2019 Volume 26 Issue 4

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

2

Congratulations New CFTes!

3

Member News

Education Lounge
6
8

GBP/USD 8-Year Cycle Targets 1.40,
Post-UK Elections

Congratulations New and Re-elected IFTA
Board Members

10 Congratulations 2019 Lifetime
Achievement Awardee
Robert R. Prechter Jr.
11 MFTA and CFTe Exam Dates
11

IFTA Journal 2020–Now Available!

13 Calendar-at-a-Glance
15 IFTA 2019–Cairo, Egypt
Panel Discussion, hosted by Ron William,
CFTe, IFTA Board Member
19 IFTA Journal Call for Submissions and Rate
Card
22 Board of Directors/Member Societies

Next Issue: March 2020
Submission Deadline: February 15
Education Lounge articles: Send
submissions to newsletter@ifta.org.
All other content: Send submissions toadmin@ifta.org.
Advertise in the UPDATE and reach morethan 7,000+ IFTA colleagues worldwide.
For more information, go to
www.ifta.org/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
1300 Piccard Drive, Suite LL 14
Rockville, MD 20850 USA
Email: admin@ifta.org • Phone: +1 240-404-6508

Dear IFTA Colleagues,
A s mos t of you areaware, this year we heldour 32nd IFTA Annual
Conference in Cairo,
Egypt, in October. The
conference was hosted by the Egyptian
Society of Technical Analysts (ESTA).
With outstanding team effort, collaboration, organization, and hard work, ESTA
succeeded in delivering yet another spectacular IFTA conference, with a brilliant listof guest speakers, intriguing topics, and an
excellent choice of venue.
In recognition for his tremendous undertaking and great accomplishment this year, I
offer a special thank you note to our IFTA
colleague and conference director, Tamer
Gamal. During the 10 months prior to thisevent, Tamer has shown a remarkable quest
for excellence and an unwavering commitment to delivering an IFTA conference worthy of the IFTA community standards.

I would also like to thank the Conference
Commit tee —Shaimaa Abdelmajeed,
Mohamed Ashraf, and Saleh Nasser—for
all their heartfelt efforts and contributions
to this conference.

IFTA

Last but not least, I thank the ESTA president, Ahmed Shehata, and the ESTA
board of directors, including Shaimaa
Abdelmajeed, Mohamed Younis, andHytham Abdel Samea, for their vote of confidence and for providing the Conference
Committee and director all the necessary
support whenever needed during themonths prior to the event.

Philadelphia, Pennsylvania, USA

Without all our involvement and collaboration, this conference would havenever been as successful. Thank you all.
IFTA’s AGM was held a day prior to theconference. Liaisons and representatives
on behalf of your societies presented andshared their reports on the annual events

33rd Annual Conference
October 2020and developments of their organizations.
It is always inspiring to me to hear about
how innovative, developed, and capable
member societies have become over theyears.
This year, liaisons and representatives onbehalf of your societies voted to elect fiveboard members—two of whom are serving their second terms on the IFTA board.
IFTA welcomes our new colleagues, Clive
Lambert (STA), Giovanni Trombetta (SIAT),
and Tomoya Suzuki, Ph.D. (NTAA), whowill be serving their first terms on the IFTA
board.
Continued on page 2

IFTAUPDATE 2019 Volume 26 Issue 4

page 2President's Report to Colleagues continued

33rd Annual IFTA Conference (2020) NewsI am pleased to announce that our next IFTA Annual Conference will be held in
Philadelphia, Pennsylvania, USA, in October 2020 and will be hosted by the American
Association of Professional Technical Analysts (AAPTA). It has been over seven years
since the last IFTA Annual Conference was held in the United States. Back then, theconference was held in San Francisco in 2013. I look forward to meeting you at the33rd Annual IFTA Conference in the USA!
Last, but not least, I would like to thank all member societies who have shared
updates and news from your local societies. Sharing information, knowledge, andexperience is and will always be, in spirit, the reason why IFTA continues to exist.
Best wishes for the New Year and Happy Holidays to all!
Best regards,

Mohamed El Saiid, CFTe MFTA
IFTA President

Congratulations New CFTes!
Charalambos Agapiou (STA)
Saud Faisal AlZaid
Aditya Arora
Stefan Baumgartl (VTAD)
Richard Brown
Marcelo A. Herz
Muthupalaniappan Kalairajah (STA)
Constantinos Loizou (STA)
Raúl Pérez Martin (IEATEC)
Ankit Dinesh Mehta

Adonis G. Mylonas (MATA)
Martin Neick (VTAD)
Adrian Scheuermann (VTAD)
Vladimir Sheinerman (CSTA)
Sak Sitthitan
Carlos Vinardell Requena
Ryan Jin Rong Toh (TASS)
Viraj Vyas
Yoke Kim Wong (STA)IFTAUPDATE 2019 Volume 26 Issue 4

page 3

Member News
BSG
Bastiat Society Ghana

IFTA has granted BSG full membership status. BSG joined
IFTA in June 2017 and became a full member this past
October. Please join me in congratulating and welcoming our newest full-member society to our IFTA family!
Read more about the BSG on their website.

SIAT
The Italian Society of Technical Analysis

We are delighted to report that there has been a lot goingon this year, and much more is coming in 2020.
We introduced a new series of webinars, “60 minuti con”
(60 minutes with), which is a way of sharing knowledge
among our associates. Every speaker is given a time spanof one hour to dig into a specific topic. The selection of
the speaker is usually restricted to our CSTA (Certificated
SIAT Technical Analyst) associates, but if you want you
be involved, we are more than happy to consider yoursubmissions.

Both our main
events have been
confirmed for 2020.
T h e “ Q u a nTe c hConference,” which
will take place on
the 7th of May, andthe “QuanTech Academy,” from the 20th to the 22nd ofJune, are our most successful events, having had Dan
Valcu, ex IFTA board member and dear SIAT friend, as
keynote speaker for the past edition. Whoever might beinterested in sponsoring or participating as a speaker in
one or both the events can contact us at events@siat.org.

