2022 Volume 29 Issue 1

IN THIS ISSUE
1

President’s Report to Colleagues

2

Member News2

Benefit of IFTA Membership: Complimentary
Webinars

Education Lounge
3

How to Use the Dominant Market Cycle toFine-Tune Technical Indicators

5

Is the Big Cycle Turning?

7

Thoughts About Elliott Wave:
Why the 5 & 3 Model?

10 Congratulations New CFTes
10 MFTA and CFTe Exam Dates
12 IFTA Journal—Call for Submissions
13 Calendar-at-a-Glance
15 IFTA Member Societies
15 Board of Directors
15 IFTA Staff

Next Issue: June 2022
Submission Deadline: 15 May
Education Lounge articles: Send
submissions to newsletter@ifta.org.
All other content: Send submissions toadmin@ifta.org.
Advertise in the UPDATE and reach morethan 7,000+ IFTA colleagues worldwide.
For more information, go to www.ifta.org.

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

President’s Report to Colleagues
Dear Colleagues,
We are living in fragile
times. As we all experience an end to the pandemic and an opening fora normal life again, things
turn bad in a way we couldn´t imagine. We
couldn´t in our wildest dreams imagine a war
in Europe and the return of the old EastWest scheme—yet here we are.
So, allow me to make a clear statement
here. In a world where we experience separation and discrimination, conflict and war,
it is important to focus on things that unite
us. Looking at IFTA’s website, you see onevery important message: “Where Market
Technicians from around the world speak
the same language.”
I am more than happy and honored tobe part of an organization that unites, anorganization that brings people together,regardless of where they come from, what
they believe in, and who they are. At IFTA,
we focus on what we have in common andwhat we share. As IFTA president, I will
always have this as our highest priority.
So, let´s all stand together as one, no matter
where we are, who we are, and whom webelieve in. Let´s focus on what unites all of
us: the love of our profession as technicalanalysts. Do you agree?

All the best,

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

Call for Articles andSociety NewsIFTA Update
June 2022 Issue

The next submission deadline for theJune 2022 issue of the IFTA Update is
as follows:• Education articles: 15 May, send
submissions to newsletter@ifta.org• All other content: 15 May, send
submissions to admin@ifta.org
View Past Newsletters

Wieland Arlt
IFTA President

IFTAUPDATE 2022 Volume 29 Issue 1

Member News
Canadian Association forTechnical Analysis (CATA)(Canada)There’s a New Kid on the Block
The Canadian Association for Technical Analysis (CATA)
was formed 26 August 2021. This is a result of a former
IFTA member, the Canadian Society of Technical Analysts(CSTA), spinning off the nonprofessional members.
The “new kid” has 54 paid and five honorary members.
CATA holds two monthly meetings via Zoom and will holdan in-person national conference 15 October 2022 in
Calgary. Members are from across Canada spanning six
time zones. The 8 pm Eastern time zone meeting includes
a presentation by a speaker, then a Q&A session, and willend with the guest speaker invited to continue with chartquestions/comments posed by the individual members.
The meeting will wrap up at the two-hour mark.
“I am pleased that a group of us was able to enact aplan for the nonprofessional chartists in Canada, andthat we have a viable structure to go forward. In eightmonths of hard work, we have a name, a logo, a website,a membership base, finances, and five months of two
meetings per month. We have had wonderful support
from professionals who have been called to support us.
We look forward to the positive relationship with IFTA
and individual IFTA members.”
Mark Soehner, MBA
President, CATA
Mark.Soehner@Canadianata.org
www.Canadianata.ca

page 2

Benefit of IFTA Membership: Complimentary Webinars and Conference Videos
In our continuous efforts to bring the global technicalcommunity closer as well as offer further accessibility torenowned technical analysis experts worldwide, we havelaunched a new series of IFTA-hosted webinars. These
webinars are offered exclusively to all members of IFTAaffiliated societies around the globe. Your local society
will forward you the details when they become available.
If you would like to view past webinars, please request
access via IFTA’s website. Recent past webinars include:2022

