IFTAUPDATE 2012 Volume 19 Issue 4

IFTAUPDATE 「IFTA会報」
2012年冬号
2012 volume 19 issue 4

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

IN THIS ISSUE
目次

ロルフ・ウェツァー会長からIFTA会員へのメッセージ
President’s Report to Colleagues

1 President’s Report to Colleagues
1. 4IFTA会長から会員へのメッセージ
Calendar At-A-Glance
4. IFTA加盟協会イベント・スケジュール
7 Congratulations New MFTA!
7. 祝！MFTA資格・新規取得者一覧
Congratulations New CFTes!
7. 7祝！CFTe資格・新規取得者一覧
8
Save the Dates!
8. CFTe、MFTA試験スケジュール
Education Lounge
9. 9教育ラウンジ
9. 9行動ファイナンスに基づくトレーディング・
Build Your Trading Systems on
システム構築Behavioral Finance
10.10
センチメント・ゾーン・オシレーター
Sentiment Zone Oscillator (SZO) (SZO)
12. テクニカル分析と神聖なる比率
12 Technical Analysis and the Divine
14. ３つの防御ルール
Proportions
16. 加盟協会ニュース
The Three Rules of Protection
19.14
2012年IFTAシンガポール大会ハイライト
Member
News
21.16
IFTA
加盟協会
22.19
IFTA
会報投稿ガイドライン
IFTA
2012 Conference Highlights
25.21
IFTA
ジャーナル掲載論文募集
IFTA
Member Societies
27. IFTA ジャーナル 2014年号 広告掲載料金表
22 IFTA Update Education Lounge
Submission Guidelines
25 IFTA Journal 2014 Call for Submissions
27 IFTA Journal 2014 Rate Card

Next issue March 2013
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 6,900+ IFTA colleagues worldwide.
For more information, go to www.ifta.org/
publications/newsletter/

IFTA会員各位へ
Dear IFTA Colleagues,

page 1IFTA 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

2012年も終ろうとしています。今年はIFTAにいろいろな変化をもたらす挑戦の年でした。

The year 2012 is soon coming to an end.
of the 11 nominees to join the 2013 IFTA
as President in 2010, a time when our
It was a challenging year accompanied by
Board of Directors.
Federation was still in rough seas. Adam
今年は2011年のサラエボ大会に総会で合意された新定款に基づく組織運営が行われた最初の年でした。監査委員会、
many changes for IFTA.
steered IFTA out of troubled water into the
指名委員会が設置された最初の年です。この新しい機構に加え、強力な外部の運営会社、外部監査会社、それに健全
We say goodbye to:safe harbor of good corporate governance.
な内部財務部門による協会の適正なガバナンスが確保される体制が整いました。
It was IFTA’s first year under its new Bylaws,
Adam’s name will forever be connectedagreed on in 2011 by societies at our• Mike Steele, who served as Treasurer
with the introduction of the new Bylaws,
meeting in Sarajevo. For the first time, we
and made important adjustments toexternal audit, sound finance, and the
新規約に基づき8人の理事の任期が満了し、再選は出来ないことになりました。この空席となった８つのポストに対
had an Audit Committee and a Nominating
the way we control our finances. It
creation of proper procedure manuals in
し11人の方が立候補されたので、候補者にインタビューを行い、評価をするための指名委員会が組成されました。こCommittee
inplace.
With
this
new
structure,
was
Mike
who
arranged
for
our
first
different areas.
の委員会は、会長と２人の理事、それにエジプト協会及びニュージーランド協会所属の２名が加わった計５人のメン
pairedwithastrongexternal
management
external
audit.
バーで構成されました。最終的に、指名委員会が11人の候補者の中から推薦した８人が、総会における加盟協会によcompany, external audits and a sound• Tim Bradley, who served IFTA for a veryOn the other hand, I would like to takeる投票により理事として選出されました。
internal treasury, we are very comfortable
long time in different functions, and in
the opportunity to introduce to you theconcerning the proper governance of the
his last term served as our Vice President
directors that are new to the IFTA Board:
この場を借りて、退任された理事の方々にお別れの言葉を述べたいと思います。
Federation.
of the Americas.
• Regina Meani, CFTe, who revived our• Deborah Owen, FSTA, CFTe, will be・マイク・スティールは財務担当者として貢献し、財務面のコントロールについて重要な変更を導入してくれましDue to the new Bylaws, the terms of eight
IFTA Journal and edited it for many years.
our Vice President of Europe. Deborah
た。協会にとって最初の外部監査導入は、彼のアレンジによるものです。
Directors expired and could not be renewed. • Gregor Bauer, Ph.D., CFTe, Chairman
is a very dynamic person, and as the・ティム・ブラッドリーは長い間に亘り、いろいろな役割をしてきてくれました。最後は米州担当の副理事長でしA Nominating Committee was formed toof the VTAD, was in charge of our exam
current president of the STA, she isinterview and evaluate the 11 candidates
management and helped IFTA establish
the perfect choice for the VP Europe
た。
thatapplied
for
these
eight
open
positions.
aproperly
managedexam.
position.
・レジーナ・ミーニ, CFTeはIFTA ジャーナルを復活させ、長年にわたりその編集の労に当たってくれました。
The
committee
was
made
up
of
the
IFTA
•
At
the
top
of
this
list,
we
have
to
say
•
Aurélia
Gerber, MBA, CFA, will be the・グレゴール・バウアー, Ph.D, CFTe, VTAD（ドイツ・テクニカルアナリスト協会）会長はCFTe試験の運営を担当
President,
two
IFTA
Board
membersandgoodbyeto
Adam
Sorab,
FSTA,
CFTe,
new
editorof the IFTA Journal and will
し、IFTAの適切に運営された試験制度を確立するのに助力してくれました。
two colleagues from Egypt and New Zealand.
who managed IFTA for the last threealso be responsible for the educational
・以上の方々に先立ち名前を挙げねばならないのは、この３年間にわたって会長としてIFTAをリードしてきてくれIn the end, our members voted in eight out
years as our President. Adam took overcontent of the IFTA Update. Aurélia served

たアダム・ソラブ, FTSA, CFTe です。アダムが会長になったのは2010年で、協会はまだ荒波に揉まれている時でした。アダムはIFTAを、荒波の中から良好なガバナンスに治められた安全港へと導いてくれました。

IFTAUPDATE 2012 Volume 19 Issue 4

page 2President’s Report [continued from page 1]
IFTAの新定款の制定、外部監査の導入、財務の健全化、更には各種のマニュ
アルの整備を実現した会長として、彼の名前はIFTAにの歴史に永遠に刻まれlast year on the Journal team, although
Conference Director. He is an educator
るでしょう。
not as a IFTA Board member.
at Golden Gate University and a member• Ralf Böckel, CFA, will be the new Treasurer.

of the San Fransisco, US society, Technicalfor nearly two decades. As such, he isFrancisco (TSAASF), which is hosting our

一方、この機会に新たにIFTA理事になられた方々を紹介したいと思います。
He has been a professional money manager
Security Analysts Association of San・デボラ・オーエン,
CFTe が欧州担当の副理事長に就任します。デボ
hard working, honestFTSA,
and credible—anext Conference.
person with all the attributes you hopeラはとてもダイナミックな人で、現在STA（英国テクニカルアナリスト協会）
to find in a Treasurer.
Again, I welcome our new Directors, andの会長であり、欧州担当の副理事長の任に最適です。
•
AkihiroNiimi,
MFTA,
CFTe,
is
a
Japanesethem all the best; we appreciate the・オーレリア・ジェルベル, MBA, CFA wish
はIFTAジャーナルの新編集責任者に
investment professional working in New
commitment they have made to serve onなります。同時にIFTA Update（IFTA会報）の教育関連コンテンツの編集責York. He has a strong business track record
the IFTA Board.
任者も務めます。オーレリアは理事ではありませんでしたが、IFTAジャーナ
with experience in education. He will be
ルの編集にこの1年間携わってきました。
responsible for the website.
In addition to these changes that were・ラルフ・ボッケル,
が新任の財務担当者です。彼は20年近くも資産運用• Roman BogomazovCFA
will beour new
decided in Singapore, Mr. Taichi Otaki,
プロフェッショナルとして活躍してきました。彼はハードワーキングで正直で信頼できる人物です。財務担当者としての全ての資質を有する人材です。
・新見明弘, MFTA は日本出身の投資プロフェッショナルで、現在ニューヨー
クで活動しています。彼のビジネスのトラックレコードは強力なもので、教育に携わったこともあります。彼はウエブサイトを担当します。
・ローマン・ボゴマゾフは大会担当理事です。彼はゴールデンゲート大学で教鞭を執っており、2013年のIFTA大会のホストとなる米国サンフランシスコ・
テクニカルアナリスト協会のメンバーです。

The World’s BestTechnical Analysis

Updata’s technical analysis software is used by the

改めてこれらの新任理事に歓迎の意を表するとともに、その活躍を期待したい
world’s leading technicians in over 50 countries.
と思います。彼らのIFTA理事としての今後のコミットメントに感謝の意を捧げたいと思います。
• Compatible with over 20 data sources
Run Updata
これらのシンガポールでの決定事項に加え、長い間アジア担当の副理事長で• Advanced scanningand reporting
Advanced Analytics
あった大瀧太市,
CMTAが11月に退任されました。彼の長年の仕事に感謝をし• World leading point and figure
on your Bloomberg.
ます。
• Custom Coding and System TestingType APPS UPDATA <GO>
シンガポール大会の総会での投票により、いくつかのIFTA加盟協会の除名が• Comprehensive Market Breadth Studies
決まりました。定款に基き、それらの協会はその運営が適切でないか、IFTAへの義務を果たしていないと判断されました。この決定により、それらの国で
For further information please visit www.updataTA.com
は新しい組織が誕生する道筋が開かれるでしょう。それらの国々がIFTAに再New York | London | Singapore
度仲間入りするのを期待しています。