We are also proud to announce
that this year, we decided toinvest in our SIAT Master inTechnical Analysis teachers’
soft skills development by promoting and financing a course
about public speaking.
By March 2020 you will see
the new edition of the SIAT
Technical Analyst Award,
which will be celebrating its
10th anniversary. As a way of
demonstrating our enthusiasm,
we will include English in thisyear’s call for applications toallow every IFTA member totake part in it. Since 2017, thecompetition has been open to
university theses as one of its
specific categories.

SIAT Board at the QuanTech Academy 2019. From left to right: Enrico Malverti, Counselor; Davide
Bulgarelli, President; Davide Capoti, Counselor; Eugenio Sartorelli, Vice President (front); Marco Mione,
Vice President; Gerardo Murano, Treasurer; Luigi Gai, Counselor

IFTAUPDATE 2019 Volume 26 Issue 4

page 4

Member News continued
Speaking of events, next year we will be organizing a
new event, in addition to the others, specifically designed
for our associates. We have great expectations and lookforward to it!
Every year, SIAT is happy to be involved with major Italianfinancial events (e.g., the TOL Expo organized by the
Italian Stock Exchange). This year, for the second time,
we participated in the MISE (Italian Minister of Economic
Development) financial educational month with several
events.
A new magazine—SIAT Mag—has been released thisyear. This is a free Italian e-zine that, among the others,
includes a section for international articles, which wetranslate into Italian. If you have an article you would liketo submit for publication and be visible to the Italian audience, please feel free to contact us at daniela.cedele@siat.org.
Two new partnerships have been consolidated between
SIAT and Deloitte on one side, and Société Générale on
the other.
With Deloitte, we signed up for a two-year partnershipthat will see us working together on an “Investment
Management Observatory.”
With Société Générale, we created the “SG SIAT
Certificates Radar,” which will help in analyzing the pattern of a selected number of shares indices currencies
by submitting them under the evaluation of our expert
associates.
Last but not least, we are so proud to have from this year
not one, but two of our associates as IFTA board members! Congratulations to Francesco Caruso and Giovanni
Trombetta!
To keep up to date with SIAT and its events, follow us on
Twitter on Facebook, or LinkedIn.

STA
The Society of Technical Analysts (United
Kingdom)

The Society of Technical Analysts (STA) reconvened after
the summer break with a packed fall schedule.
Speakers at our monthly meetings included Tim Parker,
CEO of Messels, who spoke on “The Role of Subjectivity
in Technical Analysis”; William Reardon, CEO and founderof Feibel Trading, who discussed “Logical Price Action”;
and Andy Dodd, MSTA, of Louis Capital Markets, whogave a presentation on “Price Matters but Process MoreSo.” Members who are unable to attend our monthly
meetings in London can watch video recordings on themember section of the STA website.
On the 18th of September,member s and gues t sgathered at the National
Liberal Club for the STA
Gala Dinner. Vice Chair
Clive Lamber t, MSTA ,gave a highly entertaining talk about his career,
beginning on the LIFFE
floor in the late 1980s.
October saw the start ofour classroom-based, CISI
accredited STA Diploma
Par t 1 course and ourOctober sitting of the STAPart 2 exam.

In November, the STA was pleased to support two leading financial market events—the Profit & Loss conferencein Singapore and the Finance Magnates London Summit—
securing discounts for members wishing to attend.
In December, STA members will gather again for the
Annual General Meeting and Christmas Party. We wish
everyone the very best for the festive period and ahealthy and prosperous 2020.
To keep up to date with the STA and its events, follow us
on Twitter @STA_ORG or LinkedIn and like our Facebook
page.

IFTAUPDATE 2019 Volume 26 Issue 4

page 5

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IFTAUPDATE 2019 Volume 26 Issue 4

page 6

Education Lounge

GBP/USD 8-Year Cycle Targets 1.40, Post-UK Elections
By Ron Williams, CFTe (Twitter @RonWilliamRWA)• GBP/USD’s UK election rally is vulnerable to temporary corrective activity fromoverbought conditions (Fig 1), before targeting our long-term target at 1.4000.
RWA had correctly predicted major GBP strength ahead of time during a media
interview with IGTV in mid-September. It was prompted by a bullish trend signal on
06/09/2019, coupled with a renewed 8-year cycle bottom, which had been building since the UK referendum lows of 2016.
• A short-term trade setup into 1.3100 was initially expected following the originalbullish impulsive price activity exhibited during 13/09/19. The move activated our
trading signal of the 8 and 20 EMA as part of a larger double-bottom recovery
pattern setup. Momentum (RSI) also confirmed, after its break above the make-orbreak 50% level, from bullish divergence and a 4-month oversold zone.

GBP/USD hit 1.3425 target (50% level from 2016 UK Referendum)• Event risk and extreme price moves, akin to the Brexit 2016 referendum, often
leave emotional footprints in the sand. Most important was the Brexit low of 1.1840
held, which was a very positive factor from all points of view, including those oftechnical analysts, economists, and central bankers. The latest GBP/USD ST recovery has also held above the 2nd and 3rd lows of 1.1986 and 1.2110. Only a breakunder all these risk levels would imply a reassessment.
• Here and now, GBP/USD hit an important target at 1.3425, which serves as the
50% retracement level (Fig 2). This serves as an emotional make-or-break level,
which will likely pressure for further short-term weakness, while the market takes areassessment of its future trajectory. Impulsive confirmation above here will extend
gains into the all-important psychological level at 1.4000.

IFTAUPDATE 2019 Volume 26 Issue 4
GBP/USD 8-Year Cycle Targets 1.40, Post-UK Elections continued

page 7

Education Lounge

Major 8-year cycle pressure into 1.4000• Major 8-year cycle signals further upside pressure into 1.4000 while the momentum holds above 1.3425. This powerful cycle has been a reliable timing indicatorfor over 40 years and continues to suggest another bottoming process.

