2018 Volume 25 Issue 3

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

IN THIS ISSUE

President’s Report to Colleagues

1

President’s Report to Colleagues

4

Calendar-at-a-Glance

6

Congratulations New CFTes!

6

MFTA and CFTe Exam Dates

Education Lounge
7

Volume as a Technical Compass forMarket Analysis and Forecasting

10 Trading Algorithms as a Financial
Product: An Innovative Approach to
Algorithmic Trading
15 2018 IFTA Board of Directors Nominees
18 Member News19 In Memoriam
20 Beth W. Palys, IFTA Executive Director
Retires; Successor Named
20 Congratulations New MFTA!
21 IFTA Member Societies
21 IFTA Update Schedule
21 Board of Directors

Next Issue: December 2018
Submission Deadline
All content: November 15—
send submissions to admin@ifta.org
Advertise in the UPDATE and reach morethan 7,000+ IFTA colleagues worldwide.
For more information, go to
www.ifta.org/publications/newsletter/.

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
9707 Key West Avenue, Suite 100
Rockville, MD 20850 USA
Email: admin@ifta.org • Phone: +1 240-404-6508

Dear IFTA Colleagues,
With less than one month to go, the countdown for the 2018 IFTA Annual Conferencein Kuala Lumpur, Malaysia, has alreadybegun. It is undoubtedly that time of year
where things get quite exciting for the IFTA
community. The hosting society (MATA),
led by its president, Nik Ihsan, and the
local conference committee team havebeen preparing for an unforgettable eventin Malaysia.
Over the past months, MATA has been regularly announcing the developments andpreparations for the conference, themed“Navigating Through Time & Volatility.”
With the outstanding list of guest speakers
and intriguing topics, I have no doubt that,
despite challenges, MATA will deliver yet
another successful IFTA event, one that will
leave the delegates with plenty to take backhome. So if you plan to attend but haven’t
registered yet, I strongly suggest that you do
so quickly, before it’s too late! See the IFTA
website https://kl2018.ifta-conferences.org/
for more information.

In addition—and through the marketing
efforts of the MATA conference team, earlier this month, MATA co-hosted a “Market
Outlook Event” along with strong and muchappreciated support and collaboration fromNTAA and AATI. This event was set as oneof the pre-roadshows for the 2018 IFTA
Annual Conference. Our IFTA director/VP
Asia-Pacific, Akihiro Niimi, who was also a
speaker at the event, reported that it wasvery successful, with over 200 attending
delegates.

IFTA 2018

The day preceding the conference, theAnnual General Meeting (AGM) will beheld in Kuala Lumpur at the Kuala Lumpur
Convention Center. The AGM is a unique
opportunity for representatives of IFTA member societies to meet with each other andwith the IFTA board. Both the IFTA board
and member-society liaisons will present andshare their reports on the annual events anddevelopments of their organizations.

IFTA has eight vacant positions, for which
we have received seven applications. The
candidates’ profiles can be found in thisnewsletter. As per the bylaws, IFTA formeda Nominating Committee, consisting thisyear of Rolf Wetzer (VTAD), Gregor Bauer(VTAD), Guido Riolo (STA), Mohamed Younis(ESTA), and Akihiro Niimi (NTAA).

This year’s AGM agenda will include electing candidates for the IFTA board. This year,

Annual General Meeting
Thursday, 25 October
Kuala Lumpur Convention Center(Room#303)
All IFTA colleagues are encouraged andinvited to attend. For further information,
contact the IFTA staff at admin@ifta.org.

Also, in October, two IFTA directors will be
stepping down after completing their terms.
Our dear colleagues Aurelia Gerber (Journal
and newsletter director) and Akihiro Niimi,
Continued on page 5

IFTAUPDATE 2018 Volume 25 Issue 3

page 4

Calendar-at-a-Glance
Date

Host

Speaker

Location

Time

ContactMonthly Presentations from local and international speakers on a comprehensive range of topics (e.g.,

Topic

STANZ
(New
Zealand)

Various

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

Varieswww.stanz.co.nz/

Monthly Meetings are held monthly in nine cities across Australia. All monthly meetings are free to

ATAA(Australia)

Various

Various

Varieswww.ataa.com.au/meetings

Monthly Chapter leaders and their volunteer members serve as ambassadors for the CSTA andCSTA
Chapters(Canada)Various

Various

Varieswww.csta.org

STA

VariesBritish Bankers Association • Pinners Hall 105 – Varies
108 Old Broad Street • London EC2N 1EX

Katie Abberton, info@sta-uk.org

IFTA

NA

NA

NA

admin@ifta.org

Society ofTechnical
Analysts
CanadianSociety ofTechnical
Analysts(CSTA)
IFTA

TBC

CISI

18:30

info@sta-uk.org

TBA

Multiple Locations

10:00am5:00pm

Colin Cieszynski, colin@csta.org

NA

VariesVariesadmin@ifta.org; www.ifta.org

London

13:00

info@sta-uk.org

Ang Kar Yong

"9 Raffles Place #30-02
Republich Plaza Tower 1
Singapore 048619"

7:00pm 9:00pm

https://www.tass.org.sg/

VariesKuala Lumpur Convention Centre, Kuala
Lumpur, Malaysia

Varieshttps://kl2018.ifta-conference.org

NA

NA

NA

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

TBC

CISI

18:30

info@sta-uk.org

NA

NA

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

sharemarket, CFDs, options, futures, FOREX trading, methodologies, money management,
psychology).

members. Visitors are welcome to attend. Bookings are not required. Visitors fee is $30.

plan social and educational events for the area. Events include presentations by industry
professionals and technical analysis experts and peer learning gatherings. Chapters also play avital role in their communities by connecting individuals and promoting technical analysis.
Monthly Meetings & Events: The STA holds monthly meetings in London, usually on the second
Tuesday of every month, except for a summer break in August.

