2021 Volume 28 Issue 1

IN THIS ISSUE
1

President’s Report to Colleagues

2

Member News

Education Lounge
3Technical Analysis for the Trading
Professional—Oscillators Do Not Travel
Between 0 and 100

6

Heikin Ashi and Beyond

7

Fly Me to the Moon!

11

Congratulations New CFTes

11

MFTA and CFTe Exam Dates

12 IFTA 2021 Conference
13 Call for Conference Hosts 2023
15 IFTA Journal Call for Submissions
16 Calendar-at-a-Glance
19 In Memoriam
21 Member Societies
21 Board of Directors

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

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

President’s Report to Colleagues
Dear IFTA Colleagues,
L O C K D O W N—again!
The world is in a lockdown mode —again.
What ´s nex t? Will the
results be good or bad
for us? We actually don´t know. We simply
can´t …
Does this sound familiar?
As technical analysts, we also don´t know
about the results of our work. We can´tknow, either. We might know the probabilities—but we never know exactly. All we cando is to prepare for different possible outcomes. We do so by describing at least two
possible scenarios, where one is more likely
and the other one is not …
So, for every investment, for every trade, forevery situation in life, we need a “Plan B”—adifferent route, an alternative scenario. Whatis to be done if the preferred scenario isn´tlikely anymore? In the moment, the probability of this scenario is zero? In the world ofinvestments there is the exit—the stop loss.
In the real world, it takes a little bit more toanswer this question.
Looking back at 2020, the probability ofinviting you to a conference in the usual way
was zero. Our “Plan B” was IFTA’s very first
online conference. We faced the challenge
and succeeded!
But what about 2021 and after?
As we have learned from the past, there isno such thing as “business as usual” anymore. We will face more challenges, andwe will need a “Plan B,” too. For IFTA, thechallenges will be demographics and digitalization as well as a change in demand in
our membership basis and our educational
content.

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

IFTA2021 CONFERENCE IS
ALL ACCESS!

Philadelphia, Pennsylvania USA
October 7–9, 2021
Financial analysis taken to new heights!
For further information, see page 12.
Our mission will be to face these challenges
and present you with the right solutions. And
this is what we already do—working on new
educational programs, more visibility, more
content, and more value means securing thefuture of IFTA and our member societies,
and we are happy to do so!

All the best,

Wieland Arlt, CFTe
IFTA President

IFTAUPDATE 2021 Volume 28 Issue 1

page 2

Member NewsThe Society of Technical Analysts(STA, United Kingdom)
We were delighted to start the year with a joint webinar with the ACI UK, where a panel of leading experts
gave their forecasts for 2021. Moderated by Gavin Wells,
Executive Committee member of the ACI UK, speakers included Gerry, MSTA, founder, Redtower AssetManagement; Ron William, MSTA, founder and principal
market strategist, RW Advisory; and Dominic Bunning,head of European FX Research, HSBC. The event was so
successful that we are planning to run it again in July andhave speakers review their predictions. In February, vicechair Clive Lambert, MSTA, gave a talk on support andresistance, where he explored a number of techniques
he uses in his daily analysis. In March, we look forward tohosting a fireside chat with Niels Kaastrup-Larsen. Niels ismanaging director of DUNN Capital but is perhaps mostwidely known for his Top Traders Unplugged podcast.
Like the IFTA webinars, all our events are recorded sothat members can catch up on their own time if unable
to watch live.
The STA’s advanced Diploma Part 2 Course started on
13 January 2021 and is being held online via live Zoom

webinar. Any students unable to watch live will be able
to catch up with a recording post event and can either
email the STA office with any questions or post them on
our dedicated Education Forum. As in 2020, we continue
to enable candidates to sit the exam(s) in their own personal space, using Zoom invigilation. This has been very
successful over the past year and means that students
who live overseas will, for the first time be able to attend
this CISI accredited course and become a professional
market technician.
The STA Diploma Part 1 exam was held on 1 March andwill be followed by the STA Diploma Part 2 exam on 22
April 2021. Provision has been made for both exams to
be sat at home with Zoom invigilation.
We wish all our IFTA colleagues well during this challenging time. Keep in touch with us via our online blog
and follow us on twitter @STA_ORG, LinkedIn or like our
Facebook page.

IFTAUPDATE 2021 Volume 28 Issue 1

page 3

Education Lounge

Technical Analysis for the Trading Professional—
Oscillators Do Not Travel Between 0 and 100
By Connie Brown, CFTe, MFTA

It is always helpful to see concepts within a book applied to a current chart. It showsthat the approach remains valid and timeless. In this case study, we will look at a railway
stock with a 14-period RSI to study the oscillator character described in the chapter“Oscillators Do Not Travel Between 0 and 100.” Technical Analysis for the Trading
Professional was first published in 1996 and then revised in 2011. The book was once
required reading for CMT III. It is now part of the IFTA CFTe syllabus.
CSX in Figure 1 is a daily chart providing a current view as of January 11, 2021. A 14-period
RSI forms bullish entry signals when the RSI found support near 40. Focus on the rangeof travel in the RSI (black line). RSI declines towards the 40 level into the end of June
2020. The RSI creates a horizontal level of support at 41-42 in CSX five times. Two of
the five may be difficult for you to detect for the moment.
You cannot change this chart to look at a different stock and think the ranges created in
CSX will apply to the new stock. Each market creates a well-defined level that repeats
but only fits that data set. A stock that favors RSI support at 46 is not a miss because
it does not use 41 like CSX in Figure 1.