Ron William, CFTe, is a market strategist with over 20 years ofexperience working for leading economic research and institutionalfirms, producing macro research and trading strategies. He specializes
in blended, top-down, and semi-discretionary analysis; driven bycycles; and proprietary timing models.

GBP rising tide

• GBP’s short-term rising tide is also broad-based, lifting off against an FX-basket,
which is outperforming EUR and AUD. Although, in absolute terms this is only
still a marginal YTD gain of approximately 7%, it does still nevertheless highlight asignificant recovery from extreme oversold levels of -9%.
• A closer examination of this FX-basket shows a number of GBP cross-rates havemore lucrative risk/reward trade setups, notably GBP/EUR, GBP/JPY, GBP/JPY,
and GBP/AUD, which have yet to catch up with their recent multi-year peak levels.
This will also likely offer improved diversification away from GBP/USD during alikely emotionally poised and volatile trading environment into the ongoing Brexit
saga.

Ron’s market insights are featured regularly across leading financial
media programs, notably Volatility Re-awakening and Tech Sector, and industry
publications, including 2019 Bear Market Rally, Bitcoin-Digital Asset Paradigm andBond Yield Spike Risk.
Ron serves on the board of the International Federation of Technical Analysis (IFTA),
heads the Swiss Association of Market Technician (SAMT) Geneva Chapter, andconsults with multiple education and regulatory groups. He is also a behaviouralfinance expert, trading psychologist, and performance coach.

IFTAUPDATE 2019 Volume 26 Issue 4

page 8Congratulations New and Re-elected IFTA Board Members(Term October 2019–October 2022)
Francesco Caruso, MFTA

Nominated by: SIAT (Italy)
Francesco Caruso graduated from Bocconi
University with a degreein economic s. Since
1989, as fund manager
and chief of relevant
European financial organizations, he has focusedon the development of trading systems
and the application of technical and algorythmic analysis to asset management
and asset allocation.
Francesco has published books andarticles for financial media and createdmany technical models and indicators,
including the Composite Momentum®. He
is a two-time winner (1997 and 1998) of
the international award “Leonardo d’Oro
Della Ricerca Finanziaria®”, in the technical analysis division. In 2008, he became
the first MFTA in Italian history and wasawarded IFTA’s John Brooks Award®
for the best MFTA paper. The paper,“Technical Tools and Equity Selection: A
Reward/Risk Rating Indicator for the Stock
Market Components”, was also publishedin the official 2010 IFTA Journal. In 2011,
Francesco entered the newly organized
SIAT Awards for the first time and won.
He won again in 2015.

Francesco has 30 years of experience inall financial market fields, from technicaland quantitative analysis to trading, asset
allocation, and asset management. He isa strategist, chief of financial area, member of the board of directors, CEO, andconsultant for primary financial groups(UBIBANCA, BANCA DEL SEMPIONE,
ARCA GROUP, RCF, MELIOBANCA ,BANCA INTERMOBILIARE, BANQUEMORVAL etc.). He is currently a prominent
financial blogger and author of technicalbooks and specialized articles, founderand owner of Market Risk Management,
and an Italian leader in independent advisory. He is also an advisor for banks andfunds and is an associate professor at
the Cassino University in the Executive
Master’s degree in Quantitative andTechnical Analysis of the Financial
Markets.
Francesco is vice president of SIAT, theItalian Technical Analysis Society, andpresident of the Scientific Committee ofthe association. He has held many courses
and conferences on technical analysis andmarkets and has already been an official
speaker at IFTA 1998 (Rome) and IFTA
2006 (Lugano) and the SIAT ambassador
at the IFTA Annual Congress 2007.

Alek Jankowski, BE, M.Eng.Sc.,
Grad.Dip.Mgt

Nominated by: ATAA (Australia)
Alek Jankowski, originallytrained as an electricalengineer (University of
New South Wales), also
holds a master’s degree
in industrial engineering(operations research) as
well as a post-graduate
degree in management.
Prior to retirement from full-time employment, he worked for a Fortune 500 international corporation as group generalmanager, with responsibility for businesses in Australia, New Zealand, andSoutheast Asia. During his career, heworked for several international corporations where he held senior executiveroles. He joined the ATAA some 12 years
ago and since retirement has taken an
active role within the organisation. He
joined the Sydney Chapter Council in 2013
and then the national board in 2014. Heserved as national president in 2015–2016
and continued on the board until resigningin July 2019.
Alek has a keen interest in financial markets with his focus now on the management of his family investment portfolio

and the development of his own trading
systems. He has been instrumental in thedevelopment of a large aged care facility
in Sydney over 20 years, where he has
been the finance director for some 18
years. He was elected board chairman inNovember 2018. An active Rotarian forover 35 years he has served that organisation at the club and district levels.

Clive Lambert, MSTA, MCSI,
CFTe

Nominated by: STA (United Kingdom)
Clive Lamber t is thefounder of and continues
to be the main contributor for FuturesTechs in
the United Kingdom. He
has been involved in the
futures market for 25+
years as a broker andtrader and has been performing technicalanalysis for over 15 years.
Clive is a board member of the UK Societyof Technical Analysts (STA). He has spoken at several of the Society’s monthly
meetings over the years and has also
been enlisted as a regular lecturer on theSociety’s annual Diploma Course, covering a wide range of subjects. He was on
the board between 2003 and 2011 andrejoined in 2015.

IFTAUPDATE 2019 Volume 26 Issue 4

page 9Congratulations New and Re-elected IFTA Board Members continued

Clive has taught technical analysis aroundthe world, including the CME Group andthe London Stock Exchange among his
clients in this respect. He has had articles
published in various technical analysis
publications, is regularly quoted in theleading news wires, has appeared regularly on CNBC, and now is seen on Core
Finance weekly (usually on Fridays).