シンガポールで開催された第25回IFTA大会は大成功でした。

大会担当理事だったオーストラリア・テクニカルアナリスト協会(ATAA)の
ロバート・グリッグが、この素晴らしい大会を組織してくれました。感謝のCMTA,
our long-term Vice President of Asia,
could use to promote yourself and to present
意を捧げます。また大会を主催したシンガポール・テクニカルアナリスト協
stepped
down
from
the
Board
in
November.
your ideas to colleagues. IFTA will review
会(TASS)にも感謝の意を表します。ロバートは長年減少傾向にあった大会のI want to thank him for all the work that heand edit the material accordingly. Please
参加人数を増加させ、大会収支をプラスにしてくれました。ありがとうござ
has done for IFTA over the years.
review the Education Lounge Submission
います。

Guidelines on page 22.
At the Annual General Meeting in Singapore,
今後について考えると、明るいことがいろいろあります。
adecision was made by vote to exclude
We have posted our new syllabus for theseveral societies from IFTA. According to
CFTe program on the website. Over the past
IFTA
Update（IFTA会報）
は、今回から教育に焦点を合わせたコンテンツ
ourBylaws,these societies were either
notthree years, the syllabus was modernised
を載せております。世界各国の皆さんにも是非、研究論文等を投稿していた
properly managed or did not fulfill theirand adjusted to reflect latest developments
dutiesto IFTA. This decision will pave theand trends(教育関係)、admin@ifta.org
in technical analysis. It will be
だきたいと思います。（newsletter@ifta.org
way
for
new
societies
toemerge
in
these
the
basis
for
the examinations beginning（全般）にお送り願います。）これは、皆さんがご自身をプロモートし、アcountries.
And we hope to see these
May 1, 2014.
イディアの公表を行うことができるプラットフォームです。IFTAは送られてcountries
one
day
back
in
the
IFTA
family.
きた原稿をレビューし編纂します。22ページの教育ラウンジ 掲載ガイドライ
In the members-only section of the IFTA
ンを参照してください。
The 25th Annual IFTA Conference inwebsite, members can now share theirSingapore was a big success. I would
research or register as speakers. (Please
我々はCFTeプログラムの最新の要目をWeb上に掲載しております。これまlike to thank our former Conference
check with your local society for details.) The
での３年間でこの要目は、テクニカル分析の最新の進歩及び傾向を反映する
Director Robert Grigg from the Australiancorresponding databases were designed
よう、刷新されてきました。これらは2014年5月1日から開始される試験の基Technical Analysis Association (ATAA)
and built in 2012.
礎となるものです。
for having organised such a wonderful
event and the Technical Analysis Society
Last but not least, the 26th Annual IFTA
Singapore (TASS) for their help in hosting
Conference, hosted by the Technical Security
IFTAのWebサイトの会員向けのセクションでは、会員は研究内容を共有す
it. Robert managed to turn around theAnalysts Association of San Francisco
ることができますし、また講師として自身を登録することもできます。このlong-term trend of shrinking attendees(TSAASF), will be held October 9–11, 2013.
データベースは2012年に開発・構築されました。
and finished this wonderful event with
Roman Bogomazov, our new Conference
a surplus. Congratulations.
Director, is putting together a wonderful
尚、第26回IFTA大会は2013年10月9日から11日にかけて開催されます。米event to meet, learn and socialise. I look
国サンフランシスコ・テクニカルアナリスト協会(TSAASF) が主催者となり
Looking forward there are many positive
forward to seeing you in San Fransisco.
ます。
things to come.
新しく大会担当理事になったローマ
Best regards,
ン・ボゴマゾフは、我々が出会い、From this edition onwards, the IFTA知識を得、友好関係を発展させる機
Update will feature articles with a focus on
education. Colleagues from all around the会となる素晴らしいイベントを纏め
globe are encouraged to submit material
つつあります。皆様にサンフランシ
to IFTA at newsletter@ifta.org (educational)
スコでお会いできるのを楽しみにしor admin@ifta.org (for all other content).
Rolf Wetzer, Ph.D.
ています。
As an author, this is a platform that you
IFTA President

IFTA2013
26 A n n u a l C o n f e r e n c eth

9-11 October 2013
InterContinental Mark Hopkins Hotel
San Francisco, California USA

d
n
e
r
t
e
Th

Hosted By

www.tsaasf.org

!
o
c
s
i
c
an
r
F
n
a
S
in
p
is u

IFTAUPDATE 2012 Volume 19 Issue 4

page 4

4.IFTA加盟協会イベント・スケジュール
Calendar
At-A-Glance
Date

Topic

Monthly

Presentations from local and international speaker on a comprehensive STANZ (New Zealand)
range of topics (sharemarket, CFDs, options, futures, foreign exchange(forex trading), methodologies, money management, psychology, etc.

Monthly

Chapter leaders and their volunteer members serve as ambassadorsfor the CSTA and plan social and educational events for the area.
Events include presentations by Industry Professionals, TechnicalAnalysis experts and peer learning gatherings. Chapters also play avital role in their community by connecting individuals and promoting
Technical Analysis.
1

January

Host

Speaker

Location

Time

Contact

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

Varieshttp://www.stanz.co.nz/

CSTA Chapters: Montreal;
VariesOttawa; Durham; Toronto;
Oakville; Kitchener, Waterloo,
Guelph, Cambridge & Area;
Calgary, Vancouver, Victoria,
Winnepeg

VariesVarieswww.csta.org

Certified Financial Technician (CFTe) Level II – registration opens forApril 24th examination through IFTA website

IFTA

NA

VariesVarieshttp://www.ifta.org

5

CFTe Level 1 Class Launch

STAN (Nigeria)

TBA

PROT Training Hall,
77B Mobolaji Bank AnthonyWay, Ikeja Lagos

10:00

admin@stanigeria.org,
stanigeria@gmail.com

8

Panel Session - Outlook for 2013

STA (UK)

Sunil Goel, Continuous
Change Charts; Peter
Goodburn, Wavetrack
Intl;Steve Lucas, 3C Analysis

British Bankers Association
Pinners Hall105 - 108 Old Broad Street
London, United Kingdom

18:00

info@sta-uk.org

9“Stacking the odds in your favour”

CSTA (Oakville Chapter)

Ziad Jasani, Independent
Investor Institute

Queen Elizabeth Park,
Rm C094

19:0021:00

www.csta.org

12

CFTe Level

STAN (Nigeria)

TBA

PROT Training Hall,
77B Mobolaji Bank AnthonyWay, Ikeja Lagos

10.00

admin@stanigeria.org,
stanigeria@gmail.com

15

Open Discussion

CSTA (Durham Chapter,
Canada)Varies304 Brock St. South Suite 100
Whitby Ontario, Canada

18:0020:00

www.csta.org

16

A Technical View of World Markets

ATAA (Australia)

Charles Browne

Ground Floor, EnterpriseHouse, 136 Greenhill Road,
Unley, Australia

19:00

http://www.ataa.com.au/
adelaide

19

Monthly Digest

STAN (Nigeria)

TBA

PROT Training Hall,
77B Mobolaji Bank AnthonyWay, Ikeja Lagos

10.00

stanigeria@gmail.com

22

Technical Indicators - Defining a Toolbox

SAMT (Switzerland)

Henrik Mikkelsen

Hotel City,
Löwenstrasse 34,
8001 Zürich

18:00

http://www.samt-org.
ch/events.php; Contact:s.straiton@sunrise.ch

25

Nigerian Stock Brokers Technical Analysis Training

STAN (Nigeria)

TBA

PROT Training Hall,
77B Mobolaji Bank AnthonyWay, Ikeja Lagos

10.00

stanigeria@gmail.com

IFTAUPDATE 2012 Volume 19 Issue 4

page 5

Calendar At-A-Glance [continued from page 4]
Date
February

Topic

Host

Speaker

Location

Time

Contact

4

Outlook for the bond, forex and commodity markets.

