, MS

Examination Director, International Federation ofTechnical Analysts (IFTA)Oki Matsumoto

CEO, Monex Securities

Yutaka Yoshino, CFTe

Chief Technical Analyst, SMBC Nikko Securities

Ivano Menabue

Educator, Technical Analyst

Subject to change without notice12Conference Venue
Keio Plaza Hotel

The Keio Plaza Hotel is the ideal
location to explore the delights ofthe city of Tokyo. Only minutes
away from the most popular
shopping and entertainment spots,
our luxury hotel provides stunningviews over central Tokyo. A cozy
bed, a good meal, friendly faces….
these are just some of the
comforts that you seek after
stepping inside the hotel door. The
Keio Plaza Hotel oﬀers a wide
variety of home-away-from-home
hospitality, with 1,435 guest rooms
to choose from to accommodate
your every need. After hours, you
can continue to work at a fully
equipped business center or fromthe warmth of your room, whichconveniently oﬀers 24-hourcomplimentary high-speed Internet
access. Located in Shinjuku, in thevery heart of the Tokyo metropolis,
the Keio Plaza Hotel Tokyo extends
top rated services and facilities,
features that guests come to
expect of a world class hotel
URL : http : //www.keioplaza.com /13

Conference Dinner (Gala) Venue
Meiji Momorial Hall (Meiji Kinenkan)

URL : http : //www.meijikinenkan.gr.jp/english /14

Registration Fees

Full Conference
Three days attendance at the Conference
including the Opening Reception (Friday
evening).
This registration does not include theConference Dinner (Sunday evening).

Early Before July 31
IFTA Member

IFTA non-Member

One Day Only
Attendance at the Conference all day-time
activities on the day of attending only.
This registration does not include theConference Dinner (Sunday evening).

Dinner Tour (Saturday) - Optional

IFTA Member

IFTA non-Member

Standard Aug 1 - Sept 30

JPY 110,000

JPY 140,000(Approx. US$ 917)*(Approx. US$ 1,167)*

JPY 140,000

JPY 170,000(Approx. US$ 1,167)*(Approx. US$ 1,417)*

Early Before July 31

Standard Aug 1 - Sept 30

JPY 50,000

JPY 50,000(Approx. US$ 417)*(Approx. US$ 417)*

JPY 60,000

JPY 60,000(Approx. US$ 500)*(Approx. US$ 500)*

Early Before July 31

Standard Aug 1 - Sept 30

JPY 5,000

Conference Dinner (Sunday) - Optional

JPY 5,000(Approx. US$ 42)*

(Approx. US$ 42)*

Early Before July 31

Standard Aug 1 - Sept 30

JPY 5,000(Approx. US$ 42)*

JPY 5,000(Approx. US$ 42)*

* @JPY 120 / US$; Guidance purposes only; Subject to ﬂuctuations according to foreign exchange rate ﬂuctuations

Cancellation Policy

For any necessary cancellations:

Prior to August 31, 2015: 50% will be refunded ;After September 1, 2015: there will be no refund.

15

JAPAN / TOKYO
According to a recent BBC poll, Japan has ranked highest for its positive inﬂuence in the world. The eﬀect that the Japanese culture has hadon the rest of the world may not be understated. The culture and products of Japan look to have an increasingly large and lasting impact on
all countries. Japan overﬂows with unique tenets, and these at ﬁrst glance may look simple, but the more one looks, the layers upon layersof complexity come to light. The center of all of this richness and beauty is Tokyo; the heart of Japan. The IFTA and the NTAA, in
partnership with all of our sponsors and members, on behalf of everyone in Japan, cordially welcome you!
http : //www.japanprobe.com/2012/05/16/bbc-global-poll-japan-has-most-positive-inﬂuence-in-the-world /

JAPAN

TOKYO

Japan is becoming one of the most popular tourist destinationsin Asia. Tourist arrivals in Japan doubled in the last 10 years
and tripled in the last 20 years, and the growth momentum has
continued to accelerate recently. The number of foreign visitors
increased 35% in 2012, 24% in 2013, and 30% in 2014, and is
widely projected to further double or triple by around 2020
(when Tokyo will host the summer Olympic games). The
ever-increasing numbers of global tourists discover (orrediscover) the numerous tourist attractions of this country.
Japan has such a long history and unique culture, where ourpeople treat its visitors with the great‘Omotenashi’spirit.
Japan welcomes you!

