IFTAUPDATE 2014 Volume 21 Issue 42014 Volume 21 Issue 4

IN THIS ISSUE

page 1a newsletter for the colleagues of the International Federation of Technical Analysts

1

President’s Report to Colleagues

2

Congratulations New CFTes!

President’s Report to Colleagues

5Technical Analysis in Muscat

Dear IFTA Colleagues,

6

Calendar At-A-Glance

I am reminiscing about the days in Octoberwhen we met in London. It was great tohear so many reports about the activities of your societies. I was impressedwith how some of you use technology tomanage your activities and operations.
We heard reports on physical meetings,
virtual meetings to account for the long
distances between some societies, newwebsite designs, electronic libraries, webinars, and other initiatives. It is wonderfulto learn about all these developments.
Sometimes I wonder how it was in the “olddays,” when these things weren’t possible.

Education Lounge
8 Trend Lengths and the Ichimoku
Time Element
Book Review
11 Complete Guide to Comprehensive
Fibonacci Analysis on FOREX
By Viktor Pershikov, MFTA
11 Save the Dates!
12 Member News
14 IFTA 2014 Conference Highlights
16 IFTA Journal Call for Submissions
18 IFTA Journal Rate Card
19 Does Your Member Society Want to
Host an Upcoming IFTA Conference?
21 IFTA Member Societies

21 IFTA Update Schedule
21 Board of Directors

Next Issue: March 2015
Submission Deadlines
Education articles: February 15—
send submissions to newsletter@ifta.org
All other content: March 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/.

At the AGM, you voted two new directors
to the IFTA board. I would like to welcome
Mohamed El Saiid from the Egypt society
and Ian Flack from the Australian society. Previously serving as interim director,
Mohamed will now start his first regularterm as director responsible for sponsorship. Ian is the current president of ATAA
and will start his first regular term as director for education. Ian will replace Robert
Grigg, who did not run for a second term.

We want to thank Robert for all the work
he has done for IFTA, and we wish him all
the best for the future.
In London, we also welcomed MATA, ournew developing society from Malaysia.
MATA applied in Spring 2014 and we wish
it all the best for its development. For
those of you who would like to get in touchwith MATA, please consult our website.
Also in London, AGM voted to terminate
the membership of three societies within
the IFTA family: Vereinigung Technischer
Analysten Österreichs (VTAO-Austria),
Saudi Society of Technical Analysts (SSTA),
and Association of Society of TechnicalAnalysts Pakistan (STAP). It appears thatdevelopment in those societies has ceased
and that they no longer exist.
The London conference was quite successful, and it. We spent three days listening to high-quality speakers and chattingwith colleagues. During the conference,
IFTA honored John Murphy for his lifetime achievements. John was a speaker at

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

several IFTA conferences; his research onintermarket analysis has inspired generations of technical analysts, and his books
have always been the backbone of education in technical analysis.
In this newsletter you will find an article
from Mohamed Ashraf, IFTA vice president Middle East and Africa. Over the
past few years, Mohamed has worked
hard to popularize technical analysis in
the Gulf region. He was the architect of thememorandum of understanding that we
signed last year between UAE authorities
and IFTA. In his report, Mohamed reports
about IFTA’s activities in Muscat and acooperation between IFTA and the CapitalMarket Authority of Sultanate Oman andthe Union of Arab Securities Authorities.
We are proud of these developments andare looking forward to enhancing our relationship with authorities in this region.
In November, we had a very interesting
webinar conducted by Alex Neale, who
explained the use of social media mentions[continued on page 2]

IFTAUPDATE 2014 Volume 21 Issue 4
President's Report (continued)
in technical analysis. Alex explained the idea that he had firstoutlined in his MFTA paper. For those of you who missed
the webinar, you can still access it after registration on the
IFTA website. In general, you will be informed about future
webinars either by your local IFTA liaison or via IFTA’s website,www.ifta.org. I would like to thank all the sponsors who helped
IFTA with its webinar program, and I am looking forward to
next year’s series. Again, I invite every colleague to watch thewebinars or to contact us if you would like to present a certain
topic yourself. Last but not least, we invite sponsors to help
us with next year’s webinar series.
In 2015, the IFTA conference will be held on 2–4 October inTokyo and will be hosted by the Japanese technical analysis
society, NTAA. NTAA is one of the founding members of
IFTA. The last conference held in Japan was in 2001. Our vicepresident Asia-Pacific, Mr. Akira Homma, will be the conference director in 2015. Under his guidance, NTAA has alreadystarted to plan and organize the event.
Finally, I want to thank all of you who took the time to sendin material and news from your societies. It is part of IFTA’s
purpose to share ideas and information with other colleagues.
Since we are approaching the year end, I would also like tothank everybody who helped make 2014 a successful year.
I wish every CFTe and MFTA candidate all the best in their
future careers, and I am looking forward to working withyou again in 2015. I hope to see you all in Tokyo at our next
conference.
Happy holidays to you all.