23 March: Crypto Markets & the Wyckoff Method: A
Top-Down Approach
Presenter: Alessio Rutigliano

17 February: A Chartists View of the Markets in 2022

Presenter: Greg Schnell, CMT, MFTA—Chief Technical Analyst
at Osprey Strategic, Calgary, Canada

17 January: Southeast Asia Market Outlook 2022:
Breakout Recovery
Presenters: IFTA Southeast Asia Societies—Asosiasi Analis
Teknikal Indonesia (AATI), Malaysian Association of TechnicalAnalysts (MATA), Technical Analysts Society Singapore (TASS),
and Society of Technical Analysts Philippines (STAP)

16 January: Martin Pring: 2022 Outlook, Part 1 andMartin Pring: 2022 Outlook, Part 2

Presenter: Martin Pring—President of Pring Research andChairman of Pring Turner Capital

9 October: IFTA Conference: 9 October 2021 (Day 2),
Part 1
Presenters: Shinji Okada, Eddie Tofpik, Larry McMillan, andLarry Williams

8 October: IFTA Conference: 8 October 2021 (Day 1),
Part 2Presenters: Tony Dwyer, Bruce Fraser, Scott Fullman, and Eoin
Treasey

8 October: IFTA Conference: 8 October 2021 (Day 1),
Part 1

Presenters: Wieland Arlt, Daryl Guppy, John Bollinger, andConnie Brown

19 August: Trend Following—A Complete Edge for thePrivate Investor, Part 2

Presenter: Zaheer Anwari—Co-Founder of Sublime Trading
Ltd., London, UK

15 July: Trend Following—A Complete Edge for thePrivate Investor, Part 1

Presenter: Zaheer Anwari—Co-Founder of Sublime Trading
Ltd., London, UK

29 June: The Case for 2021 Harnessing Super Long
Term Cycles to Gain a Competitive Advantage
Presenter: Andrew Pancholi—Portfolio Manager

19 May: Trading with Footprint Charts
Presenter: Peter Becker—Trader

2021

23 April: Elliott Wave Analysis–As Applied to Foreign
Exchange Markets

Presenter: Jean-Francois Owczarczak, CFTe— CEO ofManagement Joint Trust SA, Geneva, CH

See website for more videos.

19 November: 10 Key Asset Allocation Questions into
Spring 2022

9 October: IFTA Conference: 9 October 2021 (Day 2),
Part 2Presenters: Linda Rascke, Prof. Robert Schott, and Julius deKempenaer

Presenter: Kevin Bull, MSTA, CFTe—Private Investor, Foreign
Exchange Markets

IFTAUPDATE 2022 Volume 29 Issue 1

page 3

Education Lounge

How to Use the Dominant Market Cycle to Fine-Tune
Technical Indicators
By Lars von Thienen
It does not suffice to only measure cycles accurately on past stock market data. Cycles
must be applied to technical analysis in real trading environments.
One way to use the current market cycle length information is to “fine-tune” technicalindicators. This is not a new idea, and often the knowledge and strength of this approach
does not seem to be well known in the field of technical analysis.
The article and video will introduce a combined approach that blends the popular RSI
oscillator with the cyclical concepts of the prevailing market cycle length. That combination solves the problem of erroneous trading signals so common in traditional oscillator analysis by filtering them out. The usage of the active market cycle in combination
with an RSI will show how incorporating cycle analysis greatly enhances the accuracy
and value of oscillator signals. This concept is not limited to the RSI. It can be applied
to any technical indicator that requires a length parameter setting for the calculation.
A key issue with using technical indicators is “how to set the length parameter.” This
is often an overlooked question, while frequently there seems to be no knowledge on
this subject. However, the way the analyst will set the length parameter of the indicator
will greatly influence the signal quality.
In most cases, technical indicators are applied to the chart with their standard settings.
The reason we only use the technical indicators with their standard length setting of,for example, 13, is attributable to the lack of knowledge about how to set the correct
length value ahead of time. One of the major drawbacks of using technical indicatorswith their standard-length setting is the problem of filtering out flawed trading signals.
Another common approach (when you’re not sure how to detect the dominant cycle)
would be to apply some back-optimizing to determine which length setting would