■ Vibrant: gearing up to host the 2020 Olympics■ Trend setting city: constant ﬂow of new cultural products (withManga, Anime, leading the way)
■ Fascinating combination of both modern and traditional: While
being home to some of the world ’s most ambitious architecture,
stylish shops and globally renowned restaurants, numerous
serene temples, shrines, Imperial gardens provide a serene oasis
within the ever electric city
■ Tasty: Undisputed world ’s culinary capital, with the Michelin
Guide handing out a total of 281 stars to restaurants in Tokyo,
more than twice the number given to restaurants in Paris and
New York combined, in 2013
■ Inexpensive: Contrary to the commonly-held misconception,
things are surprisingly aﬀordable■ The world ’s safest major city allowing visitors to walk, take thesubway or taxi without concerns
16What is IFTA?

IFTA Members Society

The International Federationof Technical Analysts (IFTA)
was incorporated in 1986 andis a global organization ofmarket analysis societies andassociations.
IFTA is an international
non-proﬁt organization withcurrently 27 member
societies around the world.
IFTA oﬀers certiﬁcation totechnical analysts around theworld.

Society

What is NTAA?
AcroniumCountry

American Association of Professional Technical Analysts

AAPTA

United States

Asociatia Analistilor Tehnicidin Romania

AATROM

Romania

Asosiasi Analis Teknikal Indonesia

AATI

Indonesia

Association Francaise des Analystes Techniques

AFATEFranceAssociation Tunisienne des Analystes Technique

ATAT

Tunisia

Australian Technical Analysts Association

ATAA

Australia

Canadian Society of Technical Analysts

CSTA

CanadaCroatian Technical Analysis Association

CTAA

Croatia

Dutch Commission of Technical Analysis

DCTA

Netherlands

Financial Technical Analysts Association

FTAA

Hong Kong

Instituto Español de Analistas Tecnicosy Cuantitativos

IEATEC

Spain

Lebanese Society of Technical Analysts

LSTA

Lebanon
Malaysia

Malaysian Association of Tecnicosy Cuantitativous

MATA

Nippon Technical Analysts Association

NTAA

Japan

Scandinavia Technical Analysts Federation

STAF

Scandinavia

Societa Italiana di Analisi Tecnica

SIAT

Italy

Society for Market Studies

SMS

Bosnia and Herzegovina

STA

United Kingdom

Society of Technical Analysts of New ZealandSociety of Technical Analysts Ltd.

STANZNew ZealandSwiss Association of Market Technicians

SAMT

Switzerland

Technical Analyst Society, Nigeria

TASN

Nigeria

Technical Analysts Society Singapore

TASS

Singapore

Technical Analysts’Society of Southern Africa

TASSA

South Africa

Technical Securities Analysts Association of San Francisco

TSAASF

United States

The Association of Technical Analysts

ATA

India

The Egyptian Society of Technical Analysts

ESTA

Egypt

Vereinigung Technischer Analysten Deutschlands e.V.

VTAD

Germany

The Nippon Technical Analysts
Association (NTAA), founded in 1978,is the Japanese association fortechnical analysis practitioners andresearchers. Its main aim is topromote greater use and correctunderstanding of technical analysis as
a vital investment tool. It is one of thelargest technical analysis organizationsin the world with over 2300 members.
Current members include fundmanagers and analysts at asset
management companies, institutional
traders, research analysts at securities
ﬁrms and independent researchhouses, bankers, stock brokers, hedge
fund marketers, ﬁnancial advisors,market newsletter writers, individual
investors and traders, as well as
growing numbers of academics. The
NTAA is a founding member of, andthe Japanese representative for, theInternational Federation of TechnicalAnalysts.
17

IFTA Conferences
The inaugural annual IFTA conference washeld in Tokyo, Japan, hosted by NTAA, in 1988.
Since then, IFTA has continuously heldan Annual Conference in diﬀerent
locations throughout the World,
normally in the autumn.
These conferences are organizedby the member societyof the host country.
Following the 1988 conference,
the NTAA also hosted
the IFTA 2001 conference in Tokyoand is delighted toonce again host IFTA 2015.