2018

Oct

2
11

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

12 & 13 CSTA Annual Conference

25

Certified Financial Technician (CFTe II) Examination

25

STA Diploma Part 2 Exam

25

Topic to be determined

26-28 IFTA 31st Annual Conference: Navigating Through Time and Volatility
Nov

1

IFTA Journal Web publication

13

MiFID II Panel

15

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

Society ofTechnical
Analysts
Technical
Analysts
Society
Singapore(TASS)IFTA &
Hosted by
MATA
IFTA
Society ofTechnical
Analysts
IFTA

Continued on page 4

IFTAUPDATE 2018 Volume 25 Issue 3

page 5

Calendar continued

2018 continued

Date
Dec

2019

Feb

Topic

Host

Speaker

Location

Time

Contact

IFTA

NA

NA

Variesadmin@ifta.org

3

IFTA Update submission deadline for all news content (mid-December
release)STA Diploma Part 1 Exam

London

10:00

info@sta-uk.org

11

STA Christmas Party

CISI

18:30

info@sta-uk.org

15

IFTA Update submission deadline for all news content (mid-March
release)Master of Financial Technical Analysis (MFTA) Alternative Path,
Session 1 application deadline.
Master of Financial Technical Analysis (MFTA) Session 1 paper
submission deadline
CFTe II Examination

IFTA

NA

NA

Variesadmin@ifta.org/newsletter

IFTA

NA

NA

NA

http://www.ifta.org

IFTA

NA

VariesVariesIFTA

NA

VariesVariesadmin@ifta.org
http://www.ifta.org
admin@ifta.org http://www.ifta.org

IFTA

NA

VariesVarieshttp://www.ifta.org

IFTA

NA

NA

NA

admin@ifta.org

15

Certified Financial Technician (CFTe) Level II – registration opens for
October examination through IFTA website
Master of Financial Technical Analysis (MFTA) Session 1 application,
outline, and fees deadline
IFTA Update submission deadline for all news content (mid-June release)

IFTA

NA

NA

NA

newsletter@ifta.org Attn: Aurélia Gerber

31

IFTA Journal Call for Papers submissions deadline

IFTA

NA

NA

NA

journal@ifta.org

2

STA Diploma Part 1 Exam

London

10:00

info@sta-uk.org

31

Master of Financial Technical Analysis (MFTA)
Alternative Path, Session 2 application deadline
IFTA Update submission deadline for all news content (mid-September
release)Society ofTechnical
Analysts
IFTA

NA

NA

NA

www.ifta.org

IFTA

NA

NA

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

1

28
Mar

15

April

TBA

May

1
2

Jul

Aug

15

Society ofTechnical
Analysts
Society ofTechnical
Analysts

President's Report to Colleagues continued

Vice President–Asia, on behalf of IFTA, I thank you for your profound, active, passionate,
and significant contributions over the past years. I have certainly enjoyed working with bothof you, and I sincerely wish you all the best in your future endeavours.

If you did not get a chance to attend or view this webinar or any others, be sure not tomiss our future webinars in 2018. For more information on how to register, please visit our
website (www.IFTA.org).

IFTA Webinars

In Memoriam

Since our last update on our IFTA webinar program, IFTA Directors Tom Hicks and Ron
William have put together a new webinar consisting of an interview-style session with Dr.
Van Tharp. Interviewed by Ron, the session was titled “Trading Beyond the Matrix.”

On a sad note, IFTA received unfortunate news from MATA on the passing of IFTA’s conference director and one of MATA’s honorary members and a father figure to many MATA
members, Mr. Abdul Wahid Jantan, due to a health complication. On behalf of IFTA, we
Continued on page 6

IFTAUPDATE 2018 Volume 25 Issue 3

page 6

Congratulations New CFTes!

MFTA and CFTe Exam Dates

Deepak Agarwal (ATMA)

Gunjan Dua (ATMA)John Phung

Raunak Agarwal

Christian Etzold (VTAD)

Tejas Lalit Popat (ATMA)

Certified Financial Technician (CFTe)—Level I

Ashish Agrawal (ATMA)

Javier Gonzalez-Barros
MedinaSnezhana Popovska
Amanda Quek Mei Ching (STA)

Syllabus and Study Guide www.ifta.org/public/files/publication-downloads/IFTA_CFTe_Syllabus.pdf

Gregor Heppt (VTAD)

Swaminathan Ramakrishnan(ATMA)

Certified Financial Technician (CFTe)—Level II

Raju Angadi Vishwanath(ATMA)
Fartash Barvarz

Klaus Horn (VTAD)

Akash Ashok Bhatia (ATMA)

Nicholas Jacobsohn

Zulraidi Bin Ali (STA)

Pradeep Govind Salunkhe
Dipl. mp. Stephan Klotz (VTAD) (ATMA)
Michael Schaaf
Sven Kolodzieiek (VTAD)

Gopiballabh Biswas (ATMA)

Nicholas Kothman

William J.D. Broad (STA)

Chenghao Li (FTAA)

Maximilian Andreas
Buchmann (VTAD)

Rohit Mandhotra (ATMA)

Michael Carr

Christopher Mills (STA)

Ananda Bhaumik

Nirvish ChokshiMichel Christie (ATMA)SEENIVASAN D (ATMA)
Yahaya Dan-Sallau (STA)
Angel del Amo Cuevas

Amit Mehta (ATMA)
Raunaq Murarka (ATMA)
Leonidas Neophytou (STA)
Kok Wee Andrew Oh
HITESH PADIA (ATMA)
Jay Patel (ATMA)

Maulesh H. Shah (ATMA)
Ojas Shah (ATMA)
Faisal F. Shaikh (ATMA)

Himanshu Sharma (ATMA)
Rui Shen
Syakur Mohd Suhaimi (STA)
Justin Tang

Date

Offered Year-roundSee our website for further instructions www.ifta.org/certifications/registration/

Exam dates

Exam 1

Exam 225 Oct 201825 April 2019

Closed7 March 2019

Registration deadline
Register at www.ifta.org/register/cfte2.php

Syllabus and Study Guide www.ifta.org/public/files/publication-downloads/IFTA_CFTe_Syllabus.pdf
For more information on the CFTe program, visit www.ifta.org/certifications.