Rolf Wetzer, Ph.D.
IFTA President

page 2Congratulations New CFTes!
Ayman Mahmoud Abd Elall (ESTA)

Vladimir Bukhantsev

Rick Hewland (STA)

Kripalsinh Chandubha Parmar (STA)

Abdelmoneim Ramadan
Abdelmoneim (ESTA)

Claus Burger (VTAD)

Dharmesh Jagatia (STA)

Kyriakos Pavlou (STA)Sami Dabit (STA)

Arturs Jermolickis (STA)

Jörg Rühlicke (VTAD)

Mena Emil Abdou (ESTA)

Edward Daniel (STA)David Selman (STA)

Tyrone Abela (ATAA)

Spencer Li (TASS)

Peter Dieterich (VTAD)

Deep Harishbhai Shah (ATA)

Mohamed Sedky Mohamed Ali(ESTA)

Kareem Doghim (ESTA)

Mohamed Abdel Fattah M.Eissa(ESTA)

Ralf Fayad (VTAD)

Ashraf Sobhy Metwaly (ESTA)

Ahmed Aly Sharaby (ESTA)

Sea Shin Fung (STA)

Ashraf Samir Halim Morgan (ESTA)

Wael Mahmoud Shokeir (ESTA)

Ross Gordon

Oliver Moss (STA)

Olivier Guerquin (STA)

Mostafa Mohamed Talaat Mostafa(ESTA)

Tamer Abd Elhady Mohamed
Soliman (ESTA)

Tawfeq M. Alshams
Sidarth Alvares (TASS)
Adrian Roderick Bailes (STA)
Dr. Peter Boschkor (VTAD)
Alistair Bruce (STA)

Mohamed Lewaa Zamel
Hagem (ESTA)El Sayed Mohamed Owaidy (ESTA)

Vikas Ashokbhai Shah (STA)

Ho Tat Soon (TASS)
Chris Winterhoff (STA)DO YOU WISH YOU HAD MORE TIME?
Are you spending more time adjusting graphics ordoing menial editing tasks than analysing charts?
Are you frustrated by having no easy way torapidly find what most needs your attention?
How much is this wasted time costing you?

We understand.
We’re here to help.
A recurring message we get from our clients is how thrilled they
are that we have taken so much work off their shoulders and given
them back so much time.

Time is what we want most,
but we use worst. William Penn
If you are ready to explore how you can claw back your valuable
time, go to the following address: mav7.com/ifta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 2014 Volume 21 Issue 4

page 5

Technical Analysis in Muscat
With the Cooperation of the International Federation of Technical Analysts (IFTA), the Capital Market
Authority (CMA) of the Sultanate of Oman and the Union of Arab Securities Authorities (UASA)

With the purpose of disseminating technical analysis science and establishing
local societies around the world focusedon technical analysis, the International
Federation of Technical Analysts (IFTA) is
pleased to announce the official dissemination of technical analysis science in the
Sultanate of Oman.
In October, at the Crown Plaza Hotel inMuscat, a technical analysis introductory course was established for the purpose of distributing technical analysis
science in the Sultanate of Oman. This
course was initiated under the umbrellaof the cooperation between the CapitalMarket Authority (CMA) of the Sultanateof Oman and the Union of Arab Securities
Authorities (UASA). This event is considered the start of a long-term relationshipbetween IFTA and CMA.
IFTA has proposed signing a Memorandumof Understanding (MOU) with CMA. The
MOU’s objective is to reinforce mutual
cooperation in promoting technical analysis science and accrediting market professionals operating in the Sultanate of
Oman capital markets and financial services industry.

IFTA appreciates the great efforts of
UASA, and especially of Mr. Jalil Tarif,
UASA general secretary, for developing,
hosting, and supporting such an eventwith CMA. IFTA expects to accomplish
similar important events within different
Arab countries this coming year.
The event was convened, hosted, andattended by H.E. Abdullah bin Salim Al
Salmi, CMA executive president; Mr.
Jalil Tarif; and H.E. Ahmed Bin Saleh Al
Marhoon, Muscat Securities Market (MSM)
director general. The course was attended
by brokerage and investment company
CEOs, investor directors and managers,
wealth managers, bank account managers,
financial analysts, investors, and brokers.
IFTA is very pleased with this important
step, as it is considered a follow-up towhat IFTA achieved previously in the
United Arab Emirates and moves forward
its plan to spread technical analysis science in in the Gulf region. IFTA would
like to thank CMA for its cooperation in
supporting our objective of increasing the
education standards, efficiency, awareness, safety, and professionalism regarding technical analysis science.

Mr. Jalil Tarif,
UASA generalsecretary, giving
opening speech.

H.E. Abdullah bin Salim Al Salmi,
CMA executive president, is providing
a complimentary gift to Mr. Mohamed
Ashraf, vice president for the Middle
East and Africa Region of IFTA.

H.E. Abdullah bin Salim Al Salmi, CMA
executive president; Mr. Jalil Tarif, UASA
general secretary; and H.E. Ahmed Bin Saleh
Al Marhoon, MSM director general.

A group picture of all candidates along with Mr. Jalil Tarif, UASA general secretary, and Mr. Mohamed
Ashraf, vice president for the Middle East and Africa Region of IFTA.