Past IFTA conferences were held in the following cities :2014

London, UK

2005

Vancouver, Canada

1996

Amsterdam, Holland

2013

San Francisco, CA USA

2004

Madrid, Spain

1995

San Francisco, USA

2012

Singapore

2003

Washington, DC, USA

1994

Paris, France

2011

Sarajevo, Bosnia and Herzegovina

2002

London, England

1993

New York, USA

2010

Berlin, Germany

2001

Tokyo, Japan

1992

Dublin, Ireland

2009

Chicago, Illinois USA

2000

Mainz, Germany

1991

Mexico City, Mexico

2008

Paris, France

1999

Niagara-On-The-Lake, Canada

1990

Montebello, Quebec, Canada

2007

Sharm el Sheikh, Egypt

1998

Rome, Italy

1989

London, England

2006

Lugano, Switzerland

1997

Sydney, Australia

1988

Tokyo, Japan18

Previous Supporters of IFTA Conferences
IFTA2014 London
PLATINUM SPONSORGOLD SPONSORSILVER SPONSOR

IFTA 2013 San Francisco
PLATINUM SPONSORS
BloombergMarket Analyst
SILVER SPONSOR
Intalus
Tradestation
MEDIA SPONSORS
Elliott Wave International
FXStreet.com
Golden Gate University

BLONZE SPONSOR

EXHIBITORSMEDIA PARTNERS

IFTA 2012 Singapore
Market Technicians Association (MTA)
MoneyShow.com
PubliCharts: Advanced Financial andTrading Publishing
Stocks & Commodities Magazine
MoneyShow.com
The Technical Analyst
Traders' Media GmbH
Tradesignal
FRIENDS OF IFTABBSP Research
Winans Investments

PLATINUM SPONSORS
BloombergMarket Analyst
SILVER SPONSOR
Intalus
BRONZE SPONSORSBBSPPI Graduate Studies
UpdataJohn Wiley & Sons
Interactive Brokers

FRIENDS OF IFTA
F-Elliott
Bouquet de Fleurettes
TS China Research
TerraSeeds Market Technician
Beta Group Beta Financial
Learning & Development Financial Learning
Bollinger Capital Management
Dorsey Wright and Associates
Guppy Traders
Navitas Resources
NextVIEW Pte Ltd
S2 Analytics
The Society of Remisiers (Singapore)
The Technical Analyst
TRADERS´Media GmbHINQUIRIES
If you are interested in sponsoring IFTA 2015 Tokyo or have any questions about sponsorship,
Please contact:
NTAA oﬃce Tel: +81-(0)3-5847-2231, FAX:+81-(0)3-5847-2232
Email: oﬃce@ntaa.or.jp, or Akira Homma (Conference Director) Email: akira.homma@ifta.org

19

SPONSORSHIPOPPORTUNITIES
28th Annual Conference
The Keio Plaza Hotel,Tokyo

ver. 3

Welcome

Continuous Progression in Investment Management

The Nippon Technical Analysts Association (NTAA) is delighted
to be hosting the 2015 International Federation of TechnicalAnalysts’conference in Tokyo.
The theme of the Conference,“Continuous Progression in
Investment Management,”will serve as the framework for thes ﬁrst futures market inprogram. The creation of the world’Japan, the Osaka Dojima Rice Futures Exchange, gave birth tothe concept of technical analysis in the 18th century. Since
those pioneering days, analytical methods have never remained
static. Technical analysis has markedly progressed from its
humble origins -- and will continue to do so -- being infused withnew ideas and techniques being developed continuously. These
new ideas, combined with continual improvements to existing
techniques, are what make technical analysis such a fascinating
topic. Recently, modern technical analysis has been rapidly
gaining ground and is signiﬁcantly reshaping the landscape of thetechnical analysis community in Japan.

While Japan was the birthplace of a number of traditional
technical analysis techniques (such as Candlestick charting,
Ichimoku Cloud charting, Kagi-ashi, Renko-ashi, etc.), it has now
s highest concentrations of modern technicalone of the world ’analysis practitioners and researchers. These new breed oftechnical analysis practitioners include traders deploying
ultra-modern algorithmic trading platforms, and researchersdeveloping world-leading sophisticated quantitative trading
systems and investment models.
That stated, some of the most intrinsic elements of market rules
have not changed, nor will likely change. The Conference will be
programmed in such a way to give the delegates a clear
perspective of how technical analysis has progressed and where
it is heading in the next decade and the next century.