Figure 1. CSX Corporation (Railroad) – Daily Bar Chart with a 14-period RSI. The oscillator hasa simple 9-period (red) and exponential 45-period (blue) moving average.

IFTAUPDATE 2021 Volume 28 Issue 1

page 4

Technical Analysis for the Trading Professional—Oscillators Do Not Travel Between 0 and 100 continued

Education Lounge

Always study horizontal amplitude levels that repeat. We are not looking at any diagonal lines that connect pivots as a trend line. Every stock or market will have a uniquecharacter, but the range guidelines will not change. Bear markets tend to fail near RSI
65-68 and then fall towards 20 to 30. Bull markets hold RSI 40 to 46 and then pushupwards towards 80 or 90. It is therefore critical to read your chart and not just memorize a rule. As I tend to keep permanent charts of stocks in like sectors, I do not use
the same chart workbooks to view multiple symbols. Therefore, the analytics remain afixed record. Treat each chart’s time horizon, such as daily, weekly, or monthly charts,
as independent studies. Each will create its own clear repeating level of support andresistance on a horizontal axis by RSI.
In Figure 1, each RSI test near the 40 level became an opportunity to buy CSX stock in
2020. Figure 2 shows the first test near 41 in December 2019. It is marked on the farleft side of the Figure 2 chart. Such a signal is often overlooked and one you may havemissed when I stated there were five signals at this oscillator displacement. But thisfirst signal is extremely important. It is important because the RSI pivot preceded the
sharp break to follow when RSI plummeted to new extreme lows. This level of support
prior to a shock is nearly always retested after a shock extreme.
Most will overlook the strongest signal in the chart of the five tests near the 41 level. It
is the retest signal at RSI 41 that occurs in April 2020. Not only is this the retest of the
December 2019 pivot, but it occurs at the crossover of its own two averages, where theshort period average is crossing up through the slower moving average. This is a signal
much stronger than the conventional divergences we learn about in our basic training.
These mid-range signals at support or resistance are more subtle and often mark thetrue launch of a major trend or swing. Often the juxtaposition of RSI and its crossing
averages mark the start of wave “iii” within a developing swing. This is what differentiates the skilled technician from an average practitioner. It is always about attention todetail. Does the price action cause the RSI to often form a “W” pattern at the horizontal
support or resistance zone? Or is the character like CSX defining a sharp RSI “V” pattern off support? Does the oscillator form “V” bottoms but “M” tops into resistance? The
market will show you how it wants to work if you look closely. This is how to develop a
probability for the signal forming. If the market respected the horizontal level several
times in the past, it will likely be a true signal when it appears the next time within thistarget zone. If it often fails at a repeating horizontal zone, you have your warning not totrust it this time either. Oscillators can indicate a probability.

Figure 2. CSX Corporation (Railroad) – Daily

The price data set will give you a clear picture of how it moves the RSI into a reversal
signal in both tops and bottoms. Let the market guide you rather than putting yourself
in a position to go out on a hunt for a preconceived expectation. The more you expect,
the less you will see within your chart.
In Figure 1, a horizontal line of resistance is marked in RSI with caution arrows pointing
down at the resistance zone near 68. The 65-68 level is often the retracement target
for RSI in a correcting bear market. While each pullback showed support near thebullish 40 level, the repeating failures near 68-70 should raise a concern that requires
further examination.

IFTAUPDATE 2021 Volume 28 Issue 1

page 5

Technical Analysis for the Trading Professional—Oscillators Do Not Travel Between 0 and 100 continued

Education Lounge

volume within RSI itself. Volume additions to your chart soon become unnecessary.
Not that you are ignoring volume, but you are reading volume within the oscillator
position, and the ranges it is traveling carry more information than a novice will readfrom the indicator.
One last takeaway for clarification as it is extremely important: A chart that makes anextreme RSI low in a shock environment will rise and then test the RSI amplitude of
the oscillator low behind or prior to the extreme displacement. If you study Figure 2,
CSX made such a test. It is this amplitude test at the same level before and after theextreme pulse down in RSI that is often the safest entry in a new trend after the shock.
However, be aware of the environment and range the oscillator travels after the test. It
may carry an early warning that the trend is not as healthy as one would like to believe.

Figure 3. CSX Corporation (Railroad) – Monthly Equivolume Chart

Figure 3 is a monthly chart of CSX Corporation showing prices up to January 11, 2021.
Rather than viewing the price action in a bar chart, an Equivolume chart is plotted. This
offers an opportunity to show you a charting method underutilized. On the bottom of
the chart are bars displaying volume. They are conventional, but the volume width looks
odd, as they have to mark the same time interval as the bars in price which are notconventional. The chart shows a steady trending decline in volume since 2017 without
much more information. An Equivolume chart shows the price range of the period likea bar chart, but the width of the bar reflects volume during this period. The wider thebar, the more volume contained within the period, in this case per month. It is easy tospot wave “iii’s” and strongest swings. The circled price action in Figure 3, containing
the current rally since the March 2020 low, shows progressively narrowing bars ofdiminishing volume. Not only are the bars narrow in the current swing but they are also
compressing and show weaker participation relative to the character within any priorswing in the chart. The RSI range failing often near 68 is providing us with a warning.
The volume within the rally is waning as is befitting a fifth wave position.
Equivolume does not show the open and closing price. But this is not how we are using
this chart style. Compare the series of bar widths within the duration of each swing. As
you study volume charting techniques with RSI, you will soon realize you are reading

Connie Brown, MFTA, founded Aerodynamic Investments Inc. in 1996 to advancethe field of technical research using Gann theory. Prior to that, Ms. Brown was an
institutional trader for 12 years and then managed a futures hedge fund for six
years, eventually closing the fund in 2002, up 68 percent for the year.
Ms. Brown continues to practice technical analysis, actively trading from her officein North Carolina and advising numerous financial institutions and banks aroundthe world on her technical strategy through the internet. She has written eight books and is aformer editor of the CMT Association’s Journal of Technical Analysis. Her book Fibonacci Analysis,
published by Bloomberg Press, won the Gold medal in the 2009 Axiom Business Book Awards.