IFTAUPDATE 2014 Volume 21 Issue 4

page 6

Calendar At-A-Glance
Host

Speaker

Location

Time

ContactMonthly

Date

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

Topic

STANZ
(New Zealand)

Various

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

Variouswww.stanz.co.nz/

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.

ATAA (Australia) Various

Various

Variouswww.ataa.com.au/meetings

Monthly

Chapter leaders and their volunteer members serve as
CSTA Chaptersambassadors for the CSTA and plan social and educational events (Canada)
for the area. Events include presentations by industry professionals
and technical analysis experts and peer learning gatherings.
Chapters also play a vital role in their community by connecting
individuals and promoting technical analysis.

Various

Various

Variouswww.csta.org

31

IFTA Journal Web publication

IFTA

NA

NA

NA

www.ifta.org/publications/journal/

7 January –25 March 2015

STA Diploma Level 2 Course

STA

Various

London School of Economics

18.0020.30

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

13

Monthly Meeting

STA

TBC

British Bankers Association, Pinners Hall, 105-108
Old Broad Street, London EC2N 1EX

18.0020.00

Katie Abberton
info@sta-uk.org

10Monthly Meeting

STA

TBC

British Bankers Association, Pinners Hall, 105-108
Old Broad Street, London EC2N 1EX

18.0020.00

Katie Abberton
info@sta-uk.org

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 (midMarch 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

CFTe Immersion Course(the course will be presented in English)

SAMT

Bruno Estier
Ron William

Geneva09:00 –
18:00

ronwilliamPR@gmail.com

15

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

IFTA

NA

NA

NA

admin@ifta.org

1

STA Level 2 Exam Preparation Session

STA

Various

London School of Economics

14.00 –
17.00

Katie Abberton
info@sta-uk.org

14Monthly Meeting

STA

TBC

British Bankers Association, Pinners Hall, 105-108
Old Broad Street, London EC2N 1EX

18.0020.00

Katie Abberton
info@sta-uk.org

22

STA Diploma Level 2 Exam

STA

N/A

Various

Various23

Certified Financial Technician (CFTe) Level II Examination

IFTA

NA

VariesVaries

DecemberFebruary

March

14-15

April

admin@ifta.org

www.ifta.org

IFTAUPDATE 2014 Volume 21 Issue 4

page 7

Calendar At-A-Glance continued
May

2

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

IFTA

NA

NA

NA

admin@ifta.org

12Monthly Meeting

STA

TBC

British Bankers Association, Pinners Hall, 105-108
Old Broad Street, London EC2N 1EX

18.0020.00

Katie Abberton
info@sta-uk.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

8Monthly Meeting

STA

TBC

British Bankers Association, Pinners Hall, 105-108
Old Broad Street, London EC2N 1EX

18.0020.00

Katie Abberton
info@sta-uk.org

7

Summer Party

STA

TBC

TBC

July

31

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

IFTA

NA

NA

NA

www.ifta.org

August15

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

1

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

IFTA

NA

NA

Variesadmin@ifta.org

8Monthly Meeting

STA

TBC

British Bankers Association, Pinners Hall, 105-108
Old Broad Street, London EC2N 1EX

18.0020.00

Katie Abberton
info@sta-uk.org

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 & 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/

June

September

October

Katie Abberton
info@sta-uk.org

IFTAUPDATE 2014 Volume 21 Issue 4

page 8

Education Lounge

Trend Lengths and the Ichimoku Time Element
By Carlos Jaureguízar

Introduction
When Goichi Hosoda (Ichimoku Sanjin)
developed the methodology known as
Ichimoku Kinko Hyo, he started with achart framework and developed threemain areas: Wave Struc ture, Prices
Projections and the Time Element. This
paper presents a study on trend lengths
in the equity market and relates it to thetime periods observed by Hosoda.

Trend measurement
One of the critical points when conducting studies on technical patterns is how tomeasure trends. For example, Bulkowski(2007) uses a 10-day exponential moving
average as a starting point and seasons itwith special rules to allow price trends of
one or two days to override the result. For
my research, I decided to not use technical indicators but rather try a different
method, with excellent results. Specifically,
I performed an automatic denoising process of a one-dimensional signal using
wavelets. All wavelet transforms may beconsidered time-frequency representations. Regarding the advantages of using
wavelet techniques, I recommend reading
Inga Maslova, Harun Onder and Apurva

Sanghi (World Bank Working Papers, 2013)
and Maharaj and Alonso (2012).
Let’s take a look at Figure 1: Apple’s daily
chart may be denoised using wavelets withexcellent results. I employed coefficientsfrom 1 to 6 in order to obtain shorter tolonger term trends.

The time element in the Ichimoku
Kinko Hyo methodology
The three main elements in the Ichimoku
Kinko Hyo Japanese analytical method
are Time, Waves and Price Levels or
Projections. These are imbued in a framework consisting of a candlestick chart withthree additional elements plotted throughfive lines. According To Hidenobu Sasaki,
the essence of the method is the Time
Theory and, in a way, on a daily chart,
the movement develops according to a
specific “wavelength”.
This wavelength—Hidenobu thought there
were relationships between physical cycles
a n d t h i s w ave l e n g t h —generates some specificperiods for which Hosoda
established the duration.

Figure 1: Apple, daily charts and denoised trends.