General Information and Key Facts
Venue
Keio Plaza Hotel Tokyo / 2-2-1 Nishi-Shinjuku
Shinjuku-Ku, Tokyo 160-8330 Japan
Dates● １st October 2015
IFTA Board of Directors meeting & IFTA AGM● 2nd - 4th October
IFTA Conference program
Host
Nippon Technical Analysts Association of Japan (NTAA)
Supporting Organization
Japan National Tourism Organization (JNTO)

Conference Director
Akira Homma, CFA, CIIA, CMA, CFTe, CMT, FRM

Number of Delegates
200-250 (projected)

NTAA/IFTA Committee
Toshki Aoki, CMTA
Akira Homma, CFA, CIIA, CMA, CFTe, CMT, FRM
Tsuyoo Atsuchi, CMTA
Toshiki Tobe
Kazuyuki Namikawa
Kakuya Kojoh, MFTA
Yukitoshi Higashino, MFTA

Sponsorship Costs
From 300,000 yen(approx. US$2,500 (@120yen/$))Collaborators
Yoshihisa Hasegawa
Hidetoki Yokoi, CFTe

Contact Details
NTAA oﬃce
Tel : +81-(0)3-5847-2231
FAX : +81-(0)3-5847-2232
Email : oﬃce@ntaa.or.jp
Akira Homma (Conference Director)
Email : akira.homma@ifta.org

‘Omotenashi’Conference for All Investment Professionals and Academics‘Omotenashi’in Technical Analysis”will bestow
The sub-theme“
the conference with a local ﬂavor.‘Omotenashi’is a Japaneseword which means“Selﬂess, harmonious hospitality.”We havedecided on this sub-theme for the following reasons:●●

NTAA is determined to make the utmost eﬀort to ensure thatthe attending delegates will be thoroughly satisﬁed, fully
beneﬁting from the intensely condensed conference programin a highly cordial environment.
, the
The‘Omotenashi’spirit has a lot to do with‘simplicity’core of the Japanese culture and spirit, which forms the basefor, just to name a few, Sado (tea ceremony), Zen, Bushido(Samurai spirit), Bonsai (miniaturized trees grown incontainers), Ikebana (Japanese ﬂower arrangement), and manyother unique Japanese cultural arts and customs, and wewould like the delegates to enjoy the unique local cultural
ﬂavor.

The level of Conference presentations will be geared toprofessionally employed Fund Managers, Traders, Analysts,
Asset Allocators, Private Bankers, Financial Planners, and also
highly experienced private ﬁnancial market traders/investors, aswell as researchers and educators at leading academic
institutions.
The Conference will be held at the Keio Plaza Hotel, a luxurious
hotel located in the Shinjuku district of Tokyo, the business/
commercial district which has the highest concentration of
skyscrapers in the city.
Sponsors will enjoy a unique opportunity to have exposure to,and network with, cutting edge professionals from across theglobe.

‘Omotenashi’masters are skilled in foresight with the ability to“anticipate”the feelings of their guests and take action toensure harmony (well before ordinary people notice),
operating in the same way as market masters who know how
to correctly“anticipate”future market developments and takeaction accordingly (well before ordinary market players start
reacting to widely known facts).

●●s trading
Mastery of the‘Omotenashi’spirit helps improves one’skills by allowing one to focus on the“essential”rather thanminor peripheral detail.

We have deliberately widened the scope of this conference toappeal to the broad ﬁnancial community as well as the academic
community, and not just technical analysts. We will be using our
extensive relationships with other ﬁnancial and educationalorganizations here and abroad to market the conference globallyand are looking to attract delegates from all over the world.

Toshiki Aoki, CMTA
Chairman, NTAA

Akira Homma, CFA, CIIA,
CMA, CFTe, CMT, FRM

Conference Director
Vice President, Asia-Paciﬁc,IFTAWhat is IFTA?

IFTA Members Society

The International Federationof Technical Analysts (IFTA)
was incorporated in 1986 andis a global organization ofmarket analysis societies andassociations.
IFTA is an international
non-proﬁt organization withcurrently 27 member
societies around the world.
IFTA oﬀers certiﬁcation totechnical analysts around theworld.