Tomoya Suzuki, Ph.D., CMTA,
CFTe, MFTA

Nominated by: NTAA (Japan)
Tomoya Suzuki is a professor of computer science at Ibaraki University
in Japan. He won theJohn Brooks Memorial
award for the best MFTA
paper for 2016.
Tomoya received his B.S., M.S., andPh.D. degrees in physics from the Tokyo
University of Science in 2000, 2002, and2005, respectively. Then, he joined Tokyo
Denki University as an assistant in 2005 toteach electric circuits. From 2006–2009,he was a lecturer of Doshisha University,
teaching computer languages and computer engineering. Since 2009, he has
been an associate professor and then aprofessor at Ibaraki University, teachingmathematics, statistics, and computerscience.

Tomoya’s research interest is the physics
of complex systems, especially financial
markets, and his research methods aretime-series analysis, prediction, machinelearning, and data mining with computers.
In particular, his recent research involved
the integration of technical analysis, physics, and computer science. Moreover, healso has a great interest in evidencebased technical analysis and has been
giving seminars for Nippon TechnicalAnalysts Association (NTAA) memberson this topic.

Advanced
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Giovanni Trombetta

Nominated by: SIAT (Italy)
Giovanni Trombetta is thehead of research anddevelopment on the
Gandalf Project. He is anelectronic engineer withexperience as a radio
access network engineer, an expert in radiantsystems and artificial intelligence algorithms, a professional trading systems
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Giovanni has many years of programming
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in the field of genetic algorithms and neural networks to create automatic trading
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IFTAUPDATE 2019 Volume 26 Issue 4

page 10Congratulations 2019 Lifetime Achievement Awardee
Robert R. Prechter Jr.
Robert R. Prechter is known for developing a theory of social
causality called socionomics, and for his career applying andenhancing the Wave Principle, R.N. Elliott's fractal model offinancial pricing. Prechter has authored or edited 18 books,
including a New York Times Best Seller. His 2016 book The
Socionomic Theory of Finance aims to replace conventional
financial and macroeconomic theory with an internally andexternally consistent paradigm based on socionomics.
Prechter has presented socionomic theory to audiences
at several academic conferences and universities, including
Photo by Tami Chappell for the London School of Economics, the University of Oxford,
The New York Times
the University of Cambridge, Georgia Tech, and MIT. In 2005,
he created the Socionomics Institute, which is dedicated to researching and applying
socionomics, and the Socionomics Foundation, which supports academic research byothers in the field. Prechter has co-authored several academic papers, including "TheFinancial/Economic Dichotomy" (2007) and "Social Mood, Stock Market Performanceand U.S. Presidential Elections" (2012), the third most downloaded paper on the Social
Science Research Network that year. Prechter graduated from Yale University in 1971,
joined the Market Analysis Department of Merrill Lynch in New York in 1975, andfounded Elliott Wave International in 1979, where he has published monthly market
analysis in The Elliott Wave Theorist. Prechter served for nine years on the board of
the Market Technicians Association and served as its president from 1990–1991. He isa member of the Triple Nine Society and the Shakespeare Oxford Society. For more,
visit www.robertprechter.com

About the Award

Prior recipients:

The Lifetime Achievement Award
honors the career achievements ofa technical analysis practitioner who
has made extraordinary contributions
to the field of technical analysis. The
recipient will exemplify and promote themission of IFTA through education andresearch. The honor will be considered
for a technician who has demonstrated
the highest standards of personal andprofessional conduct and whom his/herpeers and the investment community atlarge hold in great regard.

2018 Ir. Abdul Wahid Bin Jantan(posthumously)2017 Sergio Paolino
2016 No award given
2015 John A. Bollinger
2014 John J. Murphy
2013 Dr. Henry O. Pruden

IFTAUPDATE 2019 Volume 26 Issue 4

page 11MFTA and CFTe Exam Dates

IFTA Journal 2020–Now Available!

Certified Financial Technician (CFTe)—Level I

We are pleased to announce that the 2020 IFTA Journal is now available for viewing
and to download from the IFTA website. Please share with your society colleagues
and/or post to your website.
A special thanks to Dr. Rolf Wetzer, CFTe, MFTA, editor of the IFTA Journal.

Date

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

Certified Financial Technician (CFTe)—Level II

Exam 2

Exam dates

23 Apr 2020

TBA Oct 2020

Registration deadline

12 Mar 2020

TBA Sept 2020

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.

Inside this issue:

MFTA Papers
A Professional Journal Published by The International Federation of Technical Analysts
 An Investment Strategy to Beat the
U.S. Stock Market for Investors andProfessionals, by Alessandro Moretti,
20
CFTe, MFTA
 27.02 Day Cycle Model, by Kersten
Wöhrle, MFTA
Articles The Irreversibility Indicator IREV, by Dr.
Patrick Winter Cyclical Characteristics of Performance
Indicators, by Akram El Sherbini, CETA,
CFTe, MFTA
 The Measure Rule, by Thomas Bulkowski
 Optimal Leverage and Stopping Losses
in Trading, by Christian Lundström,
Ph.Lic.
 On the Nature and Core Implications of
the Dow Theory, by Min Deng The Coherent Market Portfolio, by Dr.
Oliver Reiss, CFTe, MFTA2019 NAAIM Founders Award Winner Antifragile Asset Allocation Model, by Gioele Giordano, CSTA, CFTeIn Memoriam
 Dawn Bolton-Smith
Book Review
 Crowd Money: A Practical Guide to Macro Behavioural Technical Analysis, by Eoin
Treacy, Reviewed by Regina Meani, CFTe
IFTA Journal 2020 Edition

Exam 1

Inside this Issue

19 27.02 Day Cycle Model
39 The Measure Rule

Master of Financial Technical Analysis (MFTA)

Session 1

Session 2

Alternative Path Pre-Application Deadline

28 Feb 2020

31 Jul 2020

Application/Outline Deadline

2 May 2020

2 Oct 2020

Paper Deadline

15 Oct 2020

15 Mar 2021

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

42 Optimal Leverage and Stopping
Losses in Trading

67 Antifragile Asset Allocation Model”I don’t believe in psychology.
I believe in good moves.”—Bobby Fischer
11th World Chess Champion

