IFTAUPDATE 2015 Volume 22 Issue 12015 Volume 22 Issue 1

IN THIS ISSUE

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

President’s Report to Colleagues

1

President’s Report to Colleagues

3

Calendar At-A-Glance

6

Congratulations New CFTes!

Dear IFTA Colleagues,

6

Congratulations New MFTA!

The world certainly has changed. Some years
ago, the use of technical analysis was condemned both in practice and academia. The
only correct way to analyse markets was todetermine the “real value” of something thatwas traded in a market. Those of us who usedtechnical analysis were simply called chartists
and considered to be charlatans.

Education Lounge
7 The Merits and Hazards of TechnicalAnalysis9

Member News

11 2014 John Brooks Memorial Award
Winner12 2014 Bronwen Wood Award Winner
12 MFTA and CFTe Exam Dates
13 Benefit of Membership: ComplimentaryMonthly Webinars

14 IFTA Journal Call for Submissions
15 IFTA Member Societies

15 IFTA Update Schedule
15 Board of Directors
16 IFTA 2015 Annual Conference Delegate
Brochure
33 IFTA 2015 Annual ConferenceSponsorship Opportunities

Next Issue: June 2015
Submission Deadlines
Education articles: May 15—
send submissions to newsletter@ifta.org
All other content: June 1—
send submissions to admin@ifta.org
Advertise in the UPDATE and reach morethan 6,950+ IFTA colleagues worldwide.
For more information, go to
www.ifta.org/publications/newsletter/.

page 1Since analysts discovered that they mightknow more about the P than the E, things
have changed. We take Google as a benchmark. If you simply type “fundamental analysis” you get about 19 million hits. If you type“technical analysis” you receive 81.6 million
hits. Academics would probably label thisdifference as significant.

every major trading idea. We have a growing body of financial books, piles of trading
papers, countless online resources, and discussion groups. We can do things we couldn’t
think of doing 20 years ago. There is a trend
to measure and quantify more and morefinancial topics. IFTA tries to live up to thattrend. In a recent webinar, we had Robert
Rethfeld showing us how to measure somevery specific cycles and seasonalities andcombine them into a consistent market view.
In a forthcoming webinar, Dimitri Speck willshow us exactly how to derive seasonal chartsfor every financial asset.

Technology and the Internet have changed
the financial world. You can find market data,
charts, and indicators everywhere—newspapers, Internet sites, market letters, fundreports, trading floors, and algorithmic trading.
From quack to quant—what a development.

Furthermore, the Internet is not only helping
to boost the popularity of technical analysis,but it also generates a new type of market
data itself. We have seen two MFTA papers
where the analysts use the results from searchengines as input for their studies. This typeof analysis will become more common as thetechnology to make this type of data available increases.

Obviously we are living in a world of information overload and free access to nearly

Although we have all this information available for free or for a very reasonable price,

IFTA UPDATE is a publication of the International
Federation of Technical Analysts, Inc.
(www.ifta.org), a not-for-profit professionalorganization incorporated in 1986.
International Federation of Technical Analysts
9707 Key West Avenue, Suite 100
Rockville, MD 20850 USA
Email: admin@ifta.org • Phone: +1 240-404-6508

education is still difficult. What should welearn and where can we do it? Here, people
often become old-fashioned. Despite all theInternet-driven videos, we see a clear tendency in our membership structure. Technicalanalysts like to meet and learn with theirpeers. And where can they do that better
than in a technical analysis society? We cansee a clear pattern with societies that offer
regular local meetings experiencing a strong
growth in membership. It is there you can findcolleagues, chat about the markets, and learn
about your favoured technique. It is the place
where education is offered and experienceis shared.
I want to thank everyone who helped produce
this newsletter. I am looking forward to seeing you all in Tokyo in October.
Best regards,

Rolf Wetzer, Ph.D.
IFTA President

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

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

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

IFTAUPDATE 2015 Volume 22 Issue 1

page 3

Calendar At-A-Glance
Date

Host

Speaker

Location

Time

ContactMonthly

Presentations from local and international speakers on acomprehensive 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

Variouswww.stanz.co.nz/

Monthly

Meetings are held monthly in nine cities across Australia.
All monthly meetings are free to members. Visitors are welcome
to attend. Bookings are not required. Visitors fee is $30.

ATAA (Australia) Various

Various

Variouswww.ataa.com.au/meetings

Monthly

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

Various

Various

Variouswww.csta.org

March
April

Topic

28

Buying Pullbacks, Trader’s Equation and My Trading Plan

ATA

Mr. Rajat Yadav

ISBF Campus, New Delhi, IN

11:00-13:00

Ihttp://www.taindia.org/event-1877610

1

STA Level 2 Exam Preparation Session

STA

Various

London School of Economics

14.00- 17.00

Katie Abberton, info@sta-uk.org

Realty Center
15 Enggor St.
#09-02, SG

14:00-18:00(11th, 18th & 25th)
19:00-22:00 (28th)

http://www.tass.org.sg/

11,18 Equity Market Trading Techniques25, 2814

Market Chaology

17-18 Annual Conference

May

STA

Julien Camberlin

British Bankers Assoc.
Pinners Hall, 105-108 Old Broad St.
London UK

18:00-20:00

Katie Abberton
info@sta-uk.org, http://www.sta-uk.org/
resources/meetings-events/