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

Session 2 (2018) Session 1 (2019)
Closed2 Oct 2018

2 May 2019

Paper Deadline

15 Mar 201915 Oct 2019

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

Philipp Tesar (VTAD)John Anthony Zubrinich(ATAA)

President's Report to Colleagues continued

would like to express our heartfelt condolences to Mr. Jatan’s family, friends, and colleagues
in the MATA and IFTA communities.
Last, but not least I would like to thank all member societies who shared updates and news
from your local societies with us. Sharing information, knowledge, and experience is andwill always be, in spirit, the reason why IFTA exists and continues to do so.

28 Feb 2019

Application/Outline Deadline

Hope to see you all in Malaysia at the 31st Annual IFTA Conference!
Best regards,

Mohamed El Saiid, CFTe MFTA
IFTA President

IFTAUPDATE 2018 Volume 25 Issue 3

page 7

Education Lounge

Volume as a Technical Compass for Market Analysis and Forecasting
By Emmanuel Tweneboah Senzu, Ph.D.

Introduction

Volume as a technical indicator for forecasting has been least studied as a theoreticalguide in capital market analysis, which the content of this article seeks to expose in brief,
the critical ingredient of volume forecasting and its related opportunities for traders.
[Trading Volume] is a total amount of transactions observed in a specific market, placeover a specified timeframe (Business Dictionary, 2018). It could equally be expressedas an amount of a given set of securities traded during a given period of time or termed
as the number of contracts traded.
Volume trading forecast operates on the axiom that, any market has to produce a buyer
and a seller, where they agree to transact and come to a consensus on price—termed“market-price”— in which each transaction contributes to the account of the total volume.
It is experimentally proven that volume is usually higher when the price of a security ischanging. The most basic use of volume in futures markets is to analyze it in relation
to liquidity. It is observed that futures traders have a high probability of receiving best
execution fill, where there is great liquidity of the market. For quality trading in volume,
one must analyze the aggregate of all contracts in the market within a certain time
period to give their analysis more than one dimension. Measuring the total volume of
the market helps to level out the patterns of increasing and decreasing participation
based on the incoming and outgoing of individuals’ delivery in months and so on.

It is further observed that in the futures market, the total volume of the market will not
be available immediately; therefore, tick volume is used as substitute. [Tick Volume]is the number of changes in price, regardless of volume, that occurs during a given
time interval. For this reason, tick volume is normally used in placed of actual volume
in futures market.
Interpreting “Volume” Using “Open Interest” in Futures Market
 A rising volume and an open interest confirms a trend in the market.
 A rising volume and a falling open interest suggest position liquidation.
 A falling volume and a rising open interest point to a period of slow accumulation.
 A falling volume and a falling open interest depicts a congestion phase.
“Volume” and “Open Interest” as a Trading Guide in Futures Market
 Open-interest increases during a period of an exhibited trend.
 Volume declines during accumulation phase, while open interest builds with volume
occasionally spiking.
 Decline in volume or open interest and rising prices indicate a pending change ofdirection of trend.
Importance of Volume Tracking
 It acts as support and resistance.
 It allows identification of accumulation and distribution days on a trading chart.
 Knowing the entering and exit point of the market.

IFTAUPDATE 2018 Volume 25 Issue 3

page 8Volume as a Technical Compass continued

Education Lounge

Candlesticks as a Volume Forecaster

When volume increases in the direction of the trend, it indicates the likelihood that thecurrent trend will continue, but if the volume declines while trend progresses, then thereis less chance that the trend will continue. How do candlesticks project volume of themarket? It is expressed in its body size—the higher the volume of the market, the wider
the real body size of the candlesticks; however it is scientifically reliable to look for the
relative volume spikes rather than absolute volume figures from candlesticks volume
forecasting. During volume reading of candlesticks, when a rising window appears, it
is viewed as a potential support, which is further observed. As the higher the volumeof the window, it just enhances its effectiveness. In the case of a falling window, it act
as a resistance. Per the general candlestick trading rules, it could easily be stated thatthe longer a particular type of candle colour. with wide-sized real body, continuing in acertain directional pattern indicates a rally continuation, as shown in Figure X1.

chart are blue, and further exchange again with the bearish candles on 7th July with arelatively small real body size with an interval insertion of wide-white candlestick real
body size, signifying a low-market volume of trade with volume spikes within a periodof a bearish trend, which comes to an end on the 19th July 2018.

Popularly Used Indicators as a Supplementary Tool for Market
Volume Analysis and Forecastingi.

[Money Flow Index] is used as an oscillatory indicator, which measures the inflow
and outflow into a security over a specific period of time in the use of price andvolume to measure trading pressure. As an indicator, it signals a line over 80%, suggesting the security is overbought, while a signal line below 20% suggests oversold.
This indicative tool is known to have been developed by Gene Quong and Avrum
Soudack and is sometimes termed as volume-weighted RSI. Its operational function
in volume detecting and forecasting analysis is graphically exhibited in Figure X2.

Figure X1. Senzu, T.E. (2018)
Figure X2. Senzu, T. E. (2018)

In critical observation of the chart, you will realize that the body size of the whitecandles, which represent the bearish price of the Gold market and the high volume oftrade, rallying from 14th June to 3rd July 2018, declines gradually and continually whenapproaching 3rd June and moved to exchange with the bullish candles, which in thisIn the graph in Figure X2, above, the sign-post label “17.19” exposes an MFI-line signal
below the 20% region, indicating the degree of volume decline of USD/JPY trade as at
19th June, 2018. However, such an instrument was noted to have gained its momentum

IFTAUPDATE 2018 Volume 25 Issue 3

page 9Volume as a Technical Compass continued

Education Loungeof trade at the region of 80% on the 21st June, 2018; thereafter, it declined yet swung
above 20% and below 80%, with about 79% of the signal from 19th June to 30th July,
2018, having the signal above 50% the region of the market trading volume, which
confirms a relatively high patronization in USD/JPY trade of the market within the 30
active market operating hours.

that the price movement was generally very low, at an average of 0.2796, which carried
96% of the market volume within the 30 active market working hours, with the exception of 12th July and 24th July, 2018, in which the market price movements were signaling
above 0.500 to 0.6132 on average. An easy way to predict the degree of the market
volatility in the near future as 12-day or months ahead.

ii.