Society

What is NTAA?
AcroniumCountry

American Association of Professional Technical Analysts

AAPTA

United States

Asociatia Analistilor Tehnicidin Romania

AATROM

Romania

Asosiasi Analis Teknikal Indonesia

AATI

Indonesia

Association Francaise des Analystes Techniques

AFATEFranceAssociation Tunisienne des Analystes Technique

ATAT

Tunisia

Australian Technical Analysts Association

ATAA

Australia

Canadian Society of Technical Analysts

CSTA

CanadaCroatian Technical Analysis Association

CTAA

Croatia

Dutch Commission of Technical Analysis

DCTA

Netherlands

Financial Technical Analysts Association

FTAA

Hong Kong

Instituto Español de Analistas Tecnicosy Cuantitativosl

EATEC

Spain

Lebanese Society of Technical Analysts

LSTA

Lebanon
Malaysia

Malaysian Association of Tecnicosy Cuantitativous

MATA

Nippon Technical Analysts Association

NTAA

Japan

Scandinavia Technical Analysts Federation

STAF

Scandinavia

Societa Italiana di Analisi Tecnica

SIAT

Italy

Society for Market Studies

SMS

Bosnia and Herzegovina

STA

United Kingdom

Society of Technical Analysts of New ZealandSociety of Technical Analysts Ltd.

STANZNew ZealandSwiss Association of Market Technicians

SAMT

Switzerland

Technical Analyst Society, Nigeria

TASN

Nigeria

Technical Analysts Society Singapore

TASS

Singapore

Technical Analysts’Society of Southern Africa

TASSA

South Africa

Technical Securities Analysts Association of San Francisco

TSAASF

United States

The Association of Technical Analysts

ATA

India

The Egyptian Society of Technical Analysts

ESTA

Egypt

Vereinigung Technischer Analysten Deutschlands e.V.

VTAD

Germany

The Nippon Technical Analysts
Association (NTAA), founded in 1978,is the Japanese association fortechnical analysis practitioners andresearchers. Its main aim is topromote greater use and correctunderstanding of technical analysis as
a vital investment tool. It is one of thelargest technical analysis organizationsin the world with over 2300 members.
Current members include fundmanagers and analysts at asset
management companies, institutional
traders, research analysts at securities
ﬁrms and independent researchhouses, bankers, stock brokers, hedge
fund marketers, ﬁnancial advisors,market newsletter writers, individual
investors and traders, as well as
growing numbers of academics. The
NTAA is a founding member of, andthe Japanese representative for, theInternational Federation of TechnicalAnalysts.

IFTA Conferences
The inaugural annual IFTA conference washeld in Tokyo, Japan, hosted by NTAA, in 1988.
Since then, IFTA has continuously heldan Annual Conference in diﬀerent
locations throughout the World,
normally in the autumn.
These conferences are organizedby the member societyof the host country.
Following the 1988 conference,
the NTAA also hosted
the IFTA 2001 conference in Tokyoand is delighted toonce again host IFTA 2015.

Past IFTA conferences were held in the following cities :2014

London, UK

2005

Vancouver, Canada

1996

Amsterdam, Holland

2013

San Francisco, CA USA

2004

Madrid, Spain

1995

San Francisco, USA

2012

Singapore

2003

Washington, DC, USA

1994

Paris, France

2011

Sarajevo, Bosnia and Herzegovina

2002

London, England

1993

New York, USA

2010

Berlin, Germany

2001

Tokyo, Japan

1992

Dublin, Ireland

2009

Chicago, Illinois USA

2000

Mainz, Germany

1991

Mexico City, Mexico

2008

Paris, France

1999

Niagara-On-The-Lake, Canada

1990

Montebello, Quebec, Canada

2007

Sharm el Sheikh, Egypt

1998

Rome, Italy

1989

London, England

2006

Lugano, Switzerland

1997

Sydney, Australia

1988

Tokyo, Japan

IFTA 2015 Tokyo: Conference Highlights
Intensive 3- day program including :◆ 20 individual presentations (planned) by eminent speakers◆ Unique Debate / Power Hour sessions[Panel] Technical Research at World-Leading Investment
Managers : How do world-leading investment management
organizations use TA to maximize investment performance?;
Advice for investment performance enhancement●[Debate] International Debate on Abenomics : Will it
succeed or fail?
●[Debate] Wave Theory Debate: New breeds of Elliotticiansvs. Conventional Elliotticians●[Panel] Technical Analysis Education & Research at
Universities around the World●[Panel] CFAs & Technical Analysis: Why and how do CFAs
use Technical Analysis?
●[Power Hour] Technical Analysis à La Carte●... structured to give the attending delegates a ﬁrst-handunderstanding of :＊ A clear perspective of how Technical Analysis has progressed