SAMT (Switzerland)

Ian McAvity

Hotel City,
Löwenstrasse 34,
8001 Zürich

18:00

http://www.samt-org.
ch/events.php; Contact:s.straiton@sunrise.ch

9

CFTe Training

STAN (Nigeria)

TBA

PROT Training Hall,

10.00

stanigeria@gmail.com

77B Mobolaji Bank AnthonyWay, Ikeja Lagos

March

April

15

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

IFTA

NA

NA

Variesnewsletter@ifta.org,
Attn: Aurélia Gerber,

16

Monthly Digest

STAN (Nigeria)

Adeshina Adetunji

PROT Training Hall,
77B Mobolaji Bank AnthonyWay, Ikeja Lagos

10.00

admin@stanigeria.org

19Monthly Meeting – Topic TBA

STA (UK)

Ron William

British Bankers Association
Pinners Hall105 - 108 Old Broad Street
London, United Kingdom

18:00

info@sta-uk.org

23

STAN Conference/Journal Launching

STAN (Nigeria)

TBA

TBA

10.00

stanigeria@gmail.com

28

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

IFTA

NA

NA

NA

www.ifta.org

1

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

NA

NA

Variesadmin@ifta.org,

8

Certified Financial Technician (CFTe) Level II—deadline to register for
April 24th examination

IFTA

NA

VariesVariesadmin@ifta.org

9

CFTe Training

STAN (Nigeria)

TBA

PROT Training Hall,
77B Mobolaji Bank AnthonyWay, Ikeja Lagos

10.00

Stanigeria@gmail.com

15

Master of Financial Technical Analysis (MFTA) Session 2 (2012) paper
submission deadline

IFTA

NA

NA

NA

admin@ifta.org

16

Board Meeting

STAN (Nigeria)

TBA

TBA

11.00

admin@stanigeria.org

30

Monthly Digest

STAN (Nigeria)

TBA

PROT Training Hall,
77B Mobolaji Bank AnthonyWay, Ikeja Lagos

10.00

stanigeria@gmail.com

13

Quarterly Review /Meeting

STAN (Nigeria)

TBA

PROT Training Hall,
77B Mobolaji Bank AnthonyWay, Ikeja Lagos

10:00

admin@stanigeria.org

20

CFTe Training

STAN (Nigeria)

TBA

PROT Training Hall,

10.00

stanigeria@gmail.com

Variesadmin@ifta.org;
www.ifta.org

77B Mobolaji Bank AnthonyWay, Ikeja Lagos
24

Certified Financial Technician (CFTe) Level II Examination

IFTA

NA

Varies27Monthly Digest

STAN (Nigeria)

TBA

PROT Training Hall,
77B Mobolaji Bank AnthonyWay, Ikeja Lagos

IFTAUPDATE 2012 Volume 19 Issue 4

page 6

Calendar At-A-Glance [continued from page 5]
Date

Topic

Host

Speaker

Location

Time

Contact2

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

IFTA

NA

NA

NA

admin@ifta.org

15

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

IFTA

NA

NA

Variesnewsletter@ifta.org
Attn: Aurélia Gerber

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,

31

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

IFTA

NA

NA

NA

www.ifta.org

15

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

IFTA

NA

NA

Variesnewsletter@ifta.org
Attn: Aurélia Gerber

31

IFTA Journal applicants notification of acceptance/rejection

IFTA

NA

NA

NA

journal@ifta.org

September

1

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

IFTA

NA

NA

Variesadmin@ifta.org

October2

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

IFTA

NA

NA

NA

admin@ifta.org

8

IFTA Board of Director’s Meeting

IFTA

VariesInterContinental Mark
Hopkins Hotel
San Francisco, CA USA

TBA

admin@ifta.org

8

IFTA 26th Annual General Meeting (Members Only)

IFTA

VariesInterContinental Mark
Hopkins Hotel
San Francisco, CA USA

TBA

9-11

IFTA 26th Annual Conference

IFTA & TSAASF

TBA

InterContinental Mark
Hopkins Hotel
San Francisco, CA USA

Variesadmin@ifta.org
www.ifta.org

15

Master of Financial Technical Analysis (MFTA) Session 1 (2013) 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,

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

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

May

June

AugustIFTAUPDATE 2012 Volume 19 Issue 4

page 7

7.祝！MFTA資格・
7.祝！CFTe資格・
Congratulations
Congratulations
新規取得者一覧
新規取得者一覧
New MFTA!
New CFTes!
Mohamed Ashraf Mahfouz, MFTA,
CFTe, CETA
MFTA Research Paper Title:“Points And Line Chart”
Mohamed is the Headof the TechnicalAnalysis desk for
Dynamic Securities
Brokerage Company– CI-Capital member;
the investment armof the Commercial
International Bank (CIB), Cairo, Egypt.

Mohanned Said Arekat, SSTA
Sherif Ahmed Awad Nasser
Shaun Murison
Revelino Ryan Sequeira, ATA
Bhavik B. Patel, ATA

The Future ofTechnical Analysis
has arrived.

Stephane Denys
Etta Putra, AATISamuel Utomo, AATI
Razvan Marius Mihai

He serves on the IFTA Board as VP of the
Middle East and Africa region. He also serves
as a board member in the Egyptian Societyof Technical Analysts (ESTA), head of theInternal Communication Committee andan Education Committee member in ESTA.
He is one of the distinguished instructors in
the Certified ESTA Technical Analyst (CETA)
professional program. He also teaches inthe Egyptian Investment Management
Association (EIMA), Misr for Clearing,
Settlement & Central Depository (MCSD)
and the Arab Union of Stock Exchanges.

Michael Rohner, SAMTJean-Francois Owczarczak, SAMT
Stefan Pollklas, VTAD
Ranjeet Menon, ATA
Chan Cheung
Jatin Singh, ATA
Roberto Vignozzi, SAMTLee Hon Cheung, STA

Mohamed graduated from the faculty of
Economics & Political Science, Cairo University.
He holds CETA & CFTe qualifications inTechnical Analysis.

Alison Hyde, STA
Nuno Lampreia, STA

Discover a whole new world of possibilities at www.mav7.com/ifta

IFTAUPDATE 2012 Volume 19 Issue 4

page 8

8.CFTe、MFTA試験スケジュール
Save the Dates!

Certified Financial Technician (CFTe)—Level I
Date 		Offered Year-roundSee our website for further instructions www.ifta.org/certifications/registration/.
Download Syllabus and Study Guide: ifta.org/public/files/publication-downloads/2013-CFTeI_Syllabus.pdf

Certified Financial Technician (CFTe)—Level II
CFTe Level II
DateRegistration deadline

Session 1
24 April 2013
8 March 2013

Session 2
TBA October 2013
TBA August 2013

Register at www.ifta.org/register/cfte2.php.
Download Syllabus and Study Guide at: ifta.org/public/files/publication-downloads/2013-CFTeII_Syllabus.pdf
For more information on the CFTe program, visit http://www.ifta.org/certifications

Master of Financial Technical Analysis (MFTA)
MFTA Alternative Path
Pre-Application deadline
Application/outline deadline (if approved)
Paper submission deadline

Session 1
28 February 2013
2 May 201315 October 2013

Session 2
31 July 2013
2 October 201315 March 2014

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

MFTA Regular Path
Application/outline deadline
Paper submission deadline

Session 1
2 May 201315 October 2013

Session 2
2 October 201315 March 2014

(Session 1) Register at www.ifta.org/register/mfta_session1.php/(Session 2) Register at www.ifta.org/register/mfta_session2.php/

For more information about the MFTA program, visit
www.ifta.org/certifications/master-of-financial-technical-analysis-mfta-program/

IFTAUPDATE 2012 Volume 19 Issue 4

page 99.教育ラウンジ
Education
Lounge
行動ファイナンス理論に基づくトレーディングー・システム構築

Build Your Trading Systems on Behavioral Finance

ハンク・プルーデン, Pd.D 米国サンフランシスコ・テクニカルアナリスト協会
by Hank Pruden, Ph.D. (TSAASF—USA)

行動ファイナンス理論とテクニカル・マーケット分析は、同じコインの裏表（表裏一体）です。行動ファイナンス理論は、市場を理解するための科学的なモデルの健Behavioral finance and technical market
and interpreting indicators organized
mar­kets work, and therefore a sound
全で理論的な基盤となります。テクニカル・マーケット分析は、分析のための指標及び行動を起こすための意思決定のルールを提供します。このため、市場がどう動
analysis are two sides of the same coin.
along the key dimensions of price, time,
guide for the selection, integration, andくかについての根底にある理論がより深く、よりよいものであればあるほど、テクニカル分析もより信頼の置けるものになっていくのです。
Behavioral finance provides a sound,volume, and sentiment. A solid footinginterpretation of market indicators.

logical grounding in sci­entific models foron the bedrock of behavioral finance can• Creativity. Behavioral finance models
行動ファイナンス理論は本質的に、市場において人々は「実際にはどういう行動をとるか」の研究であり、ランダムウオーク仮説に基づくと人々は「理論的にどういunderstanding markets. Technical market
give the trader much greater Fortitude inhelp usher forth new ways to view markets
う行動をとるはずであるか」の研究ではありません。心理学と社会学と人類学の社会科学分野では、現実の人々が実際に市場でどのように行動するかを研究するため
analysis fur­nishes indicators for analysis andthe pursuit of his market technical analysis
and can spotlight overlooked indicatorsのモデルを提供してくれています。これらの教義に基づく科学的研究は、人間の行動には予測可能なパターンがあることを明らかにしています。
decision rules for taking action. Hence, theand much greater confidence in the setup,
and techniques of great value.
deeperandbettertheunderlying
theorytrigger,andfollow-throughof
histrades.
•A confident edge in trading. A scientific
行動ファイナンス理論のフレームワークに基づいたシステム構築は、キーとなる市場価格、時間、出来高、市場センチメントをベースに構築されたインディケーター
about
how
markets
work,
the
more
reliablerationale underlying a trade gives theを統合し解釈するためのストラクチャーを提供してくれます。行動ファイナンス理論という岩盤にしっかりと足を据えれば、トレーダーは市場のテクニカル分析の追technical
analysiscanbecome.
What
concreteadvantages
cana
tradertrader greater confidence in entering
求において、より強固な不屈の精神を備えることができますし、実際のトレーディングに於いてもより自信を持ってそれをセットアップし、トリガーを引き、フォ
hope to gain from behavioral finance?
trades, exiting trades, and following trends.
ロースルーをすることができます。
Behavioral finance is essentially the study• Self-improvement. Behavioral financeof how people really be­have in markets, not• Models to extract more and betteris the solid ground upon which to build
行動ファイナンス理論を理解することにより、実際にトレーダーはどのようなメリットを得ることを期待できるのでしょう
how they are theoretically supposed to act
information. Models of market be­havior
an understanding of trader psychology
accord­ing to the random walk hypothesis.
based on behavioral finance economize
and mental state control.
・より多くのそしてより有効な情報を導き出すモデル
Psychology and the social science disciplines
the number of indica­tors employed and行動ファイナンス理論に基づいた市場行動に関するモデルを導入することで、われわれは使用する指標の数をより節約でき、しかもそれらの指標及びその指標同士のof sociology and anthropology provide
help to extract more information from each
Hank Pruden, The Three Skills of Top Trading,
関連性からより多くの情報を得ることが出来ます。
models for studying how real people actuallyindicator and from the interrelationships
John Wiley & sons, 2007, page 247
behave in markets. Scientific research usingof indicators.
・テストと診断の科学的基礎となる
these disciplines reveals that there are• A scientific basis for testing and diagnosis.
行動ファイナンスのモデルは、市場がいかに、又なぜ動くかを理解するための健全で科学的な理論を提供してくれますし、それにより各種のマーケット指標を選別、predictable patterns to human behavior.
Behavioral finance models provide a
統合、解釈するための健全な指針をも提供してくれます。
sound, scientific logic
・創造性
A behavioral finance framework for systems
for understanding
行動ファイナンスモデルを利用することで市場の新しい見方を身に付けることが出来、従来の手法では見落とされがちだった大変価値のある指標やテクニックを見出
building provides the structure for integrating
how and why