Conclusion[Standard Deviation] is a trend indicator, not exactly as a volume barometer, justas Money Flow Index, On-Balance-Volume Indicator, Price and Volume Trend, andAccumulation/Distribution Index, but measures the size of recent price movementsof an asset to predict how volatile the price may be in the future. It has the quality as an indicator to determine whether the volatility of the price will increase or
decrease, which is synonymous to rise and fall of the market volume. The chart in
Figure X3 below depicts how Standard Deviation could explain how market volume
could be analyzed for forecasting purpose.

Figure X3. Senzu, T. E. (2018)

Figure X3 depicts a standard deviation indicator, measuring the extent of the price movements of USD/JPY as at 19th June-30th July, 2018. The graphical observation indicates

In conclusion, a quality theoretical understanding of market volume could be a reliable
compass for an accurate forecasting.
Emmanuel Tweneboah Senzu, Ph.D., is a professor of economics and investmentbanking with Frederic Bastiat Institute and Cape Coast Technical University,
Ghana. He is an economic research fellow to the African School of Economics,
Republic of Benin, with a deep theoretical interest in investment banking focusedon the area of technical analytics in the use of indicators efficiency andeffectiveness examinations. He can be reached at Tsenzu@fbiresearchedu.org.

IFTAUPDATE 2018 Volume 25 Issue 3

page 10

Education Lounge

Trading Algorithms as a Financial Product: An Innovative Approach to
Algorithmic Trading
By Ruslan Mikhailov, CFTe, FRM, and Dan Valcu, CFTe
What if you could buy a straddle or a strangle with no premium payments? What if you
could get diversification with only one stock or one future contract in your portfolio?
What if you could hedge against market panic and even get return from your hedge?
All these can be done by turning trading algorithms into new financial instruments. Thisis exactly what the company Tradingene aims to do. Tradingene is the marketplace forapproved trading algorithms. The platform enables traders to create algorithms, attract
capital, and earn success fees. On the other hand, investors can select algorithms
that match their portfolios and adjust algorithms’ risk-return to fit their preferences. By
combining the technological breakthroughs, such as blockchain, and a new innovative
business model, the company brings the financial industry to the next evolutionary step.

portfolio if you had enough money and strong financial background, and you could give
your funds to an asset manager, if you knew one. In this aspect, there were no financial products that would imitate the results of a diversified portfolio or asset manager.
That is why index investments and asset managers could be considered methods ofinvestments at that time. Today, however, both turned into widely available financial
instruments—index futures and ETFs, respectively. You can own a diversified portfolio
if you buy S&P index futures, for example. You can also “give” your money to an asset
manager if you buy ETFs at the market. In this sense, your returns will imitate the returnsof this ETF asset manager. From this point of view, trading algorithms are still at the
beginning of the very long journey.

A new financial product: trading algorithms

Opportunities for the new financial product

Much has changed since Ed Seikota first automated his futures trading strategy andcreated algorithmic trading back in the 1970s: computers have become common place,financial markets are available to everyone at a touch of a button, and $5,000 of the
trader mentioned above became $15 million. Today, anyone with programming andtrading skills can create a trading algorithm.
On the other hand, virtually no investor has an opportunity to invest in trading algorithms. By investor, we imply anyone who owns or plans to own any financial instrument.
When Tradingene founders wanted to create a diversified portfolio of trading algorithms,
they couldn’t find any place
offered such services.
Trading algorithms that
The reason is that algorithms were and remain aremain a trading than investment product.
method of trading rather
method. All
By method, we imply a setof actions that an investor needs to do to get an successful methods outcome and that cannot
be achieved using only
have evolved into one financial instrument or
product. Let’s think about
indices and asset
financial products. market
managers. Several decadesago, index investments
and assets managers weren’t available to everyone. You could create a diversified

If trading algorithms could become new liquid financial instruments, we could seesome dramatic changes in the financial industry. Just imagine a situation when a fundmanager or a private investor wants to buy a strangle
or a straddle because she/he anticipates a directional movement. What Converting trading if we can substitute thisalgorithms into a trend-following algorithm’swith a future contract of a
return? Imagine a situation
financial product when an investor can get
a unique market diversification by trading only one
can change
future contract or stock
trading, hedging but owns 10 or 15 different
algorithms with low correlations. Imagine a situation when you can hedge and diversification market panic and easily
approach.
limit your losses on Black
Monday-like days. The
consequences from turning
automated strategies into
financial instruments can shift our opinions about trading, diversification, hedging, andthe financial industry as a whole.
However, turning trading algorithms into financial instruments is much easier said thandone. Algorithms require a deep understanding of the financial markets, programmingskills and rigorous backtesting procedures. Besides, there are such challenges as

IFTAUPDATE 2018 Volume 25 Issue 3

page 11

Education Lounge

Trading Algorithms as a Financial Product continued

liquidity, algorithm efficiency, common standards, and copyrights. Tradingene offers
a new way to solve these issues and turns trading algorithms into a new available
financial instrument.

The philosophy behind the innovative approach

At its core, Tradingene is an innovative marketplace for trading algorithms. The platform
provides a place where anyone can develop, backtest, and raise capital for trading algorithms. On the other hand, Tradingene allows anyone to invest (starting from $1,000) intrading algorithms linked to their own accounts, and to pay a success fee only in cases
where algorithms earn money.
The concept isn’t new; however, the devil is in the details. Tradingene uses a number ofinnovations, both in terms of technology and business models, to make the algorithmic
trading market much more efficient.
First of all, Tradingene divides algorithm creation into three stages. All of them aredone by different platform
participants.
The algorithm design,
exit logic and risk managedevelopers.