have performed best in the past and use this setting for future trading. But even aback-optimized setting is a fixed setting that is not able to adjust to the actual market
characteristics.
The usage of back-optimized or standardized fixed length periods in technical indicators
leads to inaccurate results on the right-hand side of the chart where all trading is done.
So, how can cycles help to overcome the question on how to set the length parameterfor technical indicators?
According to the logic of the computation algorithm, standard indicators perform bestwhen their "inner" setting (the length parameter for the calculation) is aligned with thecurrent market cycle. "Aligned" means that the length parameter is a harmonic numberof the full dominant cycle length. The easiest way would be to use the full or half harmonic of the measured cycle length.
However, the key for putting this idea into practice is to have a reliable and accurate
method for detecting the dominant cycle at any given time. The Foundation for the
Study of Cycles provides a Cycle Scanner for its members that detects and shows thecurrent active cycles in the asset class under review.
Equipped with this information from the Foundation for the Study of Cycles, members
are able to detect the actual cycle length at any given point in time. As a technicalanalyst, you can start using this information to fine-tune your indicators right away. We
can now connect both bodies of knowledge—cycle analysis and technical analysis—to
improve chart and indicator readings.

IFTAUPDATE 2022 Volume 29 Issue 1
How to Use the Dominant Market Cycle to Fine-Tune Technical Indicators continued

The following chart is the result of setting the RSI indicator to the dominant cycle, which
was detected back in 2020, and just using the standard readings of the RSI to highlightthe trade signals on the price chart. Even though the tech index saw a continuous upward
move since 2020, the cyclic-tuned RSI indicator was able to spot the cyclic swings inthat main upswing. An RSI with the standard length settings would not have been able
to provide these precise signals.

Using RSI with half of the dominant cycle length and signals highlighted with arrows on theprice chart, as shown in the video linked below.

The following videos of the Foundation for the Study of Cycles showcases the concept
in real market environments:
1) “How to improve technical analysis with cycles? – NASDAQ Review”
https://youtu.be/aWeApoH0Z_4
2) “How to improve technical analysis with cycles? – Bitcoin”
https://youtu.be/fTu46CCr2rE

page 4

Education Lounge
Lars von Thienen is based in Germany. He received his degree in industrial
engineering and business management in Hamburg in 1999. He worked as ascientist, trader, and business consultant for over 20 years. Coding software
since childhood, Lars has supported leading European companies in developing
their digital and business strategies as a large-scale project manager andinterim manager. As founder and CEO of a German-based cycle analysis andconsulting company, Lars invented U.S.-patented algorithms in the field of digital signal processing. He develops algorithms and software for cycle recognition at whentotrade.com andhas published two books on cycles analysis. In 2020, he was appointed to the board of directors of the Foundation for the Study of Cycles. Within this nonprofit organization, he developed
and leads the first cloud-based cycles discovery and prediction platform.

IFTAUPDATE 2022 Volume 29 Issue 1

page 5

Education Lounge

Is the Big Cycle Turning?
By Ron William, CFTe, MSTA (Media interview)

Our approach featured in T3 is global, multi-asset, topdown; grounded in behavioural technical analysis, driven
by cycles, based on the “Roadmap” signature model ofRobin Griffiths, published in Mapping the Markets. Thismodel is fractal, asymmetric shaped, and fueled by thegreed-fear pendulum swing of investor sentiment during
a business cycle (Figure 1).

depressions. But successful application of this model
often eludes market experts, not least during VUCA
environments.