IFTAUPDATE 2014 Volume 21 Issue 4

page 9

Education Lounge

Trend Lengths and the Ichimoku Time Element continued

There’s a double goal in this research.
First, carrying out a measurement of thelengths of trends in the market movements to ascertain the validity of a divisionin time cycles as determined by Goichi
Hosoda. Second, a comparison among
those lengths proposed by Hosoda andthe ones empirically observed in thesample. According to Hosoda, the market
does not fluctuate as time goes by, but it
is Time the element that determines the
structure of the fluctuations.
When looking at price movements in theJapanese market, Hosoda established theconcept of Basic Numbers, both Simple(three time periods: 9, 18 and 26 days) andCompounded (generated by combinationof other cycles). Basic Numbers consistof 9, 18 and 26 days, corresponding to aperiod, two periods and a full stage. Threestages form a complete turn in 76 days.
Some Compounded Numbers (the linking
day/s is subtracted) are:33 = 17 + 17 – 1
42 = 17 + 26 – 1
65 = 33 + 33 – 1
76 = 26 + 26 + 26 – 2

What is the usefulness of thesenumerical values?
As for the basic use of the Ichimoku
methodology outlined by Hidenobu
Sasaki (1996), I also recommend reading

Primer on Ichimoku, written by Yukitoshi
Higashino (2014), a member of the Nippon
Technical Analysts Association (NTAA),
which states how to calculate date reversals using “Basic Numbers” projections,“Time Parity” projections or both.
In any case, I would l like to focus on the
Basic Numbers projections. According tothis method, the time periods corresponding to the basic numbers would represent points where the probability of trend
reversing increases (although the opposite
effect would occur in some cases, gaining
momentum). In this article, I will not study
the volatility in those moments but focus

on the trend lengths of the SP 500 and
EuroStoxx 600 components, from 1998
to mid-2014.
When splitting the daily chart trends into
six levels (from shorter to longer term), we
get a fast first level, with an average lengthof four days and an average return of 5%.
It is similar to Level 2, with an average
return of 6% and an average length of fivedays. The returns in level 3 and 4 trends
are 8% and 12%, respectively.
Table 1 reads as follows: six levels in columns (from shorter to longer term) andlengths in rows (days), where:

Table 1: Daily charts trend lengths, statistical mode.
SimpleTrendsDouble AB
TrendsDouble AC
TrendsTriple ABC
TrendsLevel 1

Level 2

Level 3

Level 4

Level 5

Level 6

Both

4

5

8

13-18

21,25,28

28-31

Bullish

4

5

9

18

44

80

Bearish

4

5

8

13

21

50,54

Both

10

13

21

40

74

150,156

Bullish

13

24

42

Bearish

13

19

38

Both

13

22,24

43

Bullish

13,14

20-24

47

Bearish

13

20-24

34-36

Both

21

33-36

63

Bullish

21

33-38

78

Bearish

19-20

35

62

 Simple Trends corresponds to a uniquetrend, showing the most repeated length
value.
 Double AB Trends are two consecutive
trends, showing the most repeatedlength value.
 Double AC Trends are two alternate
trends, showing the most repeatedlength value.
 Triple ABC Trends are made up of threeconsecutive trends, showing the most
repeated length value.
Among key findings about trend lengths
is the fact that starting at level 3, there
are differences between uptrends anddowntrends. Note that the bearish trendmode is eight days in level 3 and 13 days inlevel 4, while bullish trends show a modein nine days (level 3) and 18 days (level 4).
Analyzing the data, it appears that the“wavelength” identified by Goichi Hosoda
fits better with a level 3 or 4 coefficientthan with lower or higher levels. The
mode length in a level 3 bullish trend isnine days, the length that Hosoda calleda period. Figure 2 shows the level 3 bullish trend length histogram data, closely
resembling a gamma distribution.
In the case of joining level 3 uptrends,
the mode is found at 24 days, two days
below the basic number 26, while in thecase of bearish trends, it’s only 13 days,a value that is often seen in the double

IFTAUPDATE 2014 Volume 21 Issue 4

page 10

Education Lounge

Trend Lengths and the Ichimoku Time Element continued

combinations at level 2 and that, without
assuming an explicit value in the Ichimoku’stime model, is mentioned by Hidenobu
Sasaki, referring to it as half a stage.

due to the extension effect commented by
Higashino (2014).

Furthermore, the 18 days bullish trend
length is just one day above the basic
number 17.

We also find interesting values in the caseof level 4 uptrends, 42 days, equal to thebasic compound number of one stage andtwo periods, and 78 days, very close to
one full turn (three stages).

Again, connecting several level 3 trends,
we see that in the case of a triple combination, 33 days may be extended up to 38 in
the case of combining two uptrends withan intermediate correction, which may be

We could confirm that the statistical measurement of the lengths of trends conducted in this study points to the confirmation of two elements proposed by
Hosoda:Figure 2: Level 3 bullish trend lengths.

1) There is a pattern of length whose orderof magnitude is adequate, although notcompletely coincident.

way with the timeframes obtained by
Goichi Hosoda in the Ichimoku Kinko Hyo
methodology.