IFTAUPDATE 2021 Volume 28 Issue 1

page 6

Education Lounge

Heikin Ashi and Beyond
By Stefano Gianti[See interview of Stefano Gianti “Spot Market Trends with Heikin Ashi”.]
Since my previous newsletter article about the Heikin Ashi and Heikin Ashi smoothedstudy, presented in the September 2020 newsletter and at the IFTA Conference in
October 2020, I have received several questions about which oscillators are the best
use with Heikin Ashi candles.
Let's start with an assumption: the study of Heikin Ashi candles is perfect for:Stefano Gianti is the education manager for Swissquote Bank, a world leader inonline trading. His training sessions focus on the correct management of portfolio
risks and maximizing profits through the use of CFDs on equity indices, commodities and currencies. His analysis also focuses on the macroeconomic situation of
the markets and related events that could influence them. He is a member of SIAT
(Italian Society of Technical Analysis). He is hosted on a weekly basis by CNBC,RAI television, and other networks on the expectations and trends of the financial markets.

• Understanding when a trend reversal is occurring.
• Interpreting the strength of the current trend.
Given this assumption, it is normal that each trader can add his own favourite oscillator to the Heikin Ashi. On this occasion, let's take an example with my preferred one:the stochastic (I find it very efficient with the setting 14, 3, 3). This is the chart of theGold, timeframe H4 (very effective for this strategy). I have highlighted on the chart theprominent trends with bullish (in green) or bearish (in pink) channels. They began when
Heikin Ashi candles showed a reversal.
Simultaneously, the stochastic also showed a reversal with the classic crossing and thetransition from an excess situation to its normality.
A position is therefore taken when the Heikin Ashi candles reverse, and the stochastic
confirms the reversal. The position can be maintained until a reversal of the Heikin Ashi
trend occurs or when the stochastic arrives in a zone of excess (long positions above
area 80 and short positions below area 20 are partially closed).

Figure 1. Data source: Advanced Trader Web platform, Swissquote

IFTAUPDATE 2021 Volume 28 Issue 1

page 7

Education Lounge

Fly Me to the Moon!
By Robin Griffiths, FSTA, and Ron William, CFTe, MSTA
[Media interview link / Twitter: RONWILLIAMRWA]“Immoral Hazard”—The Day of Reckoning
President Biden’s tenacity paid off, and he’s come into power with a big agenda. The
top priority is to rid the nation of COVID. There are already over 500k people reportedly dead in his nation. However, the promising light at the end of the tunnel is that inrecent weeks cases have significantly dropped. This is also coincides with the rolloutof new vaccines that are becoming available to offer remedy and protection. Ensuring
availability across the country is the sort of job the United States does well. We think
Biden will succeed, but it will be expensive.
The second task is then to save and recover the economy. A shattering of the old
economic position has been huge. It will not go back to the old normal. That situation
has disappeared for good, and rhetoric for a “Great Reset” is building. Even after a successful vaccine rollout, herd immunity is not guaranteed and behavioural consumption
patterns will arguably be permanently disrupted.
In practice, Biden will need to print huge new sums of money. The expression to “dowhatever it takes” will be given a whole new lease of life. Selling $1.9 trillion of bonds will
stretch markets to new extremes. How much debt is too much, and when does it begin
to have corrosive economic consequences? The United States has never conducteda fiscal experiment like this. The laws of economics haven’t been repealed, no matter
what the modern-monetary theorists say.
Everything by longevity tends to get off course, especially if mission critical. The 1964
classic Sinatra song “Fly Me to Moon” was closely associated with the Apollo missions
led by Neil Armstrong. He once said that going to the moon was just a matter of solving a couple of problems. How to get there and how to get back? Most critical is not toleave until both problems are solved. Put simply, the marginal risk of error is too great.
This is the current state of affairs, where there is no viable exit or normalisation strategy.

Figure 1. “Immoral Hazard” the day of reckoning. U.S. budget deficit surpasses WWII peaklevels and U.S. budget deficit to hit 33% of GDP in 2021.

Bond Yield Mean-Reversion?
The Fed’s balance sheet will grow to higher levels of altitude sickness. The entire
financial system will be strained to the point where it will break. Meanwhile, age-old
wisdom tells us “Don’t fight the Tape, don’t fight the Fed,” but should it assume trends
are linear and central banks omnipotent? History teaches us that neither factor was
infallible through 2007–2009, during the biggest decline since the Great Depression.
In the old days, government bonds were the lowest risk and safest asset class. It was
normal for bonds to be cheap when equities were expensive and vice versa. This situation worked for decades. However, since Mr. Greenspan, a period of printing money
to excess has now brought bond yields down to almost zero and in some places evennegative. It is quite clear that bonds are now very expensive indeed.
The almost 40-year in bear market in U.S. LT yields, down into a record low of 0.664%.
Since then, yields have nearly tripled. In absolute terms, it is not that big, but the rate

IFTAUPDATE 2021 Volume 28 Issue 1

page 8

Education Lounge

Fly Me to the Moon! continuedof change is huge and will likely fuel similar multiples of a future rise in rates.