AAPTA

VariesHyatt Place Nashville Downtown,
Nashville, TN USA

Varieshttp://www.aapta.com/

22

STA Diploma Level 2 Exam

STA

N/A

Various

Various23

Certified Financial Technician (CFTe) Level II Examination

IFTA

NA

VariesVariesadmin@ifta.org www.ifta.org

2

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

IFTA

NA

NA

NA

admin@ifta.org

12Monthly Meeting

STA

TBC

British Bankers Assoc.
Pinners Hall, 105-108 Old Broad St.
London UK

18.00-20.00

Katie Abberton
info@sta-uk.org

ATAA

Varies: TBA

Gold Coast, Queensland

Varieshttp://www.ataa.com.au/2015-conferenceoverview.html

15-17 ATAA Silver Anniversary 2015 National Conference:
Embracing the Bulls, Avoiding the Bubbles and Bears

June

TASS

15

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

IFTA

NA

NA

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

31

IFTA Journal Call for Paper submission deadline

IFTA

NA

NA

NA

journal@ifta.org

1

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

IFTA

NA

NA

Variesadmin@ifta.org

8Monthly Meeting

STA

TBC

British Bankers Assoc.
Pinners Hall, 105-108 Old Broad St.
London UK

18.00-20.00

Katie Abberton
info@sta-uk.org

7

Summer Party

STA

TBC

TBC

Katie Abberton
info@sta-uk.org

IFTAUPDATE 2015 Volume 22 Issue 1

page 4

Calendar At-A-Glance continued
July

31

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

IFTA

NA

NA

NA

www.ifta.org

August15

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

IFTA

NA

NA

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

15

IFTA Journal applicants notification of acceptance/rejection IFTA

NA

NA

NA

journal@ifta.org

1

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

IFTA

NA

NA

Variesadmin@ifta.org

8Monthly Meeting

STA

TBC

British Bankers Assoc.
Pinners Hall, 105-108 Old Broad St.
London UK

18.00-20.00

Katie Abberton
info@sta-uk.org

1

Certified Financial Technician (CFTe) Level II Examination

IFTA

NA

VariesVariesadmin@ifta.org; www.ifta.org

1

IFTA Board of Directors Meeting

IFTA

VariesTokyo

TBA

admin@ifta.org

1

IFTA Annual General Meeting (Members Only)

IFTA

Varies

Tokyo

TBA

2

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

IFTA

NA

NA

NA

admin@ifta.org

2-4

IFTA 28th Annual Conference:Continuous Progression in Investment Management‘Omotenashi’ in Technical Analysis

IFTA & STA

TBA

Tokyo

Variesadmin@ifta.org; www.ifta.org

15

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

IFTA

NA

NA

NA

admin@ifta.org

November

15

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

IFTA

NA

NA

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

December

1

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

IFTA

NA

NA

Variesadmin@ifta.org

September

October

31

IFTA Journal Web publication

IFTA

NA

NA

NA

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

7 January –25 March 2016

STA Diploma Level 2 Course

STA

Various

London School of Economics

18.00-20.30

Katie Abberton
info@sta-uk.org

January

1

Certified Financial Technician (CFTe) Level II – registration
opens for April 23rd examination through IFTA website

IFTA

NA

VariesVarieshttp://www.ifta.org

February

15

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

IFTA

NA

NA

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

28

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

IFTA

NA

NA

NA

http://www.ifta.org

1

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

IFTA

NA

NA

Variesadmin@ifta.org

14

Certified Financial Technician (CFTe) Level II—deadline toregister for April 23rd examination

IFTA

NA

VariesVariesadmin@ifta.org

15

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

IFTA

NA

NA

NA

admin@ifta.org

MarchSave the Date
The Nippon
Technical
Analysts
Association ofJapan (NTAA)
welcomes all
to attend IFTA
2015 Tokyo

28th Annual Conference
2-4 October 2015
The Keio Plaza Hotel, TokyoIFTAUPDATE 2015 Volume 22 Issue 1

page 6

Congratulations New CFTes!
Hiroshi Aoyagi, Japan (NTAA)
Takashi Arai, Japan (NTAA)
Naoki Arakawa, Japan (NTAA)
Iñigo Aranceta, Spain
Shamin Asadi, Australia (ATAA)
Thomas Atkinson, Australia (ATAA)
Partha Sarathi Banerjee, Australia (ATAA)Mark Bennell, Australia (ATAA)Alex Bernal, United States (TSAASF)
Fu Hua Cheng, Australia (ATAA)

Colin Cieszynski, Canada
Alexey De La Loma, Spain
Konstantin Dimov, Canada
Richard Elia, Lebanon
Kabalan Farah, Lebanon
Brian Lawrence Ferry, Australia (ATAA)
Andy Garcia, USA
John Geraty, Australia (ATAA)
Kush Jitesh Ghodasara, India
Kheng Huynh, Canada

Kazuya Ishihara, Japan (NTAA)Qi Jin, Australia (ATAA)
Junichi Kanba, Japan (NTAA)
Osamu Komiyama, Japan (NTAA)
Shinji Kurasaki, (NTAA)
Michael Madden, Ireland (STA)
Nicola Malgesini, Switzerland (SAMT)
Eric Mardikian, France (AFATE)Mark Paul McKendry, Australia (ATAA)
Alexander Muelhaupt, Germany

Congratulations New MFTA!
Marcin Narloch,
BA, CISI, MSc,
MCP, MSTA, MFTA
MFTA Research
Paper Title:
An Examinationof Co-