2) The basic numbers are more appropriate in bullish than in bearish trends.

Similarities found may reaffirm—as aflexible framework—the contributionsof Hosoda regarding the temporal element as the basis of price developments,
clearing some doubts about its validity
and thus encouraging the use of wider
and more comprehensive techniques incombining the framework basic chartswith Time, Waves and Price projections.

It does not seem like Goichi Hosoda established a rigid system in any way, but rather
a framework that would focus on relevant
issues. Thus, this match in some length
patterns and in orders of magnitudeconfirms the importance of the Time element in the evolution of stock asset prices
reasserting the pillars of that area andencouraging a broader use of the complete methodology described by Sasaki
in Japanese and Higashino in English inits basic form, and even the extensive use
and complex methodology combining
techniques, time wave structure and priceforecasts, despite the lack of literature in
English about it.
I encourage other researchers to study thedispersion of lengths around the modeand to conduct different research in othermarkets, assets and timeframes.

Conclusions
The aim of this paper is to show the resultsof a study on the length (days) of equity
trends according to different trend levels(from very short term to medium term).
Length patterns are observed, and theirmagnitude order coincides in a reasonable

About the author
Carlos Jaureguízar has a degree in economics, a post-degree master in financial markets, and doctorate studies. He
is the CEO of Noesis AF, an independent
research consultancy firm based in Madrid,
Spain. He is the president of IEATEC,
the Spanish association of technical andquantitative analysts. He has written two
books in the technical analysis field andhas been performing deep research about
candlestick pattern statistics for the last
two years; its results will be available
in 2015. The author may be reached at
carlos.jaureguizar@noesis.es.

IFTAUPDATE 2014 Volume 21 Issue 4

page 11

Book Review

Complete Guide to Comprehensive Fibonacci
Analysis on FOREX
By Viktor Pershikov, MFTA

Save the Dates!
Certified Financial Technician(CFTe)—Level I
Date

Writing a book about new ideas in trading analysis is a difficult task, especially if
it deals with the Fibonacci tools. Despite
the fact that Fibo tools are quite popularwith traders in financial markets, there
are neither common rules for constructing retracements, extensions and projections, nor specific rules for
opening and closing deals
based on the Fibonacci levels. Af ter publishing thebook Complete Guide To
Comprehensive Fibonacci
Analysis on FOREX, the situation has essentially changed.
The book’s author, Viktor
Pershikov, MFTA, has succeeded in breathing newlife into the classic Fibonacci
tools. In his book, he reveals the universal
principles of building Fibo tools on thecharts of currency pairs, and also provides
specific guidelines for trading strategies
based on the analysis of tools used in any
specific case.
The book includes two sections. In the firstsection, Mr. Pershikov not only describes indetail the properties of the key Fibonacci

tools and the rules for their application, butalso reveals such important concepts as
simple and composite clusters and internal
retracement patterns.

chapter of the book are used to prove theauthor’s statement that trading based on
the Fibonacci tools alone is profitable andefficient.

Application of various clusters, internal
retracement patterns, and Fibonacci
time levels (to determine thetime point when the market
trend changes direction) aredescribed in detail in the second
section of the book. The author
introduces a new concept—
the Comprehensive Fibonacci
Analysis —and suggests that
this new area of analysis not
only enables us to determine
where the price will go, but also
ensures highly efficient deals.
Mr. Pershikov proves the efficiency of Fibonacci tools and their highpredictive value and illustrates his statements with numerous examples.

Unlike the other guides devoted to
Fibonacci-based trading, the Complete
Guide To Comprehensive Fibonacci
Analysis on FOREX focuses mainly on
the practical issues. Mr. Pershikov provides s traight for ward explanations
on how to build a particular tool in theComprehensive Analysis, how to find out
where the price will go, and how to determine the goal and open a profitable deal.
The answer to each of these questions isgiven with simple and effective trading
techniques, which the author demonstrates
widely throughout this guide.

In particular, it should be noted that indicators/oscillators are hardly mentioned
in this technical analysis guidebook, as
the Comprehensive Fibonacci Analysis isbuilt solely upon the Fibo tools. Examples
of deals presented in the concluding

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

23 AprTBA

Registration
deadline

14 MarTBA

Register 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 TechnicalAnalysis (MFTA)
Session 1

Session 2

This is a must-read book for every FOREX
technical analyst. For sure, this is thefirst truly valuable guide devoted to the
Fibonacci analysis, and you’ll be able totrade efficiently in the foreign exchange
market as soon as you read it.

Alternative Path PreApplication deadline

28 Feb

31 JulApplication/outline
deadline

2 May

2 Oct

Paper deadline

15 Oct15 Marhttp://www.amazon.com/CompleteGuide-Comprehensive-Fibonacci-Analysis/
dp/160796760X/(Session 2) Register at www.ifta.org/register/
mfta_alt_session2.php/(Session 1) Register at www.ifta.org/register/
mfta_alt_session1.php/

MFTA/IFTA Journal Style Guide

IFTAUPDATE 2014 Volume 21 Issue 4

Member NewsSAMT (Switzerland)
Next CFTe Level II Exam Preparatory Course: 14–15 March 2015
For the third year, two Swiss Associationof Market Technicians (SAMT) members
will be offering their weekend immersion course in preparation for the IFTA
Certified Financial Technicians (CFTe) Level
II examination in April. Everyone who hastaken this course in previous years has
passed the exam!
Bruno Estier, CFTe, MFTA, MSTA, and
Ron William, CMT, MSTA, 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 thesame individual level of information andinstruction.