S&P 500 Minsky Risk

Jeremy Grantham, co-founder and chief investment strategist of Boston’s GMO, warns of
economist Hyman Minsky’s dictum that “stability is unstable.” As far as he is concerned,
this is the first time ever that a bubble has formed on top of a weak economy, entirely
supported by faith in low rates. He argues that “At the end of this cycle of stability, all
the market has to do is cough. If bond-yields mean-revert even partially, they will becaught high and dry.”Figure 3 charts our updated technical setup for the “Minsky moment” as part of rarelate-cycle exhaustion pattern called a “broadening top.” This behavioural pattern ischaracterised by massive disagreement between buyers and sellers, with each higher
price high (points 1,2 and 5) and lower price low (points 2, 4, and 6). Expanding volatility
becomes self-feeding. Point 5 is deemed as the “kiss of death” signal, which triggers
a technical “Minsky moment” collapse.

Indeed, this also complements our work that suggests a growing probability of a defaultled spike, akin to the historical rhyme of 1931 (Figure 2). Moreover, the United States
is now more in debt than at any time including the end of World War II (Figure 1). The
printing of money is going to keep coming relentlessly until one day it just has to stop.
The day of reckoning is almost here.

In this case, the grand finale point 5 also marks overhead roudaphobia level at 4,000
that will likely mark another make-or-break point. A reversal signal must be confirmed
under 3,400, at the prior record set in February 2020, with further downside confirmation below a psychological level at 3,000. There is a risk of precipitous decline, which
would be symmetrical to the prior linear rise. Our preferred scenario is a rolling W-shaperetest of the crash low, from point 5 to 6, followed by another “rally and the rest of fall”.
Statistical price distribution warns of sharp downside acceleration of at least 28% below
the key level at 2,890. In the meantime, our cycle studies remain negative and intensify
as part of a cluster signal from mid-February into June, in line with a traditional negative
summer seasonality pattern.

Figure 2. Deflationary spike: 1931 vs. now?

Figure 3. S&P 500 “Minsky” risk beneath 3,400.

IFTAUPDATE 2021 Volume 28 Issue 1

page 9

Education Lounge

Fly Me to the Moon! continued

Irrational Exuberance and 2021 Negative Surprise
Using many measures of value that have a good track record, we find that all equity
markets are expensive. Some of them have overextended to an absurd extent. We arebuilding up to a crisis point where everything is overpriced and truly “irrationally exuberant.” In fact, the leveraged options market mega cap play from summer 2020 has
now evolved to a more complex and higher risk situation in mini cap stocks.
The so-called “meme” is an example, led by retail money-fueled trades on lower quality
stocks, negative earnings and high debt. Figure 4 exhibits a Goldman Sachs Index of
50 most shorted stocks, rocketing in a linear fashion YTD. Herding behaviour is seen
across a variety of top trades, including the short squeeze, passive indexing and gamma
trades. “Greater-fool theory” reminds us this toxic party does not end well.

In terms of short-term timing, our seasonality analysis of the January Barometer alsooffers interesting results. The wall-street adage “As January goes, so goes the year”
is anecdotal trend extrapolation that works more often than not. However, it is by nomeans bullet-proof.
Figure 5 demonstrates that volatile, late-cycle setups tend to trigger negative surprises. Furthermore, this was the case in 2020, verging into the pandemic crash during
February–March. Since then, we have greater asymmetric risk, complex virus mutations,and weak economic recovery.

Figure 5. January barometer: negative surprise.

Figure 4. Irrational exuberance.

The bottom line is that all markets, including bonds and equities, are expensive. The
debt bubble is huge. A grand super-cycle setback is due. Think in terms of the period
from 1929–1933. We think there will be a breakdown soon and a fall to a low in either
late 2022 or 2023. Until the breakdown, our preference is to underweight westernequities and own Asian markets, notably India, China, and Japan, of the giant markets.

IFTAUPDATE 2021 Volume 28 Issue 1

page 10

Education Lounge

Fly Me to the Moon! continued

Robin Griffiths, FSTA, CFTe, is one of the world’s most experienced andhighly regarded market analysts. Together with Rashpal Sohan, Mr.
Griffiths is joint managing editor of Dynamic Investment Trends Alert,published by Southbank Investment Research.
Mr. Griffiths is a former chair of IFTA and former chair, now fellow, of
the Society of Technical Analysts. During his career, he has worked for the likes of
HSBC, Cazenove Capital and Grievson Grant. He is a former partner at the first British
stock broker to break into Hong Kong and Tokyo, WI Carr, and he has written several
acclaimed investment books, including Mapping the Markets and Future Storm.

23%+

NET return 2020
Risk ‘moderate’

MAKE YOUR CAPITAL WORK FOR YOU

Ron William, CFTe, MSTA, is a market strategist with over 20 years ofexperience working for leading economic research and institutional firms,
producing macro research and trading strategies. He specializes inblended, top-down, semidiscretionary analysis, driven by cycles andproprietary timing models. He is also a behavioural finance expert, trading psychologist, and performance coach.
Mr. William's primary work, as part of his current institutional market advisory firm (RWA),
gained global industry recognition, with multiple finalist awards for "Best Specialist
Research/& FX". His market insights are also featured regularly across leading financial
media programs, notably, Volatility Re-awakening and Tech Sector, and industry publications, including Equity Market Crash: What Next?, Bitcoin-Digital Asset Paradigm,
and Bond Yield Spike Risk.
Driven by high-integrity education, Mr. William serves on the IFTA board, heads the
Swiss Association of Market Technicians (SAMT) Geneva Chapter, and consults withmultiple education and regulatory groups.

www.investui.com

Investui is a modern and inexpensive way to invest. The markets display patterns calledmarket effects or calendar effects. Many academic papers confirm the existence of market
effects. Professional investors and traders make handsome profits from investments inthese patterns. Investui allows retail investors to also profit from market effects. The
service monitors the markets and sends e-mail alerts when a market effect occurs. One
click in the e-mail converts the alert into a real position! The position is opened and closed
automatically. Clients can see all positions in real-time. Sensational.