すことができます。
・トレーディングの自信
トレーディングを裏付ける科学的論拠を持つことで、トレーダーは取引の開始、終了及びトレンド・フォローのいずれについても大きな自信を持つことができます。
・自己研鑽
行動ファイナンスはトレーダーの心理・精神状態を理解し構築するためのしっかりしたベースになります。
Hank Pruden, The Three Skills of Top Trading,John Wiley & sons, 2007, page 247

IFTAUPDATE 2012 Volume 19 Issue 4

page 10
Education Lounge

10.センチメント・ゾーン・オシレーター
Sentiment Zone Oscillator (SZO) (SZO)
by Walid Khali, MFTA, CFTe, CETA, (ESTA—Egypt)
SZO is a leading contrary oscillator thatmeasures the extremes of a single stock. It
measures and defines extreme bullishness(over-Optimism) that most probably leads
to a change in sentiment that eventuallychanges the trend of the time frame understudy. Vice versa, extreme bearishness(over-Pessimism).
Founded on the basic belief that after
several waves of rising prices, investors
start to get bullish on the stock withincreasing confidence as the price has
been rising for some time, Sentiment Zone
Oscillator (SZO) measures that bullishness
and marks its overbought levels, and viceversa; on the bearish side, SZO measures
the bearishness for the declining prices
and marks its oversold levels.

that variable is divided by the total numberof days of the period being studied.

The next table shows a data sample for 8
days for more clarity.

Sentiment zone oscillator= 100 X (SP ÷ Range ).

Figure 1: Made Up Data for Demonstration
Date

Close

01/01/2008

20.00

-

02/01/2008

20.50

+1

03/01/2008

20.00

-1

04/01/2008

21.00

+1

And, Range = the period being studied.

05/01/2008

22.00

+1

06/01/2008

21.50

-1

Below is an explanation of the formula codedin AmiBroker software, using a sample datatable containing only closing price.

09/01/2008

22.50

+1

10/01/2008

23.00

+1

Where, SP (Sentiment Position) = X-days
TEMA (± volume number of up daysnumber of down days).

Equis Metastock® Formula• First, a variable is used to store +1 forhigher close, or -1 for other closes.
R = If (C> Ref(C,-1), 1,-1);

SZO should not be used alone in making
buying and selling decisions, it should be
used in conjunction with other indicatorssuch as VZO and PZO.

The Calculation
SZO formula depends on the number of risingdays to the declining one; it only uses theclosing price as a separation rule. If the closeof today is higher than the close of yesterday,
it adds +1 to a variable; otherwise it adds
-1. A triple exponential moving average ofR• For smoothing, SP equals triple exponential
moving average of R for a given period.
SP = TEMA (R, Period);• Finally the SZO equals SP divided by Range,
then multiplied by 100 to make the verticalscale oscillate between -100 to 100.
SZO = 100 X (SP/ Period);

Period: = Input(“Y”, 2, 200,14 );
R: = If (C>Ref (C,-1) ,1,-1 );SP: = Tema (R, Period);
SZO: = 100 * (SP/ Period);
SZO
From the above table, if the cumulative R
for the selected period has a positive value,
the oscillator will move up, otherwise it will
move down.

SZO Trading Tactics
Overall Appearance• Mathematically, the value of the SZO canrecord an extreme value of either 100 or-100, if the indicator period chosen was
equal to 1. However, that was deemed
not practical; therefore, the default
moving period for the SZO proposed inthis paper is 14.
• According to that proposed default period(14), movements above 7 are considered
overbought, while an oversold condition
would be a move below -7.
• The zero does not have any importanceas the oscillator only depends on extreme
conditions.
• Crossing the -7 from below gives a buy
signal, while crossing the +7 from above
gives sell signal.
SZO has only one signal for buying andone for selling; its signals are not repeatedmuch, as it only marks extreme conditions.

SZO Psychology

The psychology of the extreme value ofthe SZO is best described in J. Murphy’sbook Technical Analysis of the Financial
Markets, the more bullish the forecast, themore aggressively that trader will approach
the market. If most of market traders arebullish on a market, it is assumed that they
have already taken their market positions.
Who is left to buy and push the market
higher? If the overwhelming sentiment ofmarket traders is on one side of the market,

IFTAUPDATE 2012 Volume 19 Issue 4

page 11
Education Lounge

Sentiment Zone Oscillator (SZO) [continued from page 10]

there simply isn’t enough buying or sellingpressure left to continue the present trend.

which measures extreme cases of bullishness
or bearishness towards a single stock.

SZO Interpretation

SZO can be very useful in markets thatlack sentiment data (such as, Consensus
Numbers and Investor Sentiment Readings)
to measure extreme sentiments.

When the oscillator reaches above 7, it
indicates extreme optimism, and one should
start to think contrary; vice versa, with thezone between -7.
The chart above shows almost 2 years ofdaily data for Dow Jones Industrial average.
During that period SZO gave only 4 signals
and they were all successful.

SZO has one major disadvantage, which isthe buy or sell signal has to be closed byanother indicator such as VZO or PZO, as
the extreme sentiment condition does notoccur regularly.

Figures 2-4 show, some examples fromdifferent markets applying the same
technique.

John J. Murphy, Technical Analysis of
the Financial Markets (USA: NYIF, firstpublication 1985)

Conclusion

This article is part of larger article publishedin TASC. (c)2012 Technical Analysis of Stocks
and Commodities

SZO introduced a new way of changing
regular daily data into a sentiment indicator,

Figure 2: Dow Jones Industrial index (DJI)—Daily Chart

Figure 3: Orascom Telecom (ORTE.CA) —Daily Data - Egyptian Exchange

Figure 4: Oils (Zeot.CA)—Daily Data—Egyptian Exchange

IFTAUPDATE 2012 Volume 19 Issue 4

page 12
Education Lounge

12.テクニカル分析と神聖なる比率
Technical Analysis and the Divine Proportions
by Mario Kfoury (LSTA—Lebanon)
I read an article in a local newspaper theother day qualifying technical analysis
as the black magic of financial markets,
which made me smile. I smiled becauseof the ignorance and denialstates in which most people live
nowadays, totally disconnectedfrom nature’s laws and objective
reality. While the author of thearticle meant no harm and on
the contrary was praising andpromoting our discipline in her
writing, I am sure it will findsome detractors or superstitious
souls to use her mention of thewords “black“ or “magic“ in apejorative way.
When I first looked at a financial
chart in 2007 I felt it was telling me
something I did not understand.
Nevertheless, with my recalcitrant,
obstinate mind I entered theinvestment I wasn’t supposed
to enter and it was then that
I began my quest and journeyin technical analysis. I had tolearn like everything else in mylife, the hard way... Soon after, I was about
to discover the most dynamic, the most
passionate and vibrant of all disciplines, as
need is the mother of invention.

Everything in nature responds and obeys
to certain laws, call them natural, universal,
cosmic, divine; financial markets are no
exeption. Some mystics find it captivating
to brand them esoteric, whileother existentialists compelling tocall them “religious”, some very
wise men consider them alchemyor science! Ever since the dawnof time humans have observed
regularities in life and nature. It
was the Greek mathematician/philosopher Pythagoras (about
500BC) who first coined the golden
number, which was developed
centuries later by Leonardo De
Pisa, also known as Fibonacci(1170-1250 AD), used in artsand painting by Leonardo Da
Vinci (1452-1519 AD), to then be
introduced into financial markets
by Ralph Nelson Elliott whenseeking to improve on the Dow
theory in the early 1930s. Whilein physics physicists argue thecase of cause and effect, the most
famous one being Newton’s third
law of motion “to every action
there is an equal and opposite reaction“,
reality might actually be a bit different orshall we say Newton’s statement not soaccurate or up-to-date in today’s world of

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IFTAUPDATE 2012 Volume 19 Issue 4

page 13
Education Lounge

Technical Analysis and the Divine Proportions [continued from page 12]

knowledge. As if in practice, to every action
there was a proportional opposite reaction,
the world would be flat and everything in“technical terms” moving sideways, which
is not exactly the case. As again our “divine
number” Phi enters the picture. If we takedemography and inflation for example andplot them on a chart, we notice they move
hand in hand and follow a well defined
proportion as well… Aging, growing, ourinvisible state of mind or stages of maturingfollow that rhythm, yin and yang, feminineand masculine balances in each one ofus, all governed and regulated by 1.618,
the universe’s safe secret code. There is amoving average, an Elliott wave in everythingaround us.