I don't believe in psychology. I believe in good moves.
—Bobby Fisher (11th World Chess Champion)

ISSN 2409-0271

‫‪page 12‬‬‫شريكك األمثل‬‫لالستثمار في البورصة‬‫‪IFTAUPDATE 2019 Volume 26 Issue 4‬‬

IFTAUPDATE 2019 Volume 26 Issue 4

page 13

Calendar-at-a-Glance
Date

Host

Speaker

Location

Time

Contact

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
(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.asn.au

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

Various

Varieswww.csta.org

Monthly Meetings & Events: The STA holds monthly meetings in London, usually on the second

STA

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

Topic

Host

Speaker

Location

Time

ContactMonthlyTopicmembers. Visitors are welcome to attend. Bookings are not required. Visitors are welcome,first visit free.
plan social and educational events for the area. Events include presentations by industry
professionals and technical analysis experts and peer learning gatherings. Chapters also playa vital role in their communities by connecting individuals and promoting technical analysis.
Tuesday of every month, except for a summer break in August.

2020
Date
Jan

Feb

Mar

Apr

2

STA Diploma Part 1 Exam

STA

NA

Central London

10:00am

http://www.sta-uk.org/education/

14

Joint Event with ACI UK

STA

VariesOne Mooregate Place, Chartered
Accountants Hall, 1 Moregate Place
London, UK

6:30pmhttps://www.sta-uk.org/resources/
meetings-events/

15

Diploma Part 2 Course

STA

VariesLondon School of Economics

6:15pmhttp://www.sta-uk.org/education/

11

Monthly Meeting

STA

Robin Griffiths

One Mooregate Place, Chartered
Accountants Hall, 1 Moregate Place
London, UK

6:30pmhttps://www.sta-uk.org/resources/
meetings-events/

15

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

IFTA

NA

NA

NA

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

28

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

IFTA

NA

NA

NA

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

10Monthly Meeting

STADavid Linton

One Mooregate Place, Chartered
Accountants Hall, 1 Moregate Place
London, UK

6:30pmhttps://www.sta-uk.org/resources/
meetings-events/

13

Deadline to register for CFTe II held on 23 April 2020

IFTA

NA

VariesVariesadmin@ifta.org

15

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

IFTA

NA

NA

NA

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

14Monthly Meeting

STA

to be announced

One Mooregate Place, Chartered
Accountants Hall, 1 Moregate Place
London, UK

6:30pmhttps://www.sta-uk.org/resources/
meetings-events/

23

CFTe II Examination

IFTA

NA

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

23

STA Diploma Part 2 Exam

STA

NA

Central London

1:00pmhttp://www.sta-uk.org/education/

Continued on page 14

IFTAUPDATE 2019 Volume 26 Issue 4

page 14

Calendar continued
May

1

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

IFTA

NA

NA

NA

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

2

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

IFTA

NA

NA

NA

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

12Monthly Meeting

STA

to be announced

One Mooregate Place, Chartered
Accountants Hall, 1 Moregate Place
London, UK

6:30pmhttps://www.sta-uk.org/resources/
meetings-events/

15

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

IFTA

NA

NA

NA

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

22–24 ATAA (Australia) National Conference

ATAA

VariesRendezvous Hotel Melbourne

TBA

info@ATAA.asn.au

31

IFTA Journal Call for Papers submission deadline

IFTA

NA

NA

NA

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

Jun

9Monthly Meeting

STA

to be announced

One Mooregate Place, Chartered
Accountants Hall, 1 Moregate Place
London, UK

6:30pmhttps://www.sta-uk.org/resources/
meetings-events/

Jul

6

STA Diploma Part 1 Exam

STA

NA

Central London

10:00am

http://www.sta-uk.org/education/

7

Summer Party

STA

to be announced

One Mooregate Place, Chartered
Accountants Hall, 1 Moregate Place
London, UK

6:30pmhttps://www.sta-uk.org/resources/
meetings-events/

31

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

IFTA

NA

NA

NA

http://www.ifta.org

Aug

15

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

NA

NA

NA

http://www.ifta.org

Oct2

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

IFTA

NA

NA

NA

admin@ifta.org

15

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

NA

NA

NA

admin@ifta.org

TBA

IFTA CFTe II Exam

IFTA

NA

Varies in locations worldwide

Varieshttps://ifta.org/certifications/

TBA

IFTA 33rd Annual Conference

IFTA

VariesPhiladelphia, PA, USA

TBA

admin@ifta.org

Nov

1

IFTA Journal Web publication

IFTA

NA

NA

NA

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

15

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

IFTA

NA

NA

Variesnewsletter@ifta.org

IFTAUPDATE 2019 Volume 26 Issue 4

page 15IFTA 2019–Cairo, Egypt

Panel Discussion, Hosted by Ron William, CFTe, IFTA Board Member
Ron William (RW): What are the new developments with IFTA’s education work?
Saleh Nasser (SN): Education is strong with IFTA CFTe, however, we do need additional
material and subjects. As an example, going deeper into quantitative analysis may be
added, along with a section on ethics, given the importance of the subject. There are
frequent revisions and additions to the syllabus. For example, last year (2018), the bookTechnical Analysis of the Trading Professional, by Connie Brown, was added.
RW: Ron William shared a recent delegate member’s question: “How much of the CFTe
program is timeless and will always be a constant vs. some areas which could be
improved on, and if so, how? Some of the popular questions were, for example, are someof the traditional Dow theories still valid or perhaps nowadays require consideration forsome change? Also of note is the consideration for quant and whether this should be
included within the CFTe program, for good reason. Many professionals are now being
asked to have more statistical frameworks within their Technical Analysis (TA) toolbox,
or as a blend with other statistical work that they may need to do. This gives rise to thequestion: how much testing of our process should we be doing as technicians within thestatistical framework? Some things we can test, and some things we probably cannot.