Investui clearly stands out ina comparison with others.

Investing with market I set an alarm clock
effects brings amazing for every Investui
returns.
mail.

Niedenau 36 I 60325 Frankfurt-am-Main I +49 (0)69 3487 5071 I info@investui.com
Alarmservice, kann nicht als Anlageberatung verstanden werden.

IFTAUPDATE 2021 Volume 28 Issue 1

page 11

Congratulations New CFTes!

MFTA and CFTe Exam Dates

Hany G Abdelmalak
Joseph John Alkana
Vichet Apisampinvong
Tony Marian Chalmers
Man Nga Chui (FTAA)
Rehab Mohamed El Helw (ESTA)
Tomohide Fujimori (NTAA)
Masanori Goto (NTAA)
Yamini Goyal
Jonathan Gross (VTAD)
Atsushi Hagihara (NTAA)
Hideaki Hasumi (NTAA)
Yuji Hatakeyama (NTAA)
Fabian Heymann
Luk Shing Hui
Masako Inagaki (NTAA)
Senkichi Iwata (NTAA)
Kiyoshi Kamita (NTAA)
Makoto Kato (NTAA)
Suk-Jae Kim (VTAD)
Gary W Klabunde
René-Pierre Kuster (SAMT)John Joseph Letizia, II
Tobias Dominic Lichner (VTAD)
Cheuk Man Christopher MAK

Certified Financial Technician (CFTe)—Level I

Tatsuya Maruyama (NTAA)
Takeshi Nozawa (NTAA)
Murat Oers (VTAD)
Masaru Otake (NTAA)
Javier Gracia Pérez-Pozuelo (IEATEC)
Javier Pineda Pedrinaci
Suhaili Saari (STA)
Mohamad Sabunchi
Sumiya Sasaki (NTAA)
Naoki Shiho (NTAA)
Hideaki Shima (NTAA)
Shingo Shiomi (NTAA)
Jitender Pal Singh (STA)
Hirokazu Sugiyama (NTAA)
Farrukh Muhammad Taufiq
Kazumasa Tsunoda (NTAA)
lori Uchida (NTAA)
Misaki Uemori (NTAA)
Rachana A Vaidya (ATA)
Liang An Robin Wang
Richard F. Weiss
Maximilian Wienke (VTAD)
Sven R Willen
Akira Yabana (NTAA)
Huiyue ZHOU

Date

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

Certified Financial Technician (CFTe)—Level II

Exam 1

Exam 2

Exam dates

22 Apr 2021

21 Oct 2021

Registration deadline

5 Mar 2021

9 Sept 2021

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

Master of Financial Technical Analysis (MFTA)
Alternative Path Pre-Application Deadline

Session 1

Session 2

28 Feb 2021

31 July 2021

Application/Outline Deadline

2 May 2021

2 Oct 2021

Paper Deadline

15 Oct 2021

15 Mar 2022

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

IFTAUPDATE 2021 Volume 28 Issue 1

page 12IFTA2021 CONFERENCE IS ALL ACCESS*
Philadelphia, Pennsylvania, USA ★ October 7, 8 & 9, 2021

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

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

MARKET OUTLOOKS

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

PROFIT OPPORTUNITIES

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

WELCOME RECEPTION: Thursday, October 7, 2021 ★ CONFERENCE: Friday–Saturday, October 8–9, 2021
Sofitel Hotel Philadelphia at Rittenhouse Square, 120 South 17th Street, Philadelphia, PA 19103 USA*Offered live and online

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

IFTAUPDATE 2021 Volume 28 Issue 1

page 13

Does Your Member Society Want to Hostan Upcoming IFTA Conference?
Dear IFTA Member,
IFTA is soliciting hosting proposals from all member societies
for the 2023 IFTA Conference. The deadline for proposals is
31 December 2021.
The conference host will have the opportunity to raise the national
profile of their organization and has the potential to increase revenue for the ongoing work and support of their society. A portionof the conference proceeds will go to the hosting society.
Background: The International Federation of Technical Analysts,
Inc. (IFTA) was incorporated in 1986 and is a global organizationof market analysis societies and associations. This not-for-profit
federation has four main goals:
 Provide a centralized international exchange for information,
data, business practices, local customs and all matters related
to technical analysis in various financial centers.
 Provide meetings and encourage the interchange of material,ideas and information for the purpose of adding to the knowledgeof colleagues of individual societies and associations.
 Foster the establishment of local (country) societies of technicalanalysts around the world.
 Encourage the highest standards of professional ethics andcompetence among technical analysts worldwide.
The first annual IFTA conference was held in Tokyo in late 1988.
Since then, IFTA has continuously held an annual conference inlocations throughout the world that is hosted by a different hostsociety in October or November each year.