Fibonacci (Golden) Ratio

If you gazed at celestial objects on a darkly
sky, or below, down the tiniest particle that
constitutes our bodies, you will perceive
similarities, analogy and proportion. Behind
the apparent chaotic structure and movementof things there is order. While fundamental
analysis presents the global financial picture,a telescopic view of financial markets,
technical analysis offers the microscopic
one. Whoever embarks in the studies ofthe discipline of technical analysis is set
to understand the mysteries, harness thepower and connect to the heartbeat ofthis world…

Ralf Nelson Elliott, The Wave Principle,
Financial World Magazine, 1938

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IFTAUPDATE 2012 Volume 19 Issue 4

page 14
Education Lounge

14.３つの防御ルール
The Three Rules of Protection
by Egyptian Society of Technical Analysts (ESTA)
Trading the market is not easy. In fact it isvery difficult. The market becomes harderand more difficult as your wealth gets better.
Your great performance is one of the bigtraps that might affect you negatively if
you are not prepared to deal with good
performance as well as bad performance.
There are three rules that are very importantwhen investing and trading. In this issue wewill be talking about the first rule; the next
two rules will be discussed in the next issue.

1—Discipline
This is the most important aspect in trading.
Most of us lack discipline because we do
not like it all the time. Discipline, however,means using your brain instead of youremotions. It is the most important tool that
leads to very good profits on the long-term.
A soccer team that scores a goal keeps
its defense alert. They do not attack withthe 11 players without covering their back.
In the stock market, when we begin tosee real profits, we begin to attack with
our initial money as well as with all of our
profits. We even sell our car and add to
our investments. Our defense gets weak,
and with any contra move, we can lose allwhat we gained. Discipline will overcome
this very big problem. It will protect our

profits, reduce our losses, and keep us safein this risky market. Without discipline, weare playing a soccer game with no defense.

Know yourself
The first step towards discipline is self
knowledge. You should know first why you
are planning to trade or invest in the stock
market. Is it because you are imitating
your friends, or because of your love ofadventure, or to increase your wealth? You
must know your character. Are you a risktaker in your normal life or a conservative
type of individual? This is very important
to know because if you are conservative by
nature you will not tolerate buying highly
volatile stocks, or having a big exposure in
one stock, etc… On the other hand, if bynature you are a risk taker, you can afford
taking reasonably high risks in the market.
Our problem is that we do not match ourinvestment decisions with our real character.
This is one of the main reasons why we panic
during market corrections. You should alsodecide if you will be a short-term trader, ormore of a long-term investor. This decision
will help you know how to trade or invest,
what tools to use, when to take profits, etc…

Make your planThis includes the plan that will govern yourbuying and selling decisions. This plan

IFTAUPDATE 2012 Volume 19 Issue 4
The Three Rules of Protection [continued from page 14]

includes the initial amount you will begin
with, your time dimension, “for how long
will you hold a stock”, and the percentage
of gains that you plan to make per yearthat will keep you on the right track. It also
includes how much of your money you will
withdraw when you make good profits,
whether you will reinvest your profits or
not, etc… For example, if you decide notto reinvest your money (which, by the way,
is a very wise decision) and you find themarket booming, deciding to reinvest will
be a wrong decision because it contradicts
your predefined rule. If you find yourself
breaking one of your rules then you arebeing driven by your emotions. The real
problem arises when you win more as you
break your rules. You will forget, follow youremotions, and then lose all. If you breakyour rules, and trade emotionally and win,stop trading immediately. You are being
bluffed by your emotions.

Control your riskThis is the most important aspect in trading.
Controlling your risk is the major key that
leads to profits. It is very important to knowthat solid profits do not come from how
much profit you made. They mainly comefrom how much loss you made. For example,
you can make a string of continuous profits
in the stock market, and with one big loss,
all of your profits will evaporate. Controllingyour risk and keeping your losses small isthe major key that will lead to profits. When
you initiate a trade, do not think of yourprofits. Think of your losses. If you thinkof your risk, you will control it. This is whystop losses are very important.
A rule of thumb that we must know: “Keeping
your losses small is the major key that leads
to long-term, solid profits”. There are lotsof examples of investors who took only one
big loss and they are still trying to breakeven from this big loss after a few yearsof trading.
Discipline is very crucial in helping you tradeand invest in the markets. Setting up rules
and sticking to them is very important.
These rules can change from time to timeas the market changes. Make your rules,
stick to them, change them if the market
behavior changes, but always stick to yourrules and you will be a winner. Trying totake advantage of every opportunity inthe market will lead to emotional trading
and will ultimately lead to big losses. The
market is full of chances that never end.

page 15
Education Lounge

IFTAUPDATE 2012 Volume 19 Issue 4

16.加盟協会ニュース
Member News
AATI (Indonesia)
October–November 2012, a busy time for
AATI (Asosiasi Analis Teknikal Indonesia)
Jakarta Seminar and IFTA 2012 Conference
As we all know, this October 10–13, IFTA heldits 25th Annual Conference in Singapore. Thisis an important event and AATI wanted topromote it to as many people as possible in
the Indonesian technical analysis community.
We felt like this was a rare occassion, an
event not to be missed, regarding both its
speakers and theme. Two AATI members
were also invited to speak at this event,and another member received the “2011Bronwen Wood Award”. Moreover, theConference was held in a neighbourhood
place, just a two-hour flight from Indonesia’s
capital city.

Market”, presenting different topics
from those covered at the Conference inSingapore. The Seminar was promoted
and reported by two media, besides our
socmed milis-AATI mailing list in yahoo.
The Jakarta Seminar event was successful,with 35 persons attending, and sevenpersons went on to attend the IFTA 2012
Conference in Singapore. AATI’s previous
best record was four persons attending the
IFTA Conference in Egypt. Colleagues who
attend the IFTA Conference bring home andshare their impressions of the professional
atmosphere of the International Federationof Technical Analysts community.
Indonesian 2nd Financial Expo and Forum2012
This annual event, held by the financial
media, was an event for financial industries:
capital market, insurance, financial planner,and fund manager. In a Discussion Forum,
Mr. M. Alfatih, CFTe, from AATI, was invited
to present the Indonesian Capital Market
Outlook for 2013.

In order to promote this Conference, we
had an intensive discussion with Conference
Director Mr. Robert Grigg, and decided toinvite some of IFTA’s Conference speakers to
do a Seminar in Jakarta to attract attention
to the IFTA 2012 Conference, and promote
it through local media.

Trade4Share Charity Seminar
This two-day seminar held November
10–11, 2012 invited 10 speakers, mostly
AATI members, to present theory and themarket outlook in Jakarta. This event wasalso a social event to collect funds for an
AATI member that has cancer.

With short notice, Mr. Tom Dorsey andJohn Bollinger agreed to come to Jakarta
to give a one-day Seminar, “New Approachin Managing Portfolio in a Volatile Global

Certified Securities Analyst Inauguration
On November 21, 2012, the Securities
Analyst Standard Board inaugurated its first
Certified Securities Analyst graduate in thepage 16

Mr. Muhamad Alfatih, CFTe (right) from AATI as
one of the speakers at the IFTA 2012 Conference

AATI delegation to the IFTA 2012 Conference

Mr. Gideon Lapian from AATI,
speaker at the IFTA 2012 Conference.
Jakarta “Trade4Share” Charity Event, November 10–11, 2012

Mr. MM Dandytra, from AATI, winnerof the 2011 Bronwen Wood Award

Certified Securities Analyst inauguration, November 21, 2012

IFTAUPDATE 2012 Volume 19 Issue 4

page 17

Member News [continued from page 16]
Indonesian Stock Exchange auditorium.
This program consisted of nine modules,
including a Technical Analysis module. AATI
is involved in this program by providing
a module and lecturer, as well as AATI
members participating in the program.

STAN (Nigeria)
A Gathering of New and Existing Members
The Society for Technical Analysts held agathering for new and existing members
on 3rd November, 2012 at PROT Training
Hall on the topic: Charting the Nigerian
Financial Markets. Speakers Taiwo Balogun
and Adeshina Adetunji demystified thefuture of technical analysis.
In attendance was the CEO, Forte Financial,
Mr. Tunji Oba; and the President, Society
for Technical Analysts, Nigeria, Mr. Olumide
Soyele. Abiodun Babalola also shared
his insight on CFTe examinations andencouraged members on the need for
certification. He also announced thatmembers can connect directly with theback office through social media suchas facebook.com, twitter and youtube,
and through a new website to soon be
unveiled. New committee members
were also instated in the areas of ethics,
membership, journal and publications.
Call for Article Submission for STAN
JournalThe Society for Technical Analysis, Nigeria
is using this medium to welcome othersocieties’ members who wish to submit anarticle(s) for our upcoming maiden journal.
Standard Technical Analysis articles will be
published and STAN will have absoluterights to publish or not to publish any article
submitted. Deadline for article submission
is 31st January 2013. Articles can be sent
to: admin@stanigeria.org

We will also feature Thomson Reuters,
Metastock representative, who will show
participants how metastock is used forcharting Nigerian stocks.
Nigeria Trading Expo NITEX 2013
The Society for Technical Analysis will also
be a proud partner in the upcoming Nigerian

STAN Summit 2013
The First STAN SUMMIT in 2013 and thelaunch of the maiden edition of the STAN
journal is slated for 23rd February, 2013 inLagos at the Oriental Hotel, Victoria Island
at 12.00pm. This publication will enable us
to propagate technical analysis education.
Nigerian Stock Brokers Conference 2013
In 2013, the Society for Technical Analysis, aspart of her objective to promote TechnicalAnalysis in Nigeria, will be holding a
Conference for Nigerian stockbrokers. This
great event is scheduled for 25th January,
2013 at the Oriental Hotel, Victoria Island, in
Lagos, Nigeria. The event will attract major
players in the Nigerian Capital Market andNigerian Stock Exchange.
This event will highlight the significanceof the application of Technical Analysis
to Nigerian Financial Markets, broaden
the knowledge and understanding ofparticipants on Technical Analysis, andpromote IFTA certification. Though there
are few people who use technical analysis,over 80% of the major players still rely solely
on fundamentals.