goes up, as it dissipates, you have all of those secondary lower tones, that is still thesame wavelength as the fundamental? That became Foyer analysis, because it actuallyadds up to the same thing. And this has a tremendous impact when you see the wave
pattern of harmonics in many markets, such as gold.
Robin Griffiths (RG): You look at many aspects of TA and you find they all have a success or failure rate. This indicator works jolly well and then it doesn’t work very well.
Sometimes things are correlated together and at other times, those same two things
are negatively correlated together. Robert Prechter showed several examples of this.
When you look at most aspects of TA, they all tend to fall into this bit of works some of
the time, but not at others. So you need to know right now which bits are working, andthen when you reduce it all down to fundamentals, there is one bit that has withstood all

Connie Brown (CB): The area where our craft and skillset can grow and expand is in
the area of time cycles. It is not just a question of fixed cycles and using the Hurst summation principle, for example, where random period cycles are added, and the cumulative effect is what created these patterns. If you are using a fixed cycle, wavelengthis lambda. Lambda is fixed and has an equal quantity. But the science of it is if physics
is applied, lambda can be less than one, which means the cycle circles back on itself.
You can also have lambda that is greater than one and it expands. That’s still working
with mechanical cycles.
Another area that needs to be researched in far greater depth is harmonic cycles—
which is a whole field that we haven’t explored at all—to excite people to get into thatparticular field. So many markets when you start understanding harmonics (and I’m
not turning this into a lecture), but you’re working with overtones and fundamental.
So, when Foyer first became famous, how is it that you have a sound, and as the pitch

Left to Right: Dr. Rolf Wetzer, MFTA, CFTe; Connie Brown, MFTA, CFTe; Robin Griffiths, CFTe; Saleh Nasser,
CFTe, CMT; and Ron William, CFTe, MSTAIFTAUPDATE 2019 Volume 26 Issue 4

page 16IFTA 2019–Cairo, Egypt Panel Discussion continued
forms of back-testing. And without it, we’d be out of a job. And the world is ‘trend’. Realmarkets always move in trends. That has withstood all forms of backtesting. It doesn’t
matter how you dress up the trends, if you can find the trend, get yourself into it andout of it before it ends, you have an edge. On all backtesting I’ve ever seen, the word
trend is unbreakable and is the bedrock of TA. And so, that is why in my book, I movealmost entirely and exclusively on the trend. All the rest helps improve trend timing.

As the market moves into a bull market, what you could call greed assets come up to
the top of the list, which signal a buy. And then as you start at the top, to rotate slowly
into a bearish phase, what happens is the greed assets drop back, and so fear assets
come up. And if we were already in a bear market now, then things like cash and inverse
equities would all be up in the top quintile. But I don’t need a selling signal to sell the oldmodel. What happens is, the asset classes that come up into the top ranking get bought.

RW: Salah gave a presentation on ranking trends, which is also a big part of Robin’s workfor years. Question: how are you finding the application of trend-following in your work?

So, when I'm selling, I'm selling something that has been overtaken; it was in the topgroup but is now rotating. So, there isn’t a specific sell signal. But you can only do this
if you have a ranking table with an open list of asset classes. Of all of the backtesting I
have done, the one rule that stands above all is the 200-day moving average. I’m pretty
happy to call a bull market when it exceeds the 200-day moving average, and a bearmarket when below. Whilst potentially regarded as a traditional method, it works for me.

SN: Concerning trend-following, I always say that trend-following signals traditionallylag and yet offer the best performance. If we followed this strategy, without thinking,we’d make a lot of money. The problem is our lack of discipline to follow the trend. As
for the question concerning the testing part, my answer differs from that of the panel
here. I see the only school who tests its work is technicians. Sometimes, yes, there areproblems with testing, and some improvement requirements, as well as some stronger
in mathematics who are able to test better; however, the only school that tests its work
is technicians. With respect, fundamental analysts traditionally do relatively less testingof their testing or performance.

RW: Are there any changes to your TA processes given the current volatile environment?
Has that influenced any of the techniques that you currently use? Are there any wordsof guidance to share around how to manage the current environment?
RG: I view four conditions of the market:

Rolf Wetzer (Rolf): In answer to the question “Are there any areas of improvements
required for technical analysis?” There is no need for improvements. All disciplines haveuseful tools, and each of them are relevant in their own way, for the purpose that you
try to use it. For example, a professional that needs to write a report versus a trader
developing real-time strategies. Developments are always being made and there aremany synergies between technical analysis and statistical methods.

1) Strongly up2) Strongly down
3) At the top, a neutral rolling period4) At the bottom, a neutral rolling period

RW: Let’s circle back to Robin about his experience regarding the prior point madeabout the timing of getting “in and out” of the trend before it ends. Particularly given a
number of people have challenge in doing that.

In the neutral conditions, the concept of being market neutral seems to lower the risk
you’re taking, but may not necessarily improve your return. We are possibly now moving into one of the neutral conditions. We were earlier in a strong bull market, wherecountry specific indices were the best way to go, largely equities.

RG: My work has changed recently. In previous times, I had separate buy and sell signals, and in those days mainly operating on stocks. Being a stockbroker, the name of
the game was to perform buy and sell orders, charging commission. Those days are
essentially over as far as I’m concerned. In my latest work, I essentially omitted theselling signals, buying only those trending very strongly. I have a ranking table, which
includes every type of asset class, or ETFs that represent those.

Some markets end with a spike, but there are really four conditions.