Figure 3. Spectral Analysis: Juglar
Figure 2. Schumpeter’s Adapted Cycle Schema

Figure 1. Roadmap Model Signature

The DNA blueprints are adapted from the work ofAustrian-born Harvard professor Joseph Schumpeter andhis infamous three-cycle schema focusing on Kondratiev(K-wave), Juglar and Kitchin cycle (Figure 2). The averagetimespan of each cycle is 54, 10, and 4 years, embedded with harmonic relationships. Schumpeter acknowledged that the periodicity of these waves was not fixed,
but if the downward curve of each cycle turns in phase,then it would produce severe economic slumps, or even

A closer examination of each cycle, using quantitative
methods such as spectral analysis, highlights the Juglar
pattern as most dominant when testing over 100 years ofstock market history (Figure 3). This does not imply that
other cycles are less valid, but merely that this cycle ismost statistically viable. Perhaps for this reason, variations of the same timing pattern were discovered by otherexperts, notably British economist William Jevons, postulating a link to the cycle of sunspot activities on harvests.
More to follow on this in a future IFTA publication.

However, one of the earliest theorists of the 10-year cycle,
French economist Clément Juglar, argued that causalityof “prosperity, crisis and liquidation” was more important than timing patterns, stressing that it is necessary tounderstand how each phase behaves during “la réaction
qui se succède à l’action.” Moreover, the outbreak of acrisis is only possible when equilibrium has become
unstable.
Returning back to quantitative analysis, the last of thethree-cycle schema; Kitchin, is also highlighted as statistically important, but to a lesser degree. It’s also known as
a 40-month cycle, which was heavily studied by Edward
Dewey, founder of the Foundation Study of Cycles, where

IFTAUPDATE 2022 Volume 29 Issue 1

page 6

Education Lounge

Is the Big Cycle Turning? continued

I am now part of the team. A composite blend of Juglar
and Kitchin predicts growing risk of mean-reversion into
H2 2022 (Figure 4).

Ron William, CFTe, is a market strategist andeducator/mentor with more than 20 years ofexperience working for leading macro researchand institutional firms, producing tacticalresearch and trading strategies. He specializes
in global, multi-asset, top-down framework,
grounded in behavioural technical analysis, driven by cycles
based on the "Roadmap" signature model of veteran market
technician Robin Griffiths, published in his book Mapping theMarkets.
Ron also applies a "market & mind" approach at IntensiChi,
using the latest techniques in behavioural-risk models andneuroscience sourced from expert groups. He further supplements with mentoring/coaching, trained by the International
Coaching Federation (ICF), and teaches a regulatoryapproved masterclass in Applied Behavioural Science, withinvestment, private banks, and CFA societies.

Figure 4. Composite Cycle Risk: H2 2022

Meanwhile, our qualitative analysis of the “Roadmap”
rotation signaled a very late-stage cycle into the newyear of 2022, based on growth, valuation, and technicals(Figure 5). Currently, growth momentum is falling, having recently peaked. Valuations of greed assets remain
expensive relative to fear. Technicals remain internallyweak, with 50% of global equity breadth in bear trends.
Capital preservation is recommended, in cash and quality long-duration govt. bonds. Style of equity factors isbest in large cap. Growth, coupled with defensive sector
positioning. Stay alert!

Figure 5. Roadmap Rotation Signals Late Cycle

Ron's primary work, as part of his current institutional market
advisory firm (RWA), acquired global industry recognition as
winner of “Best FX Research” in 2020. Financial media programs and industry publications regularly feature his market
insights, including “Is the big cycle about to turn?” predicting
the 2020 crash and alerting the “Minsky paradigm” of 2020
H2-2022.
Driven by high-integrity education, Ron serves as part of IFTA’s
education committee, development director at the Foundationof the Study of Cycles (FSC), head of SAMT’s Geneva Chapter,and an honorary member of ESTA. He is also a visiting lecturer
at universities; an active guest speaker for the CFA, CAIA, and
CISI; and senior teacher at colleges offering an accredited
diploma in trading and investing.