Tradingene is themarketplace fortrading algorithms,
where you canbuild, test, and use
algorithms on youraccounts.

which includes entry andment, is done by algorithm

T h e b a c k te s t i n g p r o ce d u re s a re d o n e by
Tradingene, which uses
well- established andapproved techniques, suchas walk-forward analysis,
stress-testing, and Monte
Carlo simulation to backtest and evaluate the algorithms. Tradingene also sets minimal requirements achieved
during every stage of the backtesting procedure to quantify and qualify for the algorithm
acceptance on the platform.
The money management is done by algorithm investors. It is much more reasonable toallow investors to adjust algorithms to fit their own risk-return preferences. By implementing the most popular and custom money management strategies, such as fixed-fractional,
fixed-ratio, maximum drawdown, and others, as an independent module, an algorithm’s
ability to attract capital increases several times because it can be used by investors withdifferent risk-return preferences.

The next challenges to address are market liquidity and algorithm efficiency. Theseissues are solved by the Tradingene auction mechanism. It allows algorithm investors
to make bids on how much money they would like to attach to the algorithm and what
success fee they are willing to pay to the developer. The best bids that lay within theliquidity limits are connected to the algorithm. Liquidity limits minimize the risk that thealgorithm will move the market by itself.
The last two challenges are intellectual property protection and reverse engineering.
Intellectual property protection is solved using the blockchain and smart-contracttechnology. All algorithms
become a part of condiTechnologicaltions defined between adeveloper and Tradingene.
breakthroughs,
Only when the developer
states that she/he is willing to profit from her/his such as blockchain, algorithm, a smart-contract
is triggered and allows
and an innovative Tradingene to use thealgorithm.
business modelallow Tradingene

Reverse engineering will
also be hard to carry on
because nobody sees his- to solve key market torical trades. Only results
issues.
and an equity curve arepresented to investors. This
information is sufficient to make a thoughtful decision and to keep the algorithm’s
definition safe.

Equity curves

Tradingene builds the platform that allows developers to attract capital for their algorithms, allows investors to diversify their portfolios, and creates a new financial instrument. The platform is already operational, and investors already started earning moneywith it. Here are a couple of examples of algorithms that already work on investors’
accounts. Tradingene treats equity curves as a “new asset’s price dynamics.” This canbe displayed as candles or bars as well, with every candle/bar representing the beginning equity [open price], the maximum [high], and minimum [low] equity achieved during
the trade. The closing equity equates to the [close]. This allows us to include maximum
adverse and positive excursions directly into the equity chart.
Equity curves are the result of trading algorithms developed by nonprofessional traders, and this is an important fact to emphasize. Very often, amateurs simply cannot
find an effective way to attract capital, and their algorithms are left unexplored. The

IFTAUPDATE 2018 Volume 25 Issue 3

page 12

Education Lounge

Trading Algorithms as a Financial Product continued

biggest part of this is that algorithms will generate loss, but there are some that will
earn good profits. And considering the number of algorithms developed by amateurs,
the number of good algorithms in absolute terms may equate to those developed byprofessional traders.

Future direction

Tradingene is the new marketplace for trading algorithms and uses innovative
approaches and technologies. Tradingene is built to bring together developers andinvestors, generate additional returns on their assets, increase diversification andtrust, and reduce transactions costs. At this stage of its development, Tradingene’s
algorithms are already available for the cryptocurrencies market and will expand to
traditional markets later this year. The platform also plans to launch Machine Learning
equity curve management tools and new efficient backtesting models and approaches,
which will be open to the market. By doing so, Tradingene hopes to set standards andcode of conducts for backtesting procedures.
Now it’s the best time to join this new marketplace and work with Tradingene in building a new efficient platform suitable for all traders and creating a new financial instrument—trading algorithms.
Ruslan Mikhailov, CFTe, FRM
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IFTAUPDATE 2018 Volume 25 Issue 3

page 152018 IFTA Board of Directors Nominees (Term October 2018–October 2021)
Mohamed El Saiid, CFTe, MFTA

Thomas Hicks, MSTA

Current Board Member: Yes

Current Board Member: Yes

Nominated by: ESTA (Egypt)

Mohamed El Saiid is currently an executive director and head of the technical analysis department
for HC Brokerage (HCB),
Cairo, Egypt. He started
his career working for
Momentum Wavers, Ltd.,a Middle East technical analysis firm
(2001–2004). He joined HCB as an associate/lead technical analyst (2004–2006),
and later joined Unifund, a Geneva-based
global private fund (2006–2007) as achief technical strategist/co-fund manager
to the Middle East investments. Mohamed
holds an MBA in finance and is currently
the president of IFTA as well as a directorof the Egyptian Society for TechnicalAnalysts (ESTA). Mohamed previously
held several other positions, including
chairman of ESTA and ESTA head of the
Education Committee. Mohamed has
authored several TA-related articles anddeveloped several indicators, including
the Volatility-Based Envelopes (VBE), theImplied Volatility Projection Range (IVPR),
and Relative Performance Candlestick
Charts (RPCC).

Nominated by: STA (UK)Tom Hicks is a co-founder
and trader at IFTM
Capital, a systematic
trading business implementing technical analysis. He started trading at
Standard Bank, where forfive years, he ran the G7
desk focusing on fixed income and thentrading emerging market rates andoptions. It was here that he starting looking at technical analysis with systematic
trading and afterwards, gained the MSTA
diploma. He actively used the qualification
to provide advice to clients as an options
broker at a number of brokerage firms.
Tom’s background is in engineering, andhe holds a degree in systems engineering(MEng) from Warwick University. Tom is amember of the board of directors of theSociety of Technical Analysts (STA).