Now, at the moment, we have some equities at the top category, but we are also gettingsome bonds and gold—it’s clearly moving into a more neutral condition. When backtesting my system, results show it is best not to run a market-neutral portfolio. When
you are in a strong bull market, shorting the bottom quintile will lose you money. It may
reduce your risk, but you will make less money. When in a bear market, being long the
top quintile will still lose you money. So, you basically need an overview whereby in a

IFTAUPDATE 2019 Volume 26 Issue 4

page 17IFTA 2019–Cairo, Egypt Panel Discussion continued
bull market, you will be buying the top quintile, and in a bear market, shorting the bottom quintile. Doing both simultaneously will lower your returns, but it might improveyour risk-adjusted returns. Many of our readers prefer knowing whether we are in a bullor a bear market, over a neutral view.
CB: This is an important question because one of the things that I have found is that themethods that gave me longevity in my career have stayed true. Even as markets evolveand volatility was increasing, the methods that I was developing and learning stayedwith the changes in the market. Specifically, areas like Fibonacci confluence zones,
the way I am using geometry, and the reason is that understanding the importance ofstrong bars and gaps in the market for using projections rather than pivots will apply
regardless of the timeframe or volatility in the market.
Rolf: I don’t have the impression that markets have changed that much. This is usuallynoise in the press media coverage. There has always been high volatility. If you lookat the VIX, there are spikes, but that’s the nature of volatility. But overall, I don’t thinkthat there’s a big change versus the 80s and 90s; it’s always been a combination oftrending or non-trending and higher or lower volatility. So, in conclusion, I don’t think
there has been much change.
RW: It’s a fair point that you make, Rolf, and perhaps it is the perception of higher volatility. The VIX suggests that perception of volatility was complacent pre-2017. Since then,in 2018, there have been two spike events. Flash crash, triggered by volatility-related
margin-calls, and autumn meltdown, where many strong momentum stocks, including
big tech names, fell from grace. So perhaps the perception has shifted since then.
Rolf: Change is constant. We must adapt and choose selectively.
SN: Using indicators in a changing environment—each indicator tells us a story and eachhas a certain role. And so, the best way to deal with a changing market is the way you
use indicators. In the past, I tried to change the indicators, but it didn’t give me what theindicator was giving me before, so the indicator signal was totally ruined. What is key is
how we work with indicators. The best book that we found on indicators is The Future
Analysis of Indicators, by Charles de Gaulle. His view is that it is better to change theway you use the indicator versus changing the indicator itself.
RW: Question to the panel: where do you see the future of TA?

RG: When working at HSBC previously, I learned some tricks: never give your renewal
network too much information. Giving less information, you will usually get a more accurate forecast. The second important part is that you should include events that may nothave actually happened in your process. In the end, we abandoned the neural network.
In those days, my work was called “Mapping the Markets” and used an Elliott Wave
shape. In the end, I was informed by the programmer that if you give the computer thatshape, that’s what it’s going to predict. Ultimately, we had to go back to first principles.
Rolf: Every type of idea that we have can be grouped into specific eco groups; forexample, a cyclical method, etc. One important factor is the type of data that we areable to use. However, from a method point of view, I don’t think there is much that needs
to be improved. Going forward, there will be plenty of opportunity for developments
within machine learning and the capacity to calculate data very quickly.
CB: The future strength is in our ability to ask the right questions about what the markets
are presenting and recognizing that TA and quantitative analysis are tools to answer
these questions. They are not standalone answers to the questions. So, for example, if
an Elliott Wave practitioner identifies an impulsive pattern within an equity market, heor she should also check for confirmation across the sector level. You should always
challenge yourself with questions. One example I like to give my students is to show
them correlated stocks within a sector such as gold mining, and ask why they are producing different price patterns. The answer is often, “I don’t know”. Recognize that theanswer “I don’t know” creates the opportunity to dive deeper into something else (e.g.,
the previous example needed further understanding of currency overlays between thestocks). Don’t be afraid of something you don’t know. Our tools will constantly change interms of how they are presented, but the underlying is still a channel, a trend, geometry.
So, we must get smarter on the questions we ask the markets.
SN: More computerised analysis is likely in all that we do with TA. Unfortunately, I’m old
fashioned, but the truth of my perspective, and so believe that computers do not tellus everything, and never will do. Computers should be used only on certain aspectsof the TA process, such as testing. However, in terms of pattern recognition, we must
be able to see it with our own eyes and not just the computer algorithm. In fact, I often
tell my students that you search for the price pattern and you find it, then the pattern
is not there because you had to search for the pattern. That said, it is still important
for there to be more research in mechanical systems. But for me the human factor will
always remain very important, and we need to see things with our own eyes, not onlywith computers.

IFTAUPDATE 2019 Volume 26 Issue 4

page 18

IFTA 2019–Cairo, Egypt Panel Discussion continued
Audience questions to the panel:
1. Should IFTA include some fundamental sections, given the predominant focus on
fundamentals, especially within the asset management space? This often give thetechnical analyst the chance to showcase what he can do.
CB: Fundamentals are not ignored. TA is never a standalone. Markets can be a warlike
experience, and if there is any way that I can get an edge, then I will take it. What youfind in my IFTA presentation is lessons from research of the banking sector and how I
use it with technical analysis to build a higher probability of evidence.
RG: There is only one reality: if using both or just one helps you to get an edge, use
what works best.
SN: In terms of long-term, markets work from fundamentals, but IFTA is a TA qualification. Perhaps we could consider some basic principles as part of a blended approach.
But ultimately this remains a TA qualification.
RW: This comes up on some of the push-back questions around TA. I often tell students
to think of TA as a prism to how the crowd reacts to price information, which includes
fundamental analysis. So, in a way, we are analyzing fundamentals, but from the pointof crowd psychology perception, e.g., fundamentals, politics, or social mood, as coinedby Robert Prechter’s Socionomics discipline.
2. What are your views on the mystery behind Gann studies, his theories and success?
CB: I’ve spent more than 20 years studying Gann. When I first started, I came at it witha really bad attitude: Let me prove this stuff does not work. The more I learned and themore an important market inflection point was respected, the more I realized I needed
to learn more. Does Gann work? Absolutely. But in the wrong hands, it will not work.
The reason is, there needs to be a mathematical understanding. A simple example
is IBM works best with a hexagon. A stock like Microsoft works best with a square ofnine. It resonates differently, as does the Egyptian market. This is really interesting
because it operates on trines, not squares. So, the work that I do includes computer
testing to backtrack and measure this information. There is strong evidence, without adoubt, using P&L equity curve and audited returns, that Gann analysis is an area worth
exploring in greater depth.