and where it is heading in the next decade and the next
century.
＊ Cutting-edge TA techniques/ models/ systems＊ How world-leading investment management organizations(hedge fund managers, traditional asset managementcompanies, SWFs, private banks, and others) are incorporating
Technical Analysis in their investment management process toenhance investment performance＊ How top-notch investment masters combine TechnicalAnalysis and Fundamental Analysis to continue generatingsuperior performance＊ How Technical Analysis is being taught and researched atincreasing numbers of universities around the world... followed by :Splendid Conference Dinner (Gala),
located in a historic hall in Japanese style architecture,
standing within the magniﬁcent surroundings ofa traditional Japanese garden, and featuring :Japanese gourmet dinner
Sake tasting (and a choice of alcoholic or soft beverages)●
Unique entertainment programs to enjoy traditionaland modern Japanese cultural arts●●

Sponsorship Packages
Beneﬁts of Sponsoring■ Contact new prospects and generate leads■ Market your product to delegates from over 30 countries■ Showcase new innovations by your company to the worldwide investment management
and academic communities■ Promote company image and maximize market exposure■ Discuss ﬁrst-hand the needs of your clients and demonstrate the solutions oﬀered by your company■ Gain insight into market trends to aid in your strategic planning

Sponsorship Packages
Price( @JPY 120 /US$ )PLATINUM
JPY3,000,000

GOLD
JPY2,000,000

SILVER
JPY1,000,000

BRONZE
JPY300,000(Approx. US$ 25,000)(Approx. US$ 16,667)(Approx. US$ 8,333)(Approx. US$ 2,500)

Logo on IFTA website(www.ifta.org)through 2015 with hyperlink
to Company website

Yes

Yes

Yes

Yes

Logo on Conference website with hyperlink to Company website

Yes

Yes

Yes

Yes

Logo on NTAA website (http://www.ntaa.or.jp/, http://www.ntaa.or.jp/english)
through 2015 with hyperlink to Company website

Yes

Yes

Yes

Yes

Ad in electronic IFTA Update - (reaches 7,500 colleagues worldwide)

1/2 page 4 color, 2 issues

1/2 page 4 color, 1 issue

1/4 page 4 color, 1 issue

1/4 page 4 color, 1 issue

Logo on electronic Conference Brochure with hyperlink to Company website

Yes

Yes

Yes

Yes

Acknowledgement in promotional materials

Yes

Yes

Yes

Yes

Full page, 4 color

Half page, 4 color

-

-

Yes

Yes

Yes

Yes

Priority choice

Priority choice

Key location-

2 lunch-time speaking slots (30 minutes each)or participation in Power hour/ Panel discussion

1 lunch-time speaking slot
(30 minutes)--

3 delegates

2 delegates

1 delegate-

Company name and logo on sponsors' acknowledgement boards,
which will be prominently displayed throughout the Conference venue

Yes

Yes

Yes

Yes

Acknowledgement as sponsor with company logo in the Final Programas Platinum sponsor

as Gold sponsor

as Silver sponsor

as Bronze sponsor

Editorial entry in the Final Program

Yes

Yes

Yes

-

Ad in the Final Program, full color

Full page

Full page

Half page-

Pre-Conference Publicity

Ad in IFTA Journal
Use of the IFTA 2015 logo

Conference Publicity
Choice of exhibition space
Speaking opportunities
Complimentary delegate registrations

Previous Supporters of IFTA Conferences
IFTA2014 London
PLATINUM SPONSORGOLD SPONSORSILVER SPONSOR

IFTA 2013 San Francisco
PLATINUM SPONSORS
BloombergMarket Analyst
SILVER SPONSOR
Intalus
Tradestation
MEDIA SPONSORS
Elliott Wave International
FXStreet.com
Golden Gate University

BLONZE SPONSOR

EXHIBITORSMEDIA PARTNERS

IFTA 2012 Singapore
Market Technicians Association (MTA)
MoneyShow.com
PubliCharts: Advanced Financial andTrading Publishing
Stocks & Commodities Magazine
MoneyShow.com
The Technical Analyst
Traders' Media GmbH
Tradesignal
FRIENDS OF IFTABBSP Research
Winans Investments