IFTAUPDATE 2022 Volume 29 Issue 1

page 7

Education Lounge

Thoughts About Elliott Wave: Why the 5 & 3 Model?
By El- Sayed Owaidy, CETA, CFTe

To start, we must mention that Ralph Nelson Elliott was aclassic, high-caliber technical analyst. Elliott reformulated
all the concepts of classical technical analysis under amicroscope to answer some of the unanswered questions, and that is from the rules laid down by Elliott in his
theory. For example, one of the basic principles of classical technical analysis is that the trend continues until the
opposite is proven true through a reversal pattern of theprevailing trend. Classical technical analysis did not tell
us when this reversal would occur. Also some reversal
patterns may take a relatively large price and time range
until they are completed and confirmed, and this denies
investors a not short period of the new trend, which isthe duration of the reversal pattern. Not only this, but
in many cases, after the reversal pattern is completed,this pattern fails, and the previous trend reappears andresumes its control over the market. The question remains
in the minds of analysts, why did this ideal formation fail?
There is no answer.
Elliott tried to find the answer. He tried to find the answer
by reformulating the concepts of trend, reversal patterns
such as head and shoulders, inverted head and shoulders, double and triple tops and bottoms, continuation
patterns such as horizontal triangles and rectangles, anddirectional triangles (wedges).
Now let's go back to the main question, why the 5 & 3model?

Elliott lived in the era of Charles Dow, during a period ofstability on Wall Street in 1896, and he was influenced
by Dow’s ideas and understood them well. He reformulated Dow Theory on the chart, especially when investment analyst Robert Rhea refined Dow's observations
under the title Dow Theory in 1932. As Collins put it,“Dow painted with broad stokes of the brush and Elliottin detail.” (Frost & Prechter, p.13). Let's see how he did it.
According to Dow, there are two primary trends in themarket, the primary uptrend and the primary downtrend.
Both primary trends consist of three phases.
Phases of the Primary Uptrend
Accumulation Phase
Markup Phase
Distribution Phase
Phases of the Primary Downtrend
Distribution Phase
Panic Phase
Discouraged Selling Phase
Note that the distribution phase is common between the
primary uptrend and the primary downtrend. The urgent
question is:
Where does the distribution phase lie? In the primary
uptrend or in the primary downtrend?

The answer is that this stage occurs during the final stageof the bullish trend. Although the selling (the downtrend)
has actually started, it does not appear on the chart thatshows the continuation of the bullish trend, as the sellingis done in a hidden way, where smart sellers who notice
the greedy buying rush from all traders in the market,
whether professional or nonprofessional, who heard fromthe specialized and nonspecialized media about the uninterrupted staggering profits of the stock market.
At this phase, all or the vast majority of investors, traders,and fund managers become buyers, either with what theyown or in managing money, in addition to margin, in orderto catch up or increase profits that continue for a longtime. No one believes that it will be cut off or stopped.
For sellers to distribute the largest amount of their shares
they own, they maintain the upward trend in front of market participants to maintain buyers' hopes. Only a few professionals who are not under the psychological pressureof excessive optimism take note of this sales process.
They notice the selling and the start of the real bearish
trend (which is not visible on the chart) through negative divergences, whether in volumes or with momentum
indicators and market breadth. Rising wedge is the bestformation and reflects the distribution phase. At times it
is formed in the whole distribution phase or in the lastpart of it.

IFTAUPDATE 2022 Volume 29 Issue 1

page 8Thoughts About Elliott Wave: Why the 5 & 3 Model? continued

Accordingly, let's draw the phases of the primary uptrend
and primary downtrend as shown in Figure 1.
Distribution Phase

Now, what do we have?
We have eight waves, five of them moving in the upward
direction, which Elliott called Motive Wave, and three
moving in the downward direction, which Elliott called
Corrective Wave. Elliott called both of them together theComplete Cycle, as shown in Figure 3.

Figure 1. Primary Uptrend and Downtrend

Between each phase and the next, there is a correction
period. Let's draw it—see Figure 2.
Distribution Phase

Figure 3. Complete Cycle

This Complete Cycle is the first nucleus of the concept of
infinite growth, which Elliott's theory is based on.
Figure 2. Correction Period

In the spring 2019 IFTA Update (https://ifta.org/wp-content/uploads/2020/12/d_ifta_update_vol26-iss1_040119.
pdf),we published a detailed article titled "The Principleof Infinite Growth," which appeared on pages 17–19.

Education Lounge
El-Sayed Owaidy, CETA, CFTe, is a member of
ESTA's Education Committee and founder of theEgyptian Academy for Elliott Wave.