A cross-section of new and existing members

Trading Expo, NITEX, proposed to be held in
Ogun State, Nigeria on March 29 th and 30th,
2013 under the administration of Governor
Ibikunle Amosun. The event will feature
speakers from Nigeria as well as outside
Nigeria. Technical Analysis education will be
the focal point of the Society for TechnicalAnalysis at this event.

IFTAUPDATE 2012 Volume 19 Issue 4

page 18

Member News [continued from page 17]

TSAASF (USA)The attractiveness and the value of the
TSAASF is reflected in the fact that we
now have over one-hundred paid members
in 2012.
I wish to thank you each and every memberof the TSAASF for her/his fidelity. I hopeto personally express my appreciation to
you at either our year-end Round Up to beheld at Alfred’s Steakhouse in December
or at the January session to be held atGolden Gate University. The December
Round Up will feature three outstanding
technicians prognosticating about future
market behavior. Then the January session
will once again feature our own Board
Member, Joe Turner, along with his partner,
the world renowned technician and author,
Martin Pring. I am confident that Joe andMartin will update us on their latest views
regarding “the lost decade.” Fresh faces
and thanks for the memories.
We welcome several fresh faces to help
lead the TSAASF during 2013. Mr. Bart
Pestarino, President; Mr. Roman Bogomazov,
Program Chair, plus our liaison person to
IFTA and to GGU; and Mr. Brad Brenneise
who is now the Editor, TSAASF REVIEW.
We wish to say “thank you for the memories”
to our outgoing President Mr. Larry Amernick,for his two years of important service.
Our special thanks to Mr. Brent Leonard,
CMT, for his outstanding job editing andrefining the TSAASF REVIEW. And wewish also to remember with thanks Ms.
Daphne Marinopolous for her fine work as
Program Chair.
Two major developments are in the store
for the TSAASF during 2013. The first is
the New Year rollout of the online versionof the GGU Graduate Certificate Programin Technical Market Analysis. All of the TAclasses are online now, and students can earn
their certification remotely through online
education. The second is the 26th Annual
IFTA Conference hosted by the TSAASF to
be held in San Francisco, California, U.S.A.
during October 2013. The TSAASF Board
Members are working hard to bring andto highlight the best international talent.
Using this opportunity, we would like toinvite technical analysts and traders to
IFTA’s 2013 annual conference, which will
be held in San Francisco next fall.

Hank Pruden, Ph. D., Chairman TSAASF

intalus.com

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IFTAUPDATE 2012 Volume 19 Issue 4

page 19

Riding the Dragon

Approaches for the next Decade

IFTA2012 Highlights
19.2012年IFTAシンガポール大会ハイライト

IFTAUPDATE 2012 Volume 19 Issue 4
IFTA 2012 Conference Highlights [continued from page 19]

page 20

IFTAUPDATE 2012 Volume 19 Issue 4

page 21

21.IFTA 加盟協会

IFTA Member Societies

Board of Directors

AUSTRALIA—ATAA Australian Technical Analysts Association www.ataa.com.au
AUSTRIA—VTAO* Vereinigung Technischer Analysten Österreichs www.vtao.at
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
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
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
NIGERIA—STAN* Society for Technical Analysts, Nigeria
NETHERLANDS—DCTA Dutch Commission of Technical Analysis
NEW ZEALAND—STANZ Society of Technical Analysts of New Zealand www.stanz.co.nz
PAKISTAN—STAP* Society of Technical Analysts Pakistan www.stap.com.pk/index.html
ROMANIA—AATROM Asociatia Analistilor Tehnici din Romania www.aatrom.org
SAUDI ARABIA—SSTA* Saudi Society of Technical Analysts www.saudi-sta.org
SCANDINAVIA—STAF Skandinaviens Tekniska Analytikers Förening www.staf.nu
SINGAPORE—TASS Technical Analysts Society (Singapore) www.tass.org.sg
SOUTH AFRICA—TASSA Technical Analysts Society of Southern Africa www.tassa.org.za
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.org

President Rolf Wetzer, Ph.D. (SAMT)Email: rolf.wetzer@sarasin.ch* Developing

IFTA Update Schedule
IFTA Update is the quarterly electronic newsletter of the International Federation of TechnicalAnalysts, reaching more than 6,900+ IFTA colleagues worldwide. The Update is an efficientand cost-effective way to communicate with IFTA’s member societies and colleagues.

PUBLICATION SCHEDULE
March Issue

Education articles: February 15—send submissions to newsletter@ifta.org
All other content: March 1—send submissions to admin@ifta.org

June Issue
September Issue
December Issue

Education articles: May 15
Education articles: August 15
Education articles: November 15

All other content: June 1
All other content: September 1
All other content: December 1

For more information and to advertise,
visit our website http://www.ifta.org/publications/newsletter/

Vice-President—the Americas William Chin, MBA (CSTA)
Email: wchin@e3m.com
Vice-President—Asia Akira Homma, CFA, CIIA, CFTe, FRM, CMA, CMT (NTAA)
Email: ahomma.nettai@gmail.com
Vice-President—Europe Deborah Owen, FSTA, CFTe (STH)
Email: editor@irc1oo.com
Vice-President—Middle East, Africa Mohamed Ashraf Mohfauz, CFTe, CETA (ESTA)
Email: mohamed.ashraf.esta@gmail.com
Treasurer Ralph Böckel, CFA
Email: ralph.bockel@freenet.deCertification Director Saleh Nasser, CMT (ESTA)
Email: snasser@link.net
Accreditation Director Roberto Vargas, CFTe (TSAASF)
Email: roberto.vargasr@ifta.org
Marketing Director Dan Valcu, CFTe (AATROM)
Email: ta@educofin.com
Strategic Development Director Robert Grigg (ATAA)
Email: robert.grigg@ifta.org
Conference Director Roman Bogomazov (TSAASF)
Email: roman.bogomazov@ifta.org
Journal Director Aurélia Gerber, MBA, CFA (SAMT)Email: aurélia.gerber@ifta.org
Website Content Director Akihiro Niimi, MFTA (NTAA)
Email: niimia@aifaminc.com
Membership Director David Furcajg, CFTe, MFTA (AFATE)
Email: dfurcajg@3rdwaveconsultant.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 Benjamin
Production Manager Penny Willocks
Accounting Dawn Rosenfeld

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

IFTAUPDATE 2012 Volume 19 Issue 4

page 22

22.IFTA 会報投稿ガイドライン EDUCATION LOUNGE SUBMISSION GUIDELINESIFTAUPDATE
Dear prospective author,
We appreciate your interest to contributewith articles to over 6,900+ member IFTA
audience. The mix of multicultural institutionaland retail traders, investors, analysts, andfinancial experts is a great target to address.
We are convinced that their feedback will
be great and you’ll add more articles in the
future. Before submitting your article pleasetake a moment and observe our guidelines for
Education Lounge contributors. Many havealready published articles, others are new
in this business, but both categories want
to share their technical analysis expertisewith our members.

Step 1—You’ve got an Idea!
The editorial team is continuously looking
for practical articles emanating from yourexperience as a hands-on practitioner in
the industry or academic circles. Although
the focus of Education Lounge remains
on technical analysis, ideas about risk andcapital management, statistics, quantitative
trading, psychology, new trends in trading
can be also translated into high-quality
articles. Best is to send us first an email
at newsletter@ifta.org with a very shortarticle outline. (Note: Authors will not get
any financial compensation for articles
submitted.)

Step 2—Writing the Article

Subtitle

We will reply and hopefully your idea
will not overlap with existent articles in
the pipeline. Your article should cover at
least two pages of text and stretch overa maximum of six pages including charts
and tables. Use Microsoft Word to type thetext and generate a .DOC file. The text will
be doubled-spaced and use Times Roman
12 as font. Although an editor will checkthe grammar, the accuracy and readability
remain your responsibility before submitting
the final material. It’s a good idea to use
these two features during and at the endof writing your article:

This information (max 20 words) adds value
to the title.

1. Microsoft Word spelling & grammar check2. Language in UK English style http://www.
ifta.org/public/files/member-resources/difta-style-Style-Guide-to-Thesis-Writing.pdf
3. Word clouds to confirm that thearticle conveys the proposed message

http://www.wordle.net/create
It’s highly recommended to follow thisstructure:

Title
Titles sell so it’s worth taking time to playwith various constructions until you’ll findthe best one. Use maximum 10 words toconvey a strong message.

to the charts embedded in the Microsoft
Word Document.

Conclusions
Abstract
A brief summary (600 characters including
spaces) of your article that will help thereader understand quickly the purpose of
the article.

Section N Title
Use up to 5 words to highlight the mainidea of the section.

Section N Body
Since the article has a modular structure,each section should describe in detail(text + charts + tables) an important ideaof your article.

Charts and Tables
Naming standards for charts and tables
are very important. Chart file names
should reflect the corresponding figuresinside the document. For example, Figure
2 in the article should be linked to a file
named Figure-2.jpg or Figure-2.tif. Same
naming convention applies to tables. Each
chart and table in the document should
contain a caption as indicated in theexample on page 23-24. Please submit
each chart as a separate file in addition

Use this section (up to 600 words) tosummarize the findings and generateinterest for follow-ups.