Nik Mohd Ihsan Bin Raja
Abdullah, MSTA, CFTe

Nominated by: MATA (Malaysia)
Current Board Member: Yes

Nik Ihsan Raja Abdullah,
MSTA (Distinction), CFTe,
is a chartist for research,
Maybank Investment
Bank Behad. He is
C e r t i f i e d Te c h n i c a l
Analyst and has beenr e co g n ize d b y b o t hUnited Kingdom Society of TechnicalAnalysts (UK STA) and IFTA. As an active
speaker and trainer of technical analysis,
he often shares his insight with corporate
and individual investors at seminars aswell as reaching the public through social
media and the local print media. To date,he has trained and taught over 3,500 individuals from various backgrounds, including financial market professionals. Nik
Ihsan is among a very small number in theworld who has acquired the highest pedigree of Distinction for MSTA Program andcurrently permanently lectures for the
MSTA Diploma Program in collaboration
with PRIBUMI-MATA and UK STA. He iscurrently the president of the Malaysian
Association of Technical Analysts (MATA).

Saleh Nasser, CMT, CFTE
Nominated by: ESTA (Egypt)Current Board Member: Yes

Saleh Nasser is currently
the chief technical strategist of Pioneers Holding.

Prior to joining Pioneers,
Saleh was the executive
director and the chief
technical strategist of
Pharos Holding from 2009 until May 2017.
Saleh was also the chief technical strategist of CIBC from 2001 until 2009, and he
was a member of the CICapital investment committee. He worked as a chief
technical analyst in Flemings CIIC from2000 until 2001.
Saleh has served on the board of directors of IFTA for many years, and he served
as IFTA’s secretary general and head ofeducation. He worked on a committeethat was responsible for updating IFTA’s
bylaws. He is the originator of the CETA
Professional Program, sponsored by the
Egyptian Society of Technical Analysts—
one of few international degrees accredited by IFTA as equivalent to the CFTe.
Saleh was a speaker at the 2003 IFTA
Annual Conference held in Washington,

IFTAUPDATE 2018 Volume 25 Issue 3

page 162018 Board of Directors Nominees continued

D.C., where he introduced his new indicator (Deviation Oscillator). He wasalso a speaker at the 2016 IFTA Annual
Conference held in Sidney, Australia.
Saleh was also invited as a speaker andkeynote speaker at many other seminars
and conferences.

Karin Roller, CFTe

Nominated by: VTAD (Germany)
Current Board Member: Yes

Karin Roller is an independent trader and tradercoach. She holds theGerman Stock Broker
license and worked at
the stock exchange in
Stuttgart at the Trading
Surveillance. She is aboard member of the German Associationof Technical Analysts (www.vtad.de) andis in charge of the chapter in Stuttgart.
Karin also has authored several books
about technical analysis, including
Ichimoku Trading, Set G oals wit h
Fibonacci and the German Trading für
Dummies. Karin writes stock analysis andarticles for leading financial newspapers.
She runs seminars and workshops on
technical analysis for private and institutional Investors, including preparing seminars for the CFTe exams. Karin holds a
degree in biology from the University
Hohenheim/Stuttgart.

Ron William, CMT, MSTA

Nominated by: SAMT (Switzerland)
Current Board Member: Yes

Ron William, CMT, MSTA,
is an accomplished market strategist, educator,
and trader with 17 yearsof f inancial indus tr y
experience working forleading economic
research and institutionalfirms and producing macro research andtrading strategies. He specializes inmacro, semi-discretionary analysis, driven
by c ycl e s a n d p ro p r iet a r y t i m i n gmodels.
Ron also serves as an active trading mentor specializing in trading psychology,
using the NLP model, and Van Tharp
Peak Performance™. Previously, Ron wasa senior tactical and market timing strategist at the ECU Group, a global macro
investment and advisory firm. He was partof the Multi-Asset Research and Advisory
Team headed by Robin Griffiths, applying
his signature “Roadmap” cycle model.
Ron’s work, as part of his current institutional market advisory firm (RWA),
acquired global industry recognition
with the 2014/2013 Finalist Award for“Best Independent Research House for
FX” and the 2012 Finalist Award for “BestTechnical Analyst of the Year.” His market insights are featured regularly acrossnotable industry publications and financial
media programs, most recently featuring
U.S. presidential election cycle analysis,
GBP/USD Brexit impact, and EUR/USD
parity risk .
Ron dedicated four years to working at
Bloomberg L.P as a senior technical analyst specialist, responsible for training/
consultation across the EMEA region, andcontributed to the development of charting strategies and the technical analysis
platform of the Bloomberg Professional
Service™.
Ron is a board member of IFTA, vice president and head of the Geneva Chapterof the Swiss Association of Market
Technicians (SAMT), and Honorary member of the Egyptian Society of TechnicalAnalysts (ESTA). He is also co-founder of
the SAMT CFTe Immersion Course and
SAMT Journal.

Hiwon Yoon, PH.D.

Nominated by: NTAA (Japan)
Current Board Member: No

Since 2007, Hiwon Yoon
has been president of
CMD Laboratory Inc. He
manages the firm andcreates models for financial markets. He also
serves as a councilor of
the Nippon TechnicalAnalysts Association (NTAA).

From 2000 to 2007, he was director of
CMD Research Ltd., where he managed
the firm and analyzed financial markets.
From 1996 to 1998, he was a trader ofJapanese stock for Salomon Smith Barney(Japan), where he traded a portfolio ofJapanese stock and derivatives. From1993 to 1996, he worked in sales of Asianstocks for Salomon Brothers Asia Ltd(Japan), marketing Asian products, suchas stocks and derivatives. From 1992 to
1993, Hiwon was a trader of Asian stocks
for Salomon Brothers Hong Kong Ltd(Hong Kong). In this position, he managed
arbitrage positions for Asian stocks andderivatives. From 1989 to 1991, he was atrader of Japanese stocks for Salomon
Brothers Asia Ltd (Japan), where he traded
Japanese stock and derivatives.
Hiwon has a Ph.D in mechanical engineering from Keio University in Japan. In 1989,
he received his M.S. in hydrodynamics
from Keio University in Japan. He has anumber of publications, presentations,and patents.

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IFTAUPDATE 2018 Volume 25 Issue 3

page 18

Member News
AATI (Indonesia)

Asosiasi Analis Teknikal Indonesia (AATI) held a successful technical symposium on
May 3, 2018, in the Indonesia Stock Exchange seminar room. The symposium involved
approximately 150 attendees.