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IFTAUPDATE 2022 Volume 29 Issue 1

page 10Congratulations New CFTes!

MFTA and CFTe Exam Dates

Robert E. Akeson Jr.
Cheng An
Hiroyasu Asai (NTAA)
Robert Sean Bambace
Ali Farhan Beg
Torben Malte Bendt
Khushaal Lalit Bhageria
Shreyansh Chheda
Akshay Chinchalkar
Lee You Chong
Curtis Cooper
Shiro Ebata (NTAA)
Sanjay Galani
Hiroyuki Haraguchi (NTAA)
Aiyaz Hassan
Kazuki Hattori (NTAA)
Ariaan Maximin Husmann
Yusuke Ikeuchi (NTAA)
Kshrey Jain
Mitsuharu Kato (NTAA)
Hiroyuki Kumagai (NTAA)
Naoko Kurosawa (NTAA)

Certified Financial Technician (CFTe)—Level I

Divine Makanda
Monica Meluccio (STA)
Prudhvi Reddy Muppala
Mamoru Nagata (NTAA)
Kyoko Nakamura (NTAA)
Julio Naveda
Kazuki Nishiyama (NTAA)
Hidenobu Oshi (NTAA)
Shivang Dharmendra Patel
Ameya Vikas Ranadive
Naoki Sawayanagi (NTAA)
Himanshu Sharma
Rajneesh Sharma
David Simon (STA)
Syed Hasnul Hafiz Syed Mahamud (STA)
Kazumoto Takeuchi (NTAA)
Chandan Taparia
Riaan van Niekerk
Devraj Varshney
Arvind Venkateswaran
Saurav Verma

Date

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

Certified Financial Technician (CFTe)—Level II

2022

Exam dates

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20 October

Registration deadline

Closed9 September

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

Master of Financial Technical Analysis (MFTA)

2022–2023

Alternative Path Pre-Application Deadline

Closed31 July

Application/Outline Deadline

2 May

2 October

15 October

15 March 2023

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

Don’t Get Caught Inside
When You Can Be
Hanging Five
OK, so truth be told, we had a fairly heated discussion at Elliott
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Because on the one hand, the Certified Elliott Wave Analyst(CEWA) designation is dead serious. The CEWA program is
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CEWA you can finally paddle out away from the crowds andfind some open water where you can shoot the curl.
Show your CEWA designation to potential employers andprospective clients, so they know YOU know where the bombs-- and the grey fins -- lurk.

Get Started. Visit www.elliottwave.com/wave/GetCertified“Is it just me, or has Wilson gained someconfidence since he became a CEWA?”IFTAUPDATE 2022 Volume 29 Issue 1

page 12CALL FOR SUBMISSIONS
Submitting Contributions

Licenses and CopyrightLanguage

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

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

Writing Style

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

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

Referencing

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

Credibility and Recognition

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

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

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

Registration and submission of contributions is
online via http://www.ifta.org, or by email to the editor at journal@ifta.org.
Contributions must be submitted in English, with British
grammar required.
Pa p e r s s h o u l d b e w r i t t e n i n a t h e s i s s t y l e.
A guidance can be found at the following link:
http://www.ifta.org/public/files/publication-downloads/
MFTA_Thesis_IFTA%20Journal_Guide.pdf
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 .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.

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

Editorial Timeline
DecemberCall for papers distributed

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 printerOctober

Conference distribution

November

Web publication

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

IFTAUPDATE 2022 Volume 29 Issue 1

page 13

Calendar-at-a-Glance
Date

Host

Speaker

Location

Time

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

Topic

ATAA

VariesVaries, or online

Varieshttps://ataa.asn.au/

Monthly Meets monthly on second Tuesday and fourth Thursday.