Bibliography/Suggested Reading
Indicate your sources used for the article
together with any reference to additional
reading for a better understanding of thesubject. http://www.ifta.org/public/files/
member-resources/d-ifta-style-A-GuideTo-Referencing-[Oxford].pdf

About the Author
This section is about you, your credentials,
how readers can contact you and otherprofessional information you want to convey.

Step 3—Who Owns the Copyright?
By submitting the article for publication in
the Education Lounge you agree to transfer
the copyright to IFTA. Very important:Please specify if the article has been alreadypublished and its copyright is owned byanother publisher.

Step 4—The Checklist
Verify the compliance with Author’s Guidelines
checklist below.

IFTAUPDATE 2012 Volume 19 Issue 4

page 23IFTA Update Education Lounge Submission Guidelines [continued from page 22]

Step 5—It’s Time to Submit Your
ArticleThe article is ready and complies with theguidelines (‘Y’ to all checklist entries). Send
an email to newsletter@ifta.org and attach
the following items:• The Microsoft Word document (.DOC)
containing only the text and references
to charts and tables• All charts and tables (.JPG .TIF .PDF .EPS)

Step 6—Confirmation from
Education Lounge Editor
Once submitted, your article will be subject
to a peer review process. There is no
guarantee the article will be published in
the Education Lounge. In any case, you will
receive a message from the Editor indicating
whether it will be published or not.

Author’s Guidelines Checklist
1You’ve got an idea and want to write an article about this subject for IFTA

Send an email to newsletter@ifta.org with a short article
outline. Wait for a reply.

2

The reply from the Editor is positive

Go to 4

3

The reply is negative

There is another similar article waiting in the pipeline or the
topic is outside the editorial program of IFTA newsletter.
We invite to consider another contribution.

4

You start writing the article

Follow the Author’s Guidelines

5

Is the article title compelling?

Y/N (max 10 words)

6

Is the subtitle included? Does it add value?

Y/N (max 20 words)

7

Is the abstract comprehensive enough to attract the reader’s interest?

Y/N (max 600 characters including spaces)

8

Does each section have a title and detailed descriptive text + charts/tables?

Y/N

9

Is the format of each chart / table .JPG .TIF .PDF or .EPS (at least 150 dpi
resolution)?

Y/NIs each chart/table properly named and sent as a separate file in addition to
the embedded images in the Microsoft Word document? (e.g. Figure-N.jpg
or Table-N.jpg)

Y/N

10 Do Conclusions summarize the findings?

Y/N

11 Is Bibliography / Suggested reading included?

Y/N———EXAMPLE———

12 Did you insert About the author section?

Y/N

13 Did you use double-spaced Times Roman 12?

Y/N

Lorem ipsum dolor sit amet

14 Explain in a separate note where and when the article has been previously
published. Who owns the copyright?

The Editor makes a decision.

15 Submit the article by email to newsletter@ifta.org

The Editor receives it and submits it to a peer review process.

16 Expect a reply from the Editor

Positive (it will be published). Negative (consider anothercontribution).

Vestibulum eleifend fringilla odio quis
vehicula. Nullam vitae dolor id anteconsectetur congue
by Joe Doe, CFTe
Donec aliquet, eros in interdum eleifend,
risus justo sodales erat, non dignissim
tortor lectus at eros. Nullam vitae urna atmauris laoreet lobortis. Donec lorem tortor,
sollicitudin eget sodales vitae, fermentum sedodio. Integer id ultrices eros. Pellentesquehabitant morbi tristique senectus et netus

et malesuada fames ac turpis egestas.
Vivamus id arcu et arcu lobortis gravida avitae nulla. Cum sociis natoque penatibus
et magnis dis parturient montes, nascetur
ridiculus mus. Fusce felis tortor, cursus eu
volutpat quis, suscipit a justo.

Section 1 Title
Phasellus malesuada egestas dolor ut tempor.
Duis semper cursus volutpat. Nulla mauris
elit, ornare et dapibus eu, ultricies at sapien.
Aenean ut ligula nisi, ut euismod nisi. Phasellus
gravida pharetra tellus, eu euismod ligula

aliquet eu. Vivamus imperdiet mauris nec lacus
sagittis ut mollis diam cursus. Pellentesqueconsectetur erat turpis, a ultrices leo. Fusce
porttitor, mi et ultrices interdum, dui libero.
<Insert here Figure 1.jpg>

IFTAUPDATE 2012 Volume 19 Issue 4

page 24IFTA Update Education Lounge Submission Guidelines [continued from page 23]
Figure 1: Pellentesque consectetur erat
turpis, a ultrices leo. Fusce porttitor, mi etultrices interdum, dui libero pharetra nisi,
semper cursus est massa non felis.

Vestibulum eleifend fringilla odio quis vehicula.
Nullam vitae dolor id ante consectetur
congue. Sed a nisi risus. Suspendisse potenti.
Morbi euismod nisl quis leo semper gravida.
Integer id dui enim. Donec ac justo felis,
sit amet porta mi.
In vestibulum accumsan magna. Proinpellentesque sem nec nibh tempor et gravida
diam pretium. Proin vel augue sapien, sed
feugiat lorem. Sed arcu arcu, tincidunt atelementum a, eleifend et justo. Vestibulum
ante ipsum primis in faucibus orci luctus etultrices posuere cubilia Curae; Vestibulum
ante ipsum primis in faucibus orci luctus etultrices posuere cubilia Curae; Morbi lacus
nisi, gravida vel lobortis sit amet, mattis
tempus justo. Nulla dignissim ante non dui
euismod in eleifend turpis suscipit.

Section 2 Title
Phasellus malesuada egestas dolor ut
tempor. Duis semper cursus volutpat.
Nulla mauris elit, ornare et dapibus eu,
ultricies at sapien. Aenean ut ligula nisi, ut
euismod nisi. Phasellus gravida pharetra
tellus, eu euismod ligula aliquet eu. Vivamus
imperdiet mauris nec lacus sagittis ut mollis
diam cursus. Pellentesque consectetur erat
turpis, a ultrices leo. Fusce porttitor, mi etultrices interdum, dui libero pharetra nisi,
semper cursus est massa non felis. Etiam
eget sagittis diam.

Vestibulum eleifend fringilla odio quis vehicula.
Nullam vitae dolor id ante consectetur
congue. Sed a nisi risus. Suspendisse potenti.
Morbi euismod nisl quis leo semper gravida.
Integer id dui enim. Donec ac justo felis,
sit amet porta mi.

<Insert here Figure 2.jpg>

In vestibulum accumsan magna. Proinpellentesque sem nec nibh tempor et gravida
diam pretium. Proin vel augue sapien, sed
feugiat lorem. Sed arcu arcu, tincidunt atelementum a, eleifend et justo. Vestibulum
ante ipsum primis in faucibus orci luctus etultrices posuere cubilia Curae; Vestibulum
ante ipsum primis in faucibus orci luctus etultrices posuere cubilia Curae; Morbi lacus
nisi, gravida vel lobortis sit amet, mattis
tempus justo. Nulla dignissim ante non dui
euismod in eleifend turpis suscipit. Donecaliquam elit at diam porttitor volutpat.
Curabitur condimentum, magna quis fringillacongue, nibh dui convallis turpis, et volutpat
lectus neque vel lacus.

Vestibulum eleifend fringilla odio quis vehicula.
Nullam vitae dolor id ante consectetur
congue. Sed a nisi risus. Suspendisse potenti.
Morbi euismod nisl quis leo semper gravida.
Integer id dui enim. Donec ac justo felis,
sit amet porta mi.

Section 3 Title
Phasellus malesuada egestas dolor ut
tempor. Duis semper cursus volutpat.
Nulla mauris elit, ornare et dapibus eu,
ultricies at sapien. Aenean ut ligula nisi, ut
euismod nisi. Phasellus gravida pharetra
tellus, eu euismod ligula aliquet eu. Vivamus
imperdiet mauris nec lacus sagittis ut mollis
diam cursus. Pellentesque consectetur erat
turpis, a ultrices leo. Fusce porttitor, mi etultrices interdum, dui libero pharetra nisi,
semper cursus est massa non felis. Etiam
eget sagittis diam. Massa non felis. Etiam
eget sagittis diam.

Figure 2: Pellentesque consectetur erat
turpis, a ultrices leo. Fusce porttitor, mi etultrices interdum, dui libero pharetra nisi,
semper cursus est massa non felis.

In vestibulum accumsan magna. Proinpellentesque sem nec nibh tempor et gravida
diam pretium. Proin vel augue sapien, sed
feugiat lorem. Sed arcu arcu, tincidunt atelementum a, eleifend et justo. Vestibulum
ante ipsum primis in faucibus orci luctus etultrices posuere cubilia Curae; Vestibulum
ante ipsum primis in faucibus orci luctus etultrices posuere cubilia Curae; Morbi lacus
nisi, gravida vel lobortis sit amet, mattis
tempus justo. Nulla dignissim ante non dui
euismod in eleifend turpis suscipit. Donecaliquam elit at diam porttitor volutpat.
Curabitur condimentum, magna quis fringillacongue, nibh dui convallis turpis, et volutpat
lectus neque vel lacus.

Conclusions
Vestibulum eleifend fringilla odio quis vehicula.
Nullam vitae dolor id ante consectetur
congue. Sed a nisi risus. Suspendisse potenti.
Morbi euismod nisl quis leo semper gravida.
Integer id dui enim. Donec ac justo felis,
sit amet porta mi.