TASS (Singapore)

The Technical Analysts Society Singapore (TASS) AGM was held on July 25, 2018, at
Landmark Restaurant, Village Hotel, Bugis, Singapore. Approx 60 members and nonmembers participated in this successful event.

Three guests from NTAA (Nippon Technical Analyst Association)—Mr. Akihiro Niimi, Mr.
Yukitoshi Higashino, and Mr. Takashi Nakamura—presented on interesting subjects:
 Variable Cycle Moving Average: How to extract trends with time dependent parameters Forecasting Asian Stock Market on Ichimoku
 New Trend of Technical Analysis in Combination with Fundamental Approach andBehavioral Finance Theory
This event was powered by The Indonesian Capital Market Institute (TICMI), with link
https://ticmi.co.id/seminar/simposium01.
AATI is looking forward to the next event, in collaboration with any IFTA member society,to raise the Indonesian technical community to the next level.

From left to right: Ms. Fela (TICMI–IDX), Mr. Bayu (TICM– IDX), Mr. A. Inderahadi Kartakusumah (AATI
Chairman), Mr. Takashi Nakamura (NTAA), Mr. Yukitoshi Higashino (NTAA), Mr. Akihiro Niimi (IFTA Vice
President Asia Pacific–NTAA), Mr. Gideon Lapian (AATI General Secretary)

President Wang indicated that CMC Markets and City Index are kind enough to offerand sponsor their seminar room free-of-charge for TASS’s monthly event. In additional,
CMC Markets also provided storage space for TASS library books. Other colloborations
took place in 2018 with other technical analysis societies, such as NTAA (Japan), who
conducted a very successful session for TASS on May 4, 2018.

IFTAUPDATE 2018 Volume 25 Issue 3

page 19

Member News continued
Other topics discussed and highlighted include: TASS past year events, where
various speakers from local andoverseas participated.
 TASS members have benefited
from regular IFTA webinars
session.
 There are over 2,500 membersin the TASS Facebook group,
which is very encouraging.
 CFTe certification program and FAQ.
 Financial report.
 Upcoming IFTA 2018 Annual Conference in Kuala
Lumpur—members are encouraged to attend the event.
Future roadmap for TASS: Speaker rating system by members through online
feedback.
 TASS members are encouraged to present in monthly
meeting to share their TA knowledge.
 The TASS mobile app has recently gone live!!
As there was no other nomination, the proposed names
were elected as the committee for 2018/2019.
President, Wang Tao
Vice President, Lim Tat Seng
Treasurer, Ng Soon Yin, Christina
Secretary/Webmaster, Lye Ming Chye
Librarian, Jonathan Tan Boon Shiong

In Memoriam
Ir. Abdul Wahid Bin Jantan, CPEng (USA), MATA (Hon) FELLOW (MY)The recent passing of our beloved
Abdul Wahid Jantan (AWJ) has
left an irreparable dent in theworld of technical analysis, particularly in Malaysia. He was our
fellow, our conference director,
our mentor, our friend and verymuch our family. Among his mostnotable work is the AWJ Elliot
Wave to W TO ( Wahid Time
Occurrence), a methodology that is deeply rooted fromhis character. He was a man with a strong sense of justice, a man with high integrity, having a sharp mind, fullof thought provoking ideas and unbendable principles
whilst in possession of a gentle heart. That was AWJ.
AWJ has taught hundreds, if not thousands of professionals from both the financial and oil & gas industries, notonly within Malaysia but also around the world.
His death was a big loss to all of us. No more witty jokes,
no more father-like advise, no more mentoring, no moreunique laugh, and lastly, no more guidance, particularly
to the young generation who looked up to him whilst
following his industrious and colourful career.
AWJ was the principal consultant at AWJ Consulting, a
corporate finance and management consulting outfit.
He was oil & gas advisor, president and CEO of Pegasus
Resources Sdn Bhd, a company trading in crude oil andthe products rice and sugar. He began his career as apetroleum refinery engineer with CONOCO Oil Refinery
in Humberside, England. He later joined Merrill Lynch &Co as a trader in energy, commodities, currencies andfinancial futures. Following this, he joined Telerate AP–
Dow Jones and then went on to work for Reuters Ltd in
its business, financial information and IT sectors. AWJ was
the managing director of Asia-Pacific Petroleum Refining
Corp Ltd (APRC). He was appointed as consultant andhead of corporate and institutional financing of the Bank
Islam Malaysia.
AWJ graduated with a B.Sc. in chemical engineering andholds an MBA and CPEng. He is the Honorary Fellow of
the Malaysian Association of Technical Analysts (MATA).
Since 1996, AWJ had been involved in FTA markets training with major corporate and investment houses. His
extensive client list included EPF, PNB, PETRONAS,
PETCO, MITCO, Crude Oil Group, PETCHEM, Group
Treasury and Finance, KWAP, MAVCAP, Malaysia LNG,
Permodalan BSN, Labuan RE, Engen Petroleum Ltd (South
Africa), Petronas London, some Russian banks and oilcompanies, and the Kazakhstan government.
We, at MATA promise to continue practicing his “ilmu.”
We will continue to teach to others what we have learned
from AWJ so that more people can benefit from it. His
generous nature, skills, and character will be replicatedby the younger generation, as we will work hard to spread
his teachings to the public. Even though he is no longer
with us, he’ll be forever in our thoughts, minds and hearts.
Thank you very much for opening the way for us, but for
now—let us carry the torch. Let us be the beacon for the
next generation. Until then, have a rest Sir.. InsyaAllah,
we’ll be seeing you soon…

IFTAUPDATE 2018 Volume 25 Issue 3

page 20

Beth W. Palys, IFTA Executive
Congratulations New MFTA!
Director Retires; Successor Named
Beth W. Palys, FASAE, CAE, has retired as IFTA executive director. Succeedingher in that role is Charles W. L. (Chip) Deale. Like Palys, Deale is a fellow of
the American Society of Association Executives (FASAE) and a Certified
Association Executive (CAE).
In announcing Palys’ retirement, IFTA President Mohammed El Saiid praised
her decade-plus of service to the Federation and her major role in its history. He said that,“Beth always was there to provide us with valuable support and critical information when it
most was needed to steer IFTA forward.” He also thanked her for “being passionate about
and a believer in IFTA throughout the years.”