CATA

VariesVia Zoom

8:00 PMhttps://canadianata.ca/
Eastern Time
Zone

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

STANZ

VariesVaries, or online

Varieshttps://stanz.co.nz/

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

STA

VariesOnline orChartered Accountants Hall
1 Moorgate Place,
LondonVarieshttps://www.technicalanalysts.com/
meetings/

2022
April

May

21

Certified Financial Technician (CFTe) Level II Examination

IFTA

NA

NA

NA

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

21

STA (UK) Diploma, Part 2

STA (UK)

NA

OnlineAll day

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

1

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

IFTA

NA

NA

NA

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

2

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

IFTA

NA

NA

NA

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

15

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

IFTA

NA

NA

NA

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

31

IFTA Journal Call for Paper submission deadline

IFTA

NA

NA

NA

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

Jun

No events scheduled for June at this time

Jul

31

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

IFTA

NA

NA

NA

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

Aug

15

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

IFTA

NA

NA

NA

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

Sept

9

Deadline to register for 20 October 2022 Certified Financial Technician IFTA
(CFTe) Level II Examination

NA

NA

NA

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

Continued on page 14

IFTAUPDATE 2022 Volume 29 Issue 1

page 14

Calendar continued
Oct

Nov

TBD

IFTA 2022 Annual Conference2

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

IFTA

NA

NA

NA

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

15

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

NA

NA

NA

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

20

Certified Financial Technician (CFTe) Level II Examination

IFTA

NA

Varies or online

TBA

1

IFTA 2023 Journal Web publication

IFTA

NA

NA

NA

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

15

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

IFTA

NA

NA

NA

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

Dec

No events scheduled for December at this time

2023
Jan
Feb

Mar

No events scheduled for January at this time
15

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

IFTA

NA

NA

NA

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

28

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

IFTA

NA

NA

NA

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

15

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

IFTA

NA

NA

NA

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

IFTAUPDATE 2022 Volume 29 Issue 1

page 15IFTA Member Societies

Board of Directors

CANADA—CATA* Canadian Association for Technical Analysis www.canadianata.ca

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

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

IFTA Update Schedule

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

PUBLICATION SCHEDULE
June Issue

All content due May 15

September Issue

All content due August 15

December Issue

All content due November 15

March Issue

All content due February 15

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

Treasurer Warren Murnane, Dip TA, CFTe, ST & I (Wealth Within) (ATAA)
warren.murnane@ataa.asn.au
Secretary and Membership Director Alek Jankowski, BE, M.Eng.Sc., Grad.Dip.Mgt. (ATAA)
Alek.Jankowski@ATAA.asn.au
Vice President Middle East and Africa Ayman A. Waked, MFTA, CFTe (ESTA)
aymanwaked@yahoo.com
Vice President Europe Clive Lambert, MSTA, CFTe (STA)
clive@futurestechs.co.uk
Vice President Asia-Pacific Hiwon Yoon, Ph.D., CMTA (NTAA)
yoon@cmdlab.co.jp
Vice President The Americas Jeanette Young, CFP®, CMT, M.S. (AAPTA)
optnqueen@aol.com
Examination Director Gregor Bauer, Ph.D., CFTe, (VTAD)
gregor.bauer@vtad.deMarketing Director Constance Brown, MFTA, CFTe
support@aeroinvest.com
Webinar and Workshop Director Bruce Fraser (AAPTA)
rdwyckoff@me.com
Website Director Tamer Gamal, CFTe (ESTA)
tgamal@gmail.com
Director Francesco Caruso, MFTA (SIAT)
info@cicliemercati.it
Director Giovanni Trombetta, CFTA, Electronic Engineer (SIAT)
giovanni.trombetta@gandalfproject.com
Director Yukitoshi Higashino, MFTA (NTAA)
higashino3z@gmail.com
Director Indarwijaya Rangkuti, MBA, CTA (AATI)
indra_senna@gmail.com

Staff

Executive Director Kristen LeBlanc, MPA, CAE
Senior Vice President, Meetings Grace L. Jan, CAE, CMP
Senior Member Services Manager Linda Bernetich, CAE
Vice President, Director of Marketing and Creative Services Jennifer Olivares, CDMP, PCM
Production Manager Maryia Alenchyk
Managing Editor Lynne Agoston
Director of Accounting Services Dawn Rosenfeld

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

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