In vestibulum accumsan magna. Proinpellentesque sem nec nibh tempor et gravida
diam pretium. Proin vel augue sapien, sed
feugiat lorem. Sed arcu arcu, tincidunt atelementum a, eleifend et justo. Vestibulum
ante ipsum primis in faucibus orci luctus etultrices posuere cubilia Curae; Vestibulum
ante ipsum primis in faucibus orci luctus etultrices posuere cubilia Curae; Morbi lacus
nisi, gravida vel lobortis sit amet, mattis
tempus justo. Nulla dignissim ante non dui
euismod in eleifend turpis suscipit. Donecaliquam elit at diam porttitor volutpat.
Curabitur condimentum, magna quis fringillacongue, nibh dui convallis turpis, et volutpat
lectus neque vel lacus.

Bibliography/Suggested ReadingApple, Dennis [2001], How to Control Riks,
Publishing House 2.
Stevenson, John [2010], Technical Analysis
for Traders, Publishing House 1.

About the Author
In vestibulum accumsan magna. Proinpellentesque sem nec nibh tempor et gravida
diam pretium. Proin vel augue sapien, sed
feugiat lorem. Sed arcu arcu, tincidunt atelementum a, eleifend et justo. Vestibulum
ante ipsum primis in faucibus orci luctus etultrices posuere cubilia Curae; Vestibulum
ante ipsum primis in faucibus orci luctus etultrices posuere cubilia Curae; Morbi lacus
nisi, gravida massa non felis. Etiam eget
sagittis diam massa non felis. Etiam eget
sagittis diam mattis tempus justo. Magnaquis fringilla congue, nibh dui convallis
turpis, et volutpat lectus neque vel lacus.

IFTAUPDATE 2012 Volume 19 Issue 4

page 25

25.IFTA ジャーナル掲載論文募集
2014 CALL FOR SUBMISSIONSIFTAJOURNAL
The IFTA Journal is an annual publication
established by the International Federationof Technical Analysts. It is collated by acommittee of IFTA colleagues. The IFTA
Journal is essential reading for academics,
students and practitioners of technicalanalysis in all arenas. It is an excellent
reference source for anyone interested
in technical analysis, containing a wealthof resource material.

directly or indirectly, on the field oftechnical analysis; they may be drawn
from such areas as:

The IFTA Journal is the onlyinternational journal of technicalanalysis with original contributions
from all continents coveringdevelopments in technical analysis inglobal markets. The Journal reaches
leading practitioners and students ofTA throughout the world.
The IFTA Journal is a major professional
resource. Its archival online publicationon the IFTA web site will make youroriginal work available as a future
resource to the worldwide communityof technical analysts.

TopicsIFTA is seeking papers that coverdevelopments impacting, either

Contributions must be submitted in
English with British grammar required.

• Basic market analysis techniques• Indicators—sentiment, volume
analysis, momentum, etc.
• Global and intra-global TA• Styles of TA• DataCredibility And Recognition

Language• The changing role of TA in theinvestment community.

Writing Style
Papers should be written in a Thesis
style and a guide can be found in thefollowing links:
http://www.ifta.org/public/files/
member-resources/d-ifta-style-StyleGuide-to-Thesis-Writing.pdf

We would especially like to see
contributions that draw from areas notpreviously examined, and/or topics
tangential to technical analysis.

http://www.ifta.org/public/files/
member-resources/d-ifta-style-MSGuidance-on-Presentation.pdf

The above list is just a guide andshould in no way be considered
restrictive. We wish to make theJournal open to new and innovativeideas from all areas of TA and thosethat connect with it.

Referencing

Submitting Contributions
Registration and submission ofcontributions is via the web atwww.ifta.org, or by email to the editor,
Aurélia Gerber, journal@ifta.org.

All texts referred to in the paper must
be appropriately referenced with abibliography and endnotes (footnotes
will not be accepted.) Please use thefollowing guides:
http://www.ifta.org/public/files/
member-resources/d-ifta-style-AGuide-To-Referencing-[Oxford].pdf
Responsibility for the accuracy ofreferences and quotations is theauthor’s. We expect these to bechecked thoroughly by the author
before submission.
All references are to be included
as endnotes. No separate list ofreferences or bibliography should be
provided.

Figures, Charts and Tables
Illustrations and charts must be
referred to by Figure Number andsource (when applicable). Tables must
be referred to by Table Number andsource.

Length Of Contribution
Papers should be approximately 1200
to 3000 words, with supporting graphs
and charts.

FormatWe ask for submission in MS Wordor other text format. PDF format will
not be accepted. Charts and graphs
may be in gif or jpeg, but we ask that
authors also keep a tif format in case
it is required for printing purposes.
An Excel spreadsheet supporting yoursubmission may also be submitted.

IFTAUPDATE 2012 Volume 19 Issue 4

page 26IFTA Journal 2014 Call for Submissions [continued from page 25]

Publication Agreement

Editorial Timeline
December 15

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 16

Notification of acceptance/rejection

August 31

Submission to printerDecember 2013 Web publication
For more information, see out website http://www.ifta.org/publications/journal/

Licenses And CopyrightSelecton of Contributions

We require all submissions toinclude the author’s signature on the
Publication Agreement at the endof this document. (see Publication
Agreement.)

Contributions are selected basedon their content by the IFTA Journal
Editorial Committee. Please understandthat we cannot accept all contributions.
Depending on the number and qualityof the submissions and the Editor’sfindings, selections are not negotiable.

Unless another license is noted, we willassume that your contribution is under
this license.

author(s) and the International Federation of Technical Analysts, Inc., concerninga work written by the author(s).

Author’s Grant of Rights

October 2013 Worldwide distribution

We may publish on a website. We
require that you place your submission
under the Creative Commons
Attribution-NonCommercial 3.0 http://
creativecommons.org/licenses/by/3.0/.

The following is an agreement between

Remuneration
The International Federation ofTechnical Analysts is organised andoperated by volunteers and supported
by its members. We ask you tounderstand that we will not be able topay for contributions.

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

The author(s) grants to the publisher exclusive first publication rights in thework, and further grants a non-exclusive license for other uses of the work forthe 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 thearticle may copy it without the copyright owner’s permission only if the author(s) andpublisher are acknowledged in the copy, and copy is used for educational, not-forprofit purposes.”

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

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

IFTAUPDATE 2012 Volume 19 Issue 4

page 27

27.IFTA ジャーナル 2014年号 広告掲載料金表
2014 RATE CARDIFTAJOURNAL
Editorial and Readership Profile

Editorial Committee and Staff

General Information

Cancellation and Changes

The annual IFTA Journal publishes original,
well-documented papers and articles
on a diverse range of topics related tothe technical analysis of financial andcommodity markets. The Journal provides
colleagues and interested persons
with continuing education in TechnicalAnalysis (TA). The broad editorial content
helps colleagues remain informed of thedevelopments and leading body ofwork in Technical Analysis.

EditorPrinciples Governing Advertising in the
IFTA Journal

We will send out an acknowledgement
confirming your order. You will be required
to check that your ad and scheduling arecorrect. Any changes, cancellations orcorrections must be communicated to IFTA
in writing, by fax, e-mail or mail, prior to thesubmission closing date.

The IFTA Journal is the only international
journal of technical analysis reaching a
global audience of interested and dedicatedpractitioners of TA throughout the financial
community. It is read by Analysts, FundManagers, Financial Writers and otherdecision makers throughout the international
financial industry.
The IFTA Journal is distributed on the
web and a print copy is provided to IFTA
colleagues and delegates at the yearly
IFTA International Conference, building
awareness, visibility and providing extra
exposure for your message.

Staff

Aurélia Gerber
Linda Bernetich

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

Emailjournal@ifta.org

Preferred Position Rates
Backcover (cover 4)
Inside back (cover 3)
Inside front (cover 2)$1,800.00$1,500.00$1,300.00

2014 Issue Deadline Date
June 30, 2013

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

Circulation and Readership

Printing

Total Circulation
Published on the web
Coverage
Worldwide
Readership served Institutional Analysts,
Account Mangers,
Fund Managers,
Investors and Students
Publication Schedule December 2013

Perfect binding Journal/Book Format,
8.5” x 11”, 80# gloss weight. Aqueous
Coating on covers. (This is a clear water
based coating that adds a high gloss finish
and additional protection to the Journal,
and will give your printed advertisement aricher look.)

These principles, developed jointly by theeditorial committee of IFTA, are applied by
the International Federation of TechnicalAnalysts (IFTA) to ensure adherence to thehighest ethical standards of advertising andto determine the eligibility of products andservices for advertising in IFTA print andelectronic publications.
As a matter of policy, IFTA will sell
advertising space in its publication when
the inclusion of adverting does not interferewith the mission or objectives of IFTA.

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

Advertising Rates (pricing in USD)

The appearance of advertising in IFTA
publications is neither a guarantee nor an
endorsement by IFTA.

Full Page$ 1,200.00

Advertising Acceptance Policy

2/3 page$1,056.00

1/2 page$823.00

1/3 page$545.00

1/4 page$300.00

All advertisements must be submitted inwriting. Advertising is subject to approval
by IFTA. All advertisements must be nondiscriminatory and comply with all applicablelaws and regulations. IFTA reserves theright to decline, withdraw and or copy editat our discretion. Every care is taken to
avoid mistakes, but responsibility cannot be
accepted for clerical or printer’s error.
Payment
Prepayment by check, credit card (Visa,
Master Card or American Express) or wiretransfer is required for all ads. Bank details
will be provided to you upon request.