Conferences have been held in the following cities:
1988 Tokyo, Japan
1989 London, England1990 Montebello, Canada
1991 Mexico City, Mexico
1992 Dublin, Ireland
1993 New York, NY USA
1994 Paris, France
1995 San Francisco, CA USA
1996 Amsterdam, The Netherlands
1997 Sydney, Australia
1998 Rome, Italy
1999 Niagara-on-the-Lake, Canada
2000 Mainz, Germany
2001 Tokyo, Japan
2002 London, England2003 Washington, DC USA
2004 Madrid, Spain2005 Vancouver, Canada
2006 Lugano, Switzerland
2007 Sharm el Sheikh, Egypt
2008 Paris, France
2009 Chicago, USA2010 Berlin, Germany
2011 Sarajevo, Bosnia and Herzegovina
2012 Singapore
2013 San Francisco, CA USA
2014 London, United Kingdom
2015 Tokyo, Japan
2016 Sydney, Australia
2017 Milan, Italy
2018 Kuala Lumpur, Malaysia
2019 Cairo, Egypt
2020 Virtual
2021 Philadelphia, PA USA

IFTAUPDATE 2021 Volume 28 Issue 1

The host society will be responsible for the following:












Site selection
Contract negotiations
Hotel logistics
Sponsorship packaging. solicitation and contracting
Programming
Exhibits management
Special event coordination
Audiovisual production
Registration
Marketing
Financial Management

Suggested information guidelines in a submitted proposalare: If possible, the proposed conference location should be within
30-45 minutes taxi-drive from an international airport
 Conference venue should be held in the same hotel as where
delegates are staying (or at least within a short walking distance If you already have ideas on possible conference venues,
please include this information
 Information about the location for the proposed conference
including lists of possible venues, transportation overview,
cultural and touristic points of interest
 Climatic conditions between the months of September andNovember A theme or themes for the conference you would like to host Preliminary ideas you may already have for off-site conference
eventspage 14

 Ideas you may have for a spouse/partner events parallel tothe conference If you already know, a list of speakers you think you would
like to invite to the conference Names of potential sponsors
 The name and contact details of your conference chair Any additional information you think is important to evaluate
your proposal Why your society is best positioned to host the 2023 Annual
IFTA Conference.
Please submit your proposal to Linda Bernetich at IFTA
Headquarters, admin@ifta.org by 31 December 2021.

IFTAUPDATE 2021 Volume 28 Issue 1

page 15

CALL FOR SUBMISSIONS
Submitting Contributions

Licenses and CopyrightLanguage

We may publish online. We require that you place yoursubmission under the Creative Commons AttributionNonCommercial 3.0.

The IFTA Journal is the only international journal withoriginal contributions from all continents covering developments in technical analysis in global markets. The
Journal reaches leading practitioners and students oftechnical analysis throughout the world.

Writing Style

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

The IFTA Journal is a major professional resource. Itsarchival online publication on the IFTA website will makeyour original work available as a future resource to theworldwide community of technical analysts.

Referencing

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

Credibility and Recognition

TopicsIFTA is seeking papers that cover developments impacting, either directly or indirectly, the field of technicalanalysis; they may be drawn from such areas as:
•
•
•
•
•
•

Basic market analysis techniques
Indicators—sentiment, volume analysis, momentum, etc.
Global and intraglobal technical analysis
Styles of technical analysis
Data
The changing role of technical analysis in the investment community

We would especially like to see contributions that draw
from areas not previously examined and/or topics tangential to technical analysis.
The above list is just a guide and should in no way beconsidered restrictive. We wish to make the Journal
open to new and innovative ideas from all areas of technical analysis and those that connect with it.

Registration and submission of contributions is
online via http://www.ifta.org, or by email to the editor at journal@ifta.org.
Contributions must be submitted in English, with British
grammar required.
Pa p e r s s h o u l d b e w r i t t e n i n a t h e s i s s t y l e.
A guidance can be found at the following link:
https://ifta.org/public/files/publication-downloads/
MFTA_Thesis_IFTA_Journal_Guide.pdf

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

Editorial Timeline
DecemberCall for papers distributed

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

May 31

Deadline for all submissions

May 31

Papers distributed for review

The author is responsible for the accuracy of referencesand quotations. We expect the author to check themthoroughly before submission.

July 31

Reviewer’s comments returned to editor

August 15

Notification of acceptance/rejection

August 31

Submission to printerOctober

Conference distribution

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

November

Web publication

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

Figures, Charts, and Tables

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

Length of Contribution

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

IFTAUPDATE 2021 Volume 28 Issue 1

page 16

Calendar-at-a-Glance
Date

Host

Speaker

Location

Time

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

Topic

STANZ

VariesVaries, or online

Varieshttps://stanz.co.nz/

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

ATAA

VariesVaries, or online

Varieshttps://ataa.asn.au/

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

STA

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

To be confirmed

Online6.30pmhttps://www.technicalanalysts.com/
education/exam-information/

2021
Apr

May

13

STA (UK) Monthly Meeting (Via Webinar)

STA (UK)

13

Behavioural Economics of Asset Bubbles in Financial Markets

STANZ (NZ) Professor Ananish Chaudhuri
Professor of Experimental
Economics, University of
Auckland

CMC Markets Seminar Room, Level 25
151 Queen Street Auckland Central
Auckland, NZ

7:00pm–
9:00pmhttps://www.meetup.com/
STANZ-bimonthly-meetings/
events/276809747/

22

Certified Financial Technician (CFTe) Level II Examination

IFTA

NA

NA

NA

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

22

STA (UK) Diploma, Part 2

STA (UK)