The instructors will begin with an overview
of basic technical analysis per the CFTe
Level I exam. A sample of a CFTe Level
II exam will be introduced to familiarize
each candidate with the three sections
and how best to answer the questionsin the three hours allotted for the exam.
Focus will then be on all aspects of technical analysis—with particular attention
on subjects necessary to complete, andhopefully pass, the Level II exam.
Although the course is given in Geneva,
former “students” have come from beyond
Switzerland—as far as the Middle East. If
you are interested in this March course,
please download the detailed course
brochure at http://samtjournal.uberflip.
com/i/394255.

page 12IFTAUPDATE 2014 Volume 21 Issue 4

page 13

Member News continued

TSAA-SF (United States)
Technical Securities Analysts Association—
San Francisco
A new technical analysis certification program has been developed by the TSAA-SF
in conjunction with StockCharts.com. This
comprehensive self-study course covers
material from basic concepts to intermediate-level subject matter on technical analysis. The course consists of aninteractive study guide containing 13
sections on different technical analysis
topics. Each section includes a review
quiz (with answers provided) at the endof the section to ensure that the material
is understood before advancing further
through the course. Once participants
have completed the 13 individual sections, a 60 question practice exam isavailable to test their knowledge of thematerial presented in the study guide. To
complete the learning experience, a 120
multiple-choice and true/false question
final exam can be taken. The final exam isdone online, professionally administeredthrough a third-party test provider, andhas a time limit of 3 hours. Upon successful completion of the final exam (70% or
higher) participants receive a printable
certificate from the TSAA-SF acknowledge their hard work and mastery of thesubject matter.
The technical analysis certification program has been created for the educational
benefit of the individual trader and/or

investor who, until now, has had limited
options for technical analysis educational
opportunities. This is a fantastic programfor anyone who wants to expand theirknowledge of technical analysis terminology and techniques for their own benefit. It can also be used as an initial step
toward earning a professional designationsuch as the CFTe and MSTA certifications.
The content for the study guide is completely contained within the ChartSchool
section of the StockCharts.com website.
This is an incredible resource for technicalanalysts, and we are greatly indebted to
StockCharts.com for partnering with uson this educational project.
The comprehensive study guide andexams were created by a select team ofprofessionals in technical analysis. The
development team includes not only
industry professionals, but also technical analysis professors from the highly
esteemed Technical Market Analysis
Program at Golden Gate University in San
Francisco, California. Dr. Henry Pruden,
who founded the program, has been an
integral part of the development process
and has personally reviewed all of thecomponents of the certification program.
For further information on the technical analysis certification program andto access the content, please visit www.
tsaasf.org and click on the “Study Guide &Exam” tab from the home page. The interactive study guide and practice exams
are available on the TSAASF website forfree to anyone who wishes to use them.
The cost of the final exam is $99, which
includes immediate and comprehensive
feedback on your results, along with thecertificate from the TSAA-SF upon successful completion of the exam. Any questions or comments on the program should
be directed to the program developers at
marketeducatorsgroup@gmail.com.

The TSAA-SF, formed in 1970, is the oldest
society in the United States devoted to thestudy and development of technical analysisof stocks and commodities. Membershipin the TSAA-SF is open to individuals whoare interested in technical analysis as partof their investment strategy. The TSAA-SF
is a nonprofit organization with over 100
members, including individual investors,
professional money managers, researchanalysts, and financial consultants.

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Yo u n e e d T h e E x p e r t s a t S t o c k C h a r t s . c o m
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Hill, and Martin Pring, StockCharts members can stay
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IFTAUPDATE 2014 Volume 21 Issue 4

page 1427th Annual Conference
9–11 October 2014
The Waldorf Hilton Hotel, London
Unravelling the DNA of the Market

Conference Highlights

Programme

IFTAUPDATE 2014 Volume 21 Issue 4
IFTA 2014 Conference Highlights continued

page 15

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

Credibility and Recognition

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

TopicsIFTA is seeking papers that cover developments
impacting, either directly or indirectly, the field oftechnical analysis; 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 theinvestment 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 oftechnical analysis and those that connect with it.

Submitting Contributions

Registration and submission of contributions is online
via http://www.ifta.org, or by email to the editor,
Aurélia Gerber, journal@ifta.org.

.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.

Language

Licenses and CopyrightContributions must be submitted in English, with British
grammar required.

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

Writing Style

Papers should be written in a thesis style.
A guidance can be found at the following link:

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

http://www.ifta.org/public/files/publication-downloads/
MFTA_Thesis_IFTA%20Journal_Guide.pdf

Unless another license is noted, we will assume that yourcontribution is under this license.