PLATINUM SPONSORS
BloombergMarket Analyst
SILVER SPONSOR
Intalus
BRONZE SPONSORSBBSPPI Graduate Studies
UpdataJohn Wiley & Sons
Interactive Brokers

INQUIRIES
If you are interested in sponsoring IFTA 2015 Tokyo or have any questions about sponsorship,
Please contact:
NTAA oﬃce Tel: +81-(0)3-5847-2231, FAX:+81-(0)3-5847-2232
Email: oﬃce@ntaa.or.jp, or Akira Homma (Conference Director) Email: akira.homma@ifta.org

FRIENDS OF IFTA
F-Elliott
Bouquet de Fleurettes
TS China Research
TerraSeeds Market Technician
Beta Group Beta Financial
Learning & Development Financial Learning
Bollinger Capital Management
Dorsey Wright and Associates
Guppy Traders
Navitas Resources
NextVIEW Pte Ltd
S2 Analytics
The Society of Remisiers (Singapore)
The Technical Analyst
TRADERS´Media GmbHJAPAN / TOKYO
According to a recent BBC poll, Japan has ranked highest for its positive inﬂuence in the world. The eﬀect that the Japanese culture has hadon the rest of the world may not be understated. The culture and products of Japan look to have an increasingly large and lasting impact on
all countries. Japan overﬂows with unique tenets, and these at ﬁrst glance may look simple, but the more one looks, the layers upon layersof complexity come to light. The center of all of this richness and beauty is Tokyo; the heart of Japan. The IFTA and the NTAA, in
partnership with all of our sponsors and members, on behalf of everyone in Japan, cordially welcome you!
http : //www.japanprobe.com/2012/05/16/bbc-global-poll-japan-has-most-positive-inﬂuence-in-the-world /

JAPAN

TOKYO

Japan is becoming one of the most popular tourist destinationsin Asia. Tourist arrivals in Japan doubled in the last 10 years
and tripled in the last 20 years, and the growth momentum has
continued to accelerate recently. The number of foreign visitors
increased 35% in 2012, 24% in 2013, and 30% in 2014, and is
widely projected to further double or triple by around 2020
(when Tokyo will host the summer Olympic games). The
ever-increasing numbers of global tourists discover (orrediscover) the numerous tourist attractions of this country.
Japan has such a long history and unique culture, where ourpeople treat its visitors with the great‘Omotenashi’spirit.
Japan welcomes you!

■ Vibrant: gearing up to host the 2020 Olympics■ Trend setting city: constant ﬂow of new cultural products (withManga, Anime, leading the way)
■ Fascinating combination of both modern and traditional: While
being home to some of the world ’s most ambitious architecture,
stylish shops and globally renowned restaurants, numerous
serene temples, shrines, Imperial gardens provide a serene oasis
within the ever electric citys culinary capital, with the Michelin■ Tasty: Undisputed world ’Guide handing out a total of 281 stars to restaurants in Tokyo,
more than twice the number given to restaurants in Paris and
New York combined, in 2013
■ Inexpensive: Contrary to the commonly-held misconception,
things are surprisingly aﬀordable■ The world ’s safest major city allowing visitors to walk, take thesubway or taxi without concerns

Sponsorship Application Form
■ Complete NOW for maximum Pre-Conference exposure
Please return application to :● NTAA oﬃce Tel: +81-(0)3-5847-2231; FAX :+81-(0)3-5847-2232; Email : oﬃce@ntaa.or.jp, or● IFTA Conference Director (Akira Homma); Email : akira.homma@ifta.org(You may send this information in a regular email or alternatively fax or scan and email this form.)■ Sponsorship Levels■ Contact Information(Please indicate selection)

Platinum

JPY 3,000,000

Gold

JPY 2,000,000

SilverJPY 1,000,000

BronzeJPY

300,000

Name

Firm

Address

Telephone
FAX
Email■ IFTA 2015 Tokyo Bank Account ( for sponsorship fees )Bank Name : Sumitomo Mitsui Banking Corporation ( SWIFT CODE : SMBC JP JT ) ( * )Branch Name : Tokyochuo Branch
Branch Address : 2-1-10, Nihonbashi, Chuo-ku, Tokyo, Japan 103-0027
Account Name : IFTA2015KNT
Account Number : 015- 8914707( * ) Please note that no other codes (e.g., AWB Number, Routing Number, ABA, IBAN, SORT) are necessary when you wire transfer to any Japanese banks.