NA

OnlineAll day

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

1

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

IFTA

NA

NA

NA

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

2

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

IFTA

NA

NA

NA

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

13

STA (UK) Monthly Meeting

STA (UK)

To be confirmed

Webinar6.30pmhttps://www.technicalanalysts.com/
meetings/

15

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

IFTA

NA

NA

NA

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

31

IFTA Journal Call for Paper submission deadline

IFTA

NA

NA

NA

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

June

No events scheduled at this time

July

31

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

IFTA

NA

NA

NA

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

Aug

15

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

IFTA

NA

NA

NA

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

Continued on page 17

IFTAUPDATE 2021 Volume 28 Issue 1

page 17

Calendar continued
Date

Topic

Sept

9

Deadline to register for the CFTe II, 21 October 2021

Oct2

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

Nov

Host

Speaker

Location

Time

Contact

IFTA

NA

NA

NA

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

6

IFTA 2021 Annual General Meeting (AGM)

7–9

IFTA 2021 Annual Conference–Hosted by AAPTA (USA)

IFTA/
AAPTA

VariesPhiladelphia, PA USA

TBA

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

15

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

IFTA

NA

NA

NA

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

21

Certified Financial Technician (CFTe) Level II Examination

IFTA

NA

Varies or online

TBA

23

IFTA Virtual Annual General Meeting (AGM)

IFTA

NA

NA

NA

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

1

IFTA 2022 Journal Web publication

IFTA

NA

NA

NA

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

15

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

IFTA

NA

NA

NA

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

Dec

No events scheduled at this time

2022
Jan
Feb

Mar

No events scheduled at this time
15

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

IFTA

NA

NA

NA

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

28

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

IFTA

NA

NA

NA

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

15

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

IFTA

NA

NA

NA

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

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

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

•

The syllabi for both STA Diploma Part
1 & Part 2 examinations•

15 in-depth subject teaching units•

Exercises to self-test progress•
Exam preparation module & video
Since the HSC is International
Federation of Technical Analysts•
Adviceon report
writing.
out(IFTA) syllabus compliant
it canalso beused...find
to prepare
more
here
candidates for both the IFTA CFTe I and II examinations.
Since the HSC is International Federationof Technical Analysts (IFTA) syllabus
compliant
WHO IS THE COURSE
FOR? it can also be used to prepare
candidates for both the IFTA CFTe I and II
examinations.
The course is intended
for individuals who want to use

technical analysis in
a professional manner or who want
WHO IS THE COURSE FOR?
to become a qualified technical analyst and advance their
The course is intended for individuals
studying now!
career. Enroll and start
who want to use technical analysis in
a professional manner or who want tobecomequalifiedthe
technical
analystFor more details click
here ora contact
STA office
on andadvancetheircareer.
Enrollandstart+44 (0) 207 125 0038 or info@technicalanalysts.com

studying now!
Balance professional development and yourFor more details click here or contact the©
personal life with the STA Home Study CourseWHEN
on +44 (0) 207 125 0038 or
WOULD YOU STA
LIKEoffice
TO START?
info@technicalanalysts.com

WHY PURCHASE
THE
HOME
STUDY
COURSE?
WHAT
WILL
IT
COVER?
WHY
PURCHASETHEHOMESTUDY COURSE?

Learn at your own pace rather than in a classroom - the HSC

Since the HSC is International Federation of Technical Analysts
WHEN
YOU
LIKE part-time
TO START?
designed for
thoseWOULD
who needa truly
study(IFTA) syllabus compliant it can also becourse
used to isprepare©
The world-class e-learning Home Study Course (HSC) is
The world-classe-learning
Home
Study
Course(HSC)©
iswrittenbyleading
industry
practitioners,
Learn
at
your
own
pace
ratherthaninacandidates for both the IFTA CFTe I and II examinations.
option with maximum flexibility!
Theindustry
syllabipractitioners,
for both STA
Diplomawritten by•leading
makingit one of Part 1 & Part 2
makingit oneof theavailable
best online
products
available on the technical analysis market. Whether this- the HSC course is designed
the best online
productson the technicalanalysis
Buy now: £1,195.00classroom
ismarket.
your Whether
firstexaminations
introduction
tointroduction
technical toanalysis,for those who need a truly part-time study
this is your first
technical you want to refresh your existing knowledge, or you
WHO IS THE COURSE FOR?
• want15 in-depth
subjectteaching
wish
toyou
becomea qualified
technical
analyst,option with maximum flexibility!
analysis,to refresh
yourexisting
knowledge,
orunits
you the STA offers a tailored Home Study Course as partwish
to becomea qualified
technical
analyst,the
STA offers
course is forintendedfor individuals whoaccredited
want to useofourportfolio
of world
respected
courses
preparingThe
students
our internationally• Exercises
to self-test
progress
Buy now: £1,195.00
a tailored
Home Study
Course as part of our portfolio of worldtechnical analysis in a professional manner or who want
STA
Diplomaqualification.
•
Exam
preparation
module&video
respected courses preparing students for our internationallyto become a qualified technical analyst and advance their
Advicewriting.
accredited
STA
Diplomaqualification.
start
studying
now! website based, itYou
can•learn
fromonthereport
comfortof your home at timescareer.
thatEnroll
bestandsuit
you.
Althoughis fully downloadable
and may
be used online or offline via PC, Mac, iPad or Android machines.
...find out morehere
You can learn from the comfort of your home at times thatbest suit you. Although website based, it is fully downloadable
and may be used online or offline via PC, Mac, iPad or Android
machines.