Referencing

Editorial Timeline

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

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

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

FormatWe ask for submissions in MS Word or other text
format, as well as a PDF. Charts and graphs may be in

December 13 Call for papers distributed
May 31

Deadline for all submissions

May 31

Papers distributed for review

July 31

Reviewer’s comments returned to editor

August 15

Notification of acceptance/rejection

August 31

Submission to printerOctoberWorldwide distribution

December

Web publication

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

IFTAJOURNAL Call for Submissions
Selection of Contributions

Contributions are selected by the IFTA Journal Editorial
Committee based on their content. Please understandthat we cannot accept all contributions. Selection
depends on the number and quality of the submissions
and the editor’s findings. Selections are not negotiable.

Remuneration

Publication Agreement
The following is an agreement between
author(s) and the International Federation of Technical Analysts, Inc., concerning

IFTA is organised and operated by volunteers andsupported by its members. We ask that you understandwe will not be able to pay for contributions.

a work written by the author(s).

Questions

Author's Grant of Rights

For more information, please contact journal@ifta.org.

The author(s) grant the publisher exclusive first publication rights in the work, and further grant a non-exclusive
license for other uses of the work for the duration of its copyright in all languages, throughout the world, in all media.
The publisher agrees to publish the article in the IFTA Journal. The publisher shall include a notice in the work stating“Copyright [author’s(s’) name(s)].” Readers of the article may copy it without the copyright owner’s permission only if
the author(s) and publisher are acknowledged in the copy, and copy is used for educational, not-for-profit purposes.

Author's Ownership of Copyright
Copyright in the work remains with the author(s).

Warranty of Authorship
The author(s) warrant to the publisher that the article is original and that he/she is/are the sole author(s) and havethe full power to make this agreement. The author(s) indemnify the publisher against any losses and other expenses,
including reasonable attorney’s fees, after final judgment of any claim or action against any of these warranties.

Author(s) name(s)Author(s) signature(s)DateUpon acceptance, please fax or email completed Publication Agreement to: IFTA Headquarters, (fax) +1 (301) 990-9771
or (email) admin@ifta.org.

IFTAJOURNAL RATE CARD
Editorial and Readership Profile

The annual IFTA Journal publishes original, welldocumented papers and articles on a diverse range of
topics related to the technical analysis of financial andcommodity markets. The Journal provides colleagues
and interested persons with continuing education intechnical analysis. The broad editorial content helps
colleagues remain informed of the developments andleading body of work in technical analysis.
The IFTA Journal is the only international journal oftechnical analysis reaching a global audience of interested
and dedicated practitioners of technical analysis
throughout the financial community. It is read by analysts,
fund managers, financial writers and other decisionmakers throughout the international financial industry.
The IFTA Journal is distributed online, and a print
copy is provided to IFTA colleagues and delegatesat the annual IFTA International Conference, building
awareness and visibility and providing extra exposurefor your message.

Issue Deadline
June 30

Material Specifications
Full-page ad format = 8.5” x 11” (215 x 280 mm) 300 dpi
JPG or PDF. Include crop marks and room for bleed.

Printing
Perfect binding Journal/Book Format, 8.5” x 11”, 80#
gloss weight. Aqueous coating on covers. (This isa clear water-based coating that adds a high-gloss
finish and protection to the Journal, and will give yourprinted advertisement a richer look.)

Circulation and Readership

Editorial Committee and Staff

As a matter of policy, IFTA will sell advertising spacein its publication when the inclusion of adverting does
not interfere with the mission or objectives of IFTA. The
appearance of advertising in IFTA publications is neither
a guarantee nor an endorsement by IFTA.

Editor: Aurélia Gerber, Staff: Linda Bernetich

Organizational Affiliation
International Federationof Technical Analysts, Inc.
9707 Key West Avenue, Suite 100
Rockville, MD 20850 USA
TelephoneEmail+1 (240) 404-6508
journal@ifta.org

Prepayment by check, credit card (Visa, Master Cardor American Express) or wire transfer is required for all
ads. Bank details will be provided to you upon request.
Cancellations and Changes

We will send out an acknowledgement confirming yourorder. You will be required to check that your ad andscheduling are correct. Any changes, cancellations orcorrections must be communicated to IFTA in writing or
by fax, email or mail prior to the submission closing date.

Advertising Rates (pricing in USD)
Back cover (cover 4)General Information
Principles Governing Advertising in the IFTA Journal.
These principles, developed jointly by the Editorial
Committee of IFTA, are applied by IFTA to ensure
adherence to the highest ethical standards ofadvertising and to determine the eligibility of products
and services for advertising in IFTA print and electronic
publications.

Total Circulation: Published online
Coverage: Worldwide
Readership served: Institutional Analysts, AccountManagers, Fund Managers, Investors and Students
Publication Schedule: December

Payment

Advertising Acceptance Policy
All advertisements must be submitted in writing.
Advertising is subject to approval by IFTA. Alladvertisements must be non-discriminatory and comply
with all applicable laws and regulations. IFTA reserves theright to decline, withdraw and or copy edit at our discretion.
Every care is taken to avoid mistakes, but responsibility
cannot be accepted for clerical or printer’s error.