RW: What words of wisdom would you all like to offer to those looking to further theircareer in TA, trading or investing?
CB: I think the journey that I have shared in my books is really about how someone haslearned about Technical Analysis. We all start of as novices learning the basic tools of
the craft. Then a point in time comes when you feel that you’ve got this, but we fall flaton our face and hit a realisation whereby you have confidence in the tools needed.
There will always be an opportunity to learn something new. My area of focus is timecycles. So don’t ever quit. You might lose, but don’t lose the lesson.
RG: When advising clients, the way to keep them for a long time is to try to not go for
maximising profits all of the time. I’m sure we’ve all played with computer systems thatcome up with much bigger wins. But what tends to happen is that people will go after
a currently famous hedge fund manager, who is absolutely brilliant at the time. For
example, at the bottom of the market, post-2008 GFC, while everyone is panicking, agenius hedge fund manager buys at the lows and doubles their money, before anyone
else realizes the market has turned around. Everyone then gives him a lot of money andthe very next bet is just as spectacular, but in the other direction. What I have learned
when managing client money is that they were either born with the money or worked
very hard for it.
Their top priority is that they didn’t come to you to lose their money. They come to you
to preserve it, and occasionally make them some more. If you lose it, you will get fired.
There are plenty of famous hedge fund managers who now can only manage theirown money because no one else can stand the volatility of the equity curve that you
get when you do these big swinging bets. So, if you move to something that doesn’t
aim to shoot the lights out in the bull market, but do well in a bull market and not lose
in a bear market, you will have clients growing with you, for a long time to come. Thisis probably ultimately more successful.
SN: For those beginning their careers in the field: education, and for those already inthe field: education and humility.

IFTAUPDATE 2019 Volume 26 Issue 4

page 19

CALL FOR SUBMISSIONSThe 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

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

TopicsIFTA is seeking papers that cover developments impacting, either directly or indirectly, the field 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.

Submitting Contributions

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

Registration and submission of contributions is online
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MFTA_Thesis_IFTA%20Journal_Guide.pdf

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

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

May 31

Deadline for all submissions

May 31

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

July 31

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August 15

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Submission to printerOctober

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number and source.

Length of Contribution

Papers should be approximately 1,200 to 3,000 words,
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FormatWe ask for submissions in MS Word or other text format,
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For more information, see our website:www.ifta.org/publications/journal/.

IFTAUPDATE 2019 Volume 26 Issue 4

page 20

CALL FOR SUBMISSIONS
Selection of Contributions

Contributions are selected by the IFTA Journal Editorial
Committee based on their content. Please understandthat we cannot accept all contributions. Selection
depends on the number and quality of the submissions
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The author(s) grant the publisher exclusive first publication rights in the work, and further grant a non-exclusive
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IFTAUPDATE 2019 Volume 26 Issue 4

page 21

RATE CARD
Editorial and Readership Profile

The annual IFTA Journal publishes original, well-documented papers and articles on a diverse range of
topics related to the technical analysis of financial andcommodity markets. The Journal provides colleagues
and interested persons with continuing education intechnical analysis. The broad editorial content helps
colleagues remain informed of the developments andleading body of work in technical analysis.
The IFTA Journal is the only international journal of technical analysis reaching a global audience of interested anddedicated practitioners of technical analysis throughout the financial community. It is read by analysts, fundmanagers, financial writers and other decision-makers
throughout the international financial industry.
The IFTA Journal is distributed online, and a print copy
is provided to IFTA colleagues and delegates at theannual IFTA International Conference, building awareness and visibility and providing extra exposure for yourmessage.

Circulation and Readership

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

Editorial Committee and Staff

Editor: Dr. Rolf Wetzer Staff: Linda Bernetich

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TelephoneEmail+1 (240) 404-6508
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Issue Deadline
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Perfect binding Journal/Book Format, 8.5” x 11”, 80#
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These principles, developed jointly by the Editorial
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As a matter of policy, IFTA will sell advertising spacein its publication when the inclusion of adverting does
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Payment

Prepayment by check, credit card (Visa, Master Cardor American Express) or wire transfer is required for all
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We will send out an acknowledgement confirming yourorder. You will be required to check that your ad andscheduling are correct. Any changes, cancellations orcorrections must be communicated to IFTA in writing or
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IFTAUPDATE 2019 Volume 26 Issue 4

page 22IFTA 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://fbiresearchedu.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
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)
mohamed.elsaiid@ifta.org* Developing

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Vice President Middle East and Africa Tamer Gamel Edin Hassan, CFTe (ESTA)
tgamal@gmail.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
Treasurer and Website Director Karin Roller, CFTe (VTAD)
karin.roller@vtad.de
Director Francesco Caruso, MFTA (SIAT)
info@cicliemercati.it
Development Director Ron William, MSTA, CFTe, CMT (SAMT)
ron.william@ifta.org
Examination Director Saleh Nasser, CFTe, CMT (ESTA)
saleh.nasser@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, MSTA (STA)
tom.hicks@live.co.uk
Director Nik Ihsan Raja Abdullah, MSTA, CFTe (MATA)
nmihsan@gmail.com
Director Giovanni Trombetta, CFTA, Electronic Engineer (SIAT)
giovanni.trombetta@gandalfproject.com
Director Tomoya Suzuki, Ph.D., CMTA, CFTe, MFTA (NTAA)
tomoya.suzuki.lab@vc.ibaraki.ac.jp

Staff

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

IFTA HEADQUARTERS
International Federation of Technical Analysts
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Phone: +1 240-404-6508
Fax: +1 301-990-9771
Email: admin@ifta.org