For more details click here or contact the STA office on+44 (0) 207 125 0038 or info@technicalanalysts.com

IFTAUPDATE 2021 Volume 28 Issue 1

page 19

In Memoriam
William (Bill) Sharp, IFTA President (2004–2006)
3 August 1937–8 February 2021
Oakdale, Ontario, Canada
Bill Sharp passed away
peacefully on February
8 surrounded by his family, in the home he loved
in Oakdale, Ontario,
Canada, after a long andmight y f ight against
chronic myeloid leukemia . B ill , ot her w i se
known as, Willy, Will, andmost fondly “Sharpie,”
was born in Montreal,
where he met his wife,
Gail. They married in1967 and had their threechildren before moving to Oakville in 1982.
Bill was an avid skier, paddler, musician, and National
Geographic collector (every issue since 1952!). He andGail loved to travel for both work and pleasure; the paddling and outrigger adventures took them as far as theSouth Pacific, the Cook Islands, Greece, Italy, France,
Hungary, Hawaii, California, and all over Canada.
Never shy of a good party or adventure, whether it was
ripping up the ski slopes, running white water in (and outof) a canoe, or racing his outrigger with the Wainui teamon Lake Ontario or other parts of the globe, he moves
on to the next chapter knowing he is loved and that hehad a positive impact on so many.
In addition to his wife, Bill is survived by their three children, son Andrew (Megan), daughter Pam (Michael), anddaughter Kerri (Neil); grandchildren Dawson, Nathan,Jackson, and Grace; brother Brian Sharp (Patty); and sister
Sally Sharp (Gary Orkney).

Bill’s colleagues had this to say about him:
Ron Meisels, Founding President, CSTA

Bill was a major contributor to the success of CSTA. He was a memberof the original 28 technical analysts who got together in 1984 to discuss and facilitate the founding of the Canadian Society of TechnicalAnalysts (CSTA). He volunteered to put together the bylaws of theSociety, which were approved at the first Annual Meeting in 1985. He
became the third president of the Society (1989–1991) and was electedto the Hall of Fame in 2017. He was the Canadian representative to
IFTA for many years and was elected its president from 2004 to 2006.

Elaine Knuth, IFTA President (2007–2009)

I received the news this past week that our dear friend Bill Sharp left
us after a long tangle with chronic myeloid leukemia, CML. I do not
use the word “battle” because as we all knew Bill, something like alittle CML would never keep him from the endeavors he loved—outrigger boating, canoeing in the most remote wilderness of Canada,
and traveling to places few would venture. Bill never shirked from achallenge, big or small. This was how he lived his life.
But there was so much more to Bill “Sharpie.” He wasn’t only welcoming, he was approachable by all; the rare person who took time tolisten, to give you his full attention. Why? Because Bill cared aboutothers as few do. You could feel that when you met him. You could
feel it when he walked into a room.

There might be a short harrumph as he cleared his throat to say witha smile, “Bring it on!” This was Bill Sharp. And we will always miss him.

Bruno Estier, IFTA President (1998–2000); SAMT
President (1996–2009)

I met Bill for the first time in 1990 at the IFTA Conference, Montebello,
Canada and I had no idea I would be seeing him annually from 1992–
2009 at IFTA conferences. Bill was a founding member of IFTA andwas treasurer for many years in the 90s as well as president from2004–2006. We had great fun traveling with the IFTA Asian Caravan
and former president Okamoto-san to China in 2002.
Bill was very supportive of the newly founded IFTA French Society(AFATE) in 1990. I remember him in the fall of 1993 in a New York
bar—Carwash—over a lot of beer convincing Claude Mattern of AFATE
to take over the organization of the 1994 IFTA conference in Paris.
His deep sense of humor, his kindness, and his optimism allowed him
to steer through the issues of the Federation with ease, as if he were
paddling with skills through the waters of his preferred lakes. Bill, we
will miss your big smile.

When we worked together, we were living across the globe from eachother. If I would call at what might be an uncivilized hour his time, Billnever let this on. He would take the call with his strong and welcoming voice as if it were early morning; he was there no matter what for
many, ready to tackle whatever came up. It was the man we all knew
and loved.
And that is what he did and how he lived. Bill tackled all challenges
that came his way as if they were a sport, like the next quarter in a
hockey match. He was never a naysayer. When a hurdle was met on
the road, he was the guy who would look, listen, and then pause a bit.

Five former IFTA chairs, L-R: Robin Griffiths, Bill Sharp, Elaine Knuth, Hiroshi
Okamoto and Bruno Estier at the 2006 IFTA conference in Lugano, Switzerland.
The conference was hosted by the Swiss Association of Market Technicians(SAMT).

IFTAUPDATE 2021 Volume 28 Issue 1

See whatothers don’t.
Bloomberg charts harness the full breadth and depthof information on the Bloomberg Terminal®, creating
visualizations that uncover key insights — and help you
generate powerful ideas and strategies.
• Monitor market trends• Validate your trading ideas• Collaborate in real time
• Backtest & optimize strategies
bloomberg.com/professional© 2020 Bloomberg L.P. 901478 1020

page 20

IFTAUPDATE 2021 Volume 28 Issue 1

page 21IFTA Member Societies

Board of Directors

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

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

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

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

IFTA Update Schedule

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

PUBLICATION SCHEDULE
June Issue

All content due May 15

September Issue

All content due August 15

December Issue

All content due November 15

March Issue

All content due February 15

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

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

Staff

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

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

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