$1,800.00

Inside back (cover 3)$1,500.00

Inside front (cover 2)$1,300.00

21 x 28 cm

Full Page$ 1,200.00

18 x 18 cm

2/3 page$1,056.00

1/2 page$823.00

1/3 page$545.00

1/4 page$300.00

18 x 12 cm
12 x 18 cm
18 x 8 cm
6 x 25 cm
8.5 x 8 cm

Orders, Materials & Payment
Please send all orders, materials, payments and related
communications to IFTA at admin@ifta.org.

IFTAUPDATE 2014 Volume 21 Issue 4

page 19

Does Your Member Society Want to Hostan Upcoming IFTA Conference?
IFTA is seeking “Expressions of Interest”
from member societies for hosting the 2016
and 2017 IFTA conferences.
The IFTA Board is developing a set of criteria
for selecting conference hosts, including
rotation between regions, attractivenessof the location to IFTA colleagues, likely
local support, potential for financial success,and the participation of members of thelocal society in past IFTA conferences. In
addition to the selection criteria, an IFA
Conference Manual is being prepared thatwill be shared with candidate societies theyear prior to selection.
In cooperation with a host member society,
IFTA will finance, contract and organize
the IFTA Annual Conference. This allows
the selected member society to host a
professional international conference on
Technical Analysis with leading speakers
in the field and to profile their society inthe world community of Technical Analysts.
The host of the conference will have theopportunity to raise the national profile oftheir organization and have the potential
to increase revenue for the ongoing workand support of their society. A proportionof any conference surplus will go to thehosting society.

Background
The International Federation of TechnicalAnalysts, Inc. (IFTA) was incorporated in1986 and is a global organization of market
analysis societies and associations. This notfor-profit federation has four main goals:
 Provide a centralized international
exchange for information, data, businesspractices, local customs and all mattersrelated to technical analysis in various
financial centres.
 Provide meetings and encourage theinterchange of material, ideas andinformation for the purpose of adding to
the knowledge of colleagues of individual
societies and associations.
 Foster the establishment of local (country)
societies of technical analysts aroundthe world.
 Encourage the highest standards ofprofessional ethics and competence
among technical analysts worldwide.
The first IFTA annual conference was held inTokyo in late 1988. This intellectual exchange
was followed by a second conferencein London in October 1989, under thetutelage of host Robin Griffiths, presidentof the British Society of Technical Analysts(STA) at the time. Since then, in Octoberor November each year, IFTA has held anannual conference in various locations
throughout the world, hosted by a different

host society each year. Conferences havebeen or will be 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, UK
2003 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, UK
2015 Tokyo, Japan

IFTAUPDATE 2014 Volume 21 Issue 4

page 20

Host Societies continued
In close coordination with the host society,
IFTA will be responsible for the following: Site selection
 Contract negotiations
 Hotel logistics
 Sponsorship packaging and solicitationand contracting
 Programming Exhibits management Special event coordination
 Audiovisual production
 Registration
 Marketing Financial management
This allows the host society to do what it
does best—help determine the site, theme,
program and “personality” for the conference.
The host society will define the vision forthe conference, while IFTA’s focus will beon its execution. The host society is a fullpartner in the execution of the conference,and its role can expand as far as its skill andexperience allows. The host society sharesin any surplus generated by the conference
while avoiding any financial exposure.
Before submitting an “Expression of Interest”,
it is highly desirable that colleagues fromthe prospective host society have alreadyattended an IFTA conference and are awareof the standard, format and conference“community”. When a society has been
accepted for the next IFTA conference it

is almost mandatory for representatives of
the next society, including the prospective
local conference chair, to attend this prior
IFTA conference.
When a member society is submitting
an “Expression of Interest” the following
guidelines may assist:
For any proposal into the future: The year or optional years that themember society wishes to host the IFTA
conference.
 Proposed conference location and city.
 As a guideline, the proposed conference
location should be within a 30–45
minute taxi drive from a well-serviced
international airport.
 It is generally preferred that the conference
venue be in the same hotel as where
delegates are staying (or at least withina short walking distance).
 Details about your member society (e.g.,number of members, activities), who will
likely be the local conference chair, andthe likely composition and experience ofthe local conference committee.
 Typical climate and weather conditionsfor September through November.
As the “Expressions of Interest” develop
for the following years, the candidate
member societies may be advertised in the
IFTA Update to give colleagues a “taste”

of what is being considered.
As the deadline for a decision approaches,
the IFTA conference chair will be in contact
to elicit additional information, including: An update on information previously
suppled.
 A theme or themes for the conference
you would like to host.
 Preliminary ideas you may already havefor offsite conference events.
 Ideas you may have for spouse/partner
events parallel to the conference.
 If you already know, a list of speakers
you think you would like to invite to theconference.
 Names of potential local sponsors.
 Any additional information you think isimportant for evaluating your proposal.
Please submit your proposal to
Linda Bernetich at IFTA Administration,
admin@ifta.org, by February 10, 2015.
Should you have any questions, pleasecontact Linda at the address above.

IFTAUPDATE 2014 Volume 21 Issue 4

page 21IFTA 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
March Issue

Education articles: February 15

All other content: March 1

June Issue

Education articles: May 15

All other content: June 1

September Issue

Education articles: August 15

All other content: September 1

December Issue

Education articles: November 15

All other content: December 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