Charles (Chip) W.L. Deale, FASAE, CAE, IFTA’s New Executive Director

Chip Deale is a career-long association executive with four-plus decadesof senior-level roles at national and global nonprofit organizations. His
background includes considerable international experience, particularly
during a nearly 14-year tenure at CFA Institute. CFA Institute is the premiere global association for investment management professionals andthe organization that administers the Chartered Financial Analyst (CFA)
credentialing program. There, Deale led a department that provided strategic planning,leadership development, and other support services to a worldwide network of affiliated societies.

Dr. Oliver Reiss, CFTe, MFTA

MFTA Research Paper Title: Empirical Mode Decomposition—
Application to financial time series with chart projection
Dr. Oliver Reiss, CFTe, MFTA, received a master’s degree in physics fromthe University of Osnabrueck (1998) and a Ph.D. in mathematics from the
University of Kaiserslautern (2003)—the latter for his research on financial
mathematics performed at the Weierstrass Institute in Berlin. Since then, he worked in thebanking industry, and today, Oliver is a self-employed consultant for financial institutions witha focus on risk controlling, derivatives pricing (quant), and the related IT implementations.
As a private investor, Oliver was interested in technical analysis and joined the VTAD when
he became a freelancer in 2011. Currently, Oliver serves as deputy manager of the VTAD’sregional group in Dusseldorf and is a frequent attendee of the IFTA conferences. Due
to his mathematical and programming expertise, he is focused on the development andbacktesting of mid-term trading strategies.
In his MFTA research paper, Oliver presents a good introduction into the Empirical Mode
Decomposition (EMD), which is designed to identify cycles with changing amplitude or
wavelength. To use this technique on financial time series, Oliver improved the EMD algorithm to increase the stability on the right-hand end of the data. Furthermore, he presents
three applications of the EMD. At first, a new kind of moving average is introduced, whichis adapted to the obtained cycles. Secondly, a projection technique is provided, which isbased on the idea to continue the identified cycles by damped oscillations. And finally, two
profitable trading strategies based on the EMD are introduced and back-tested.

IFTAUPDATE 2018 Volume 25 Issue 3

page 21IFTA Member Societies

Board of Directors

AUSTRALIA—ATAA Australian Technical Analysts Association www.ataa.asn.au
CANADA—CSTA Canadian Society of Technical Analysts www.csta.org
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
GHANA—BSG* Bastiat Society Ghana https://bastiatghana.org
HONG KONG—FTAA Financial Technical Analysts Association www.ftaa.org.hk
INDIA—ATA Association of Technical Analysts www.ataindia.in
INDIA—ATMA* Association of Technical Market Analysts www.atma.ac
INDONESIA—AATI Asosiasi Analis Teknikal Indonesia
ITALY—SIAT Società Italiana di Analisi Tecnica www.siat.org
JAPAN—NTAA Nippon Technical Analysts Association www.ntaa.org.jp
LEBANON—LSTA Lebanese Society of Technical Analysts www.lstalebanon.com
MALAYSIA—MATA Malaysia Malaysian Association of Technical Analysts www.malaysianchartist.com
NEW ZEALAND—STANZ Society of Technical Analysts of New Zealand www.stanz.co.nz
NIGERIA—TASN Technical Analysts Society, Nigeria www.tasnigeria.org
ROMANIA—AATROM Asociatia Analistilor Tehnici din Romania www.aatrom.org
SCANDINAVIA—STAF Skandinaviens Tekniska Analytikers Förening www.staf.nu
SINGAPORE—TASS Technical Analysts Society (Singapore) www.tass.org.sg
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

President Mohamed El Saiid, MFTA, CFTe (ESTA)
m.elsaiid@gmail.com* Developing

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 andcost-effective way to communicate with IFTA’s member societies and colleagues.

PUBLICATION SCHEDULE
December Issue

All content due November 15

March Issue

All content due February 15

June Issue

All content due May 15

September Issue

All content due August 15

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

Vice President Middle East and Africa Tamer Gamel Edin Hassan (ESTA)
tgamal@gmail.com
Vice President Europe Simon Warren, MSTA, CFTe (STA)
simonwarren18@gmail.com
Vice President Americas Jeanette Anne Schwarz-Young, CFP®, CMT, M.S. CFTe (AAPTA)
optnqueen@aol.com
Vice President Asia-Pacific Affairs Akihiro Niimi, MFTA, CFTe (NTAA)
niimia@aifam.jp
Treasurer and Website Director Karin Roller, CFTe (VTAD)
karin.roller@vtad.de
Director Francesco Caruso, MFTA (SIAT)
info@cicliemercati.it
Conference Director Ir. Abdul Wahid Bin Jantan, CPEng (MATA)
ajwahid@awjpegasus.com
Development Director Ron William, MSTA, CMT (SAMT)
ron.william@samt-org.ch
Education Director Gregor Bauer, Ph.D., CFTe (VTAD)
gregor.bauer@vtad.deExamination Director Saleh Nasser, CFTe, CMT (ESTA)
saleh.nasser@pharosholding.com
Secretary, Development Director and Asia-Pacific Affairs Takashi Nakamura, MFTA, CFTe (NTAA)
nakamtak@mse.biglobe.ne.jp
Journal and Newsletter Director Aurélia Gerber, MFTA, MBA, CFA (SAMT)
aurelia.gerber@ifta.org
Membership Director Alek Jankowski, BE, M.Eng.Sc., Grad.Dip.Mgt. (ATAA)
Alek.Jankowski@ATAA.asn.au
Marketing and Webinar Director Tom Hicks (STA)
tom.hicks@live.co.uk

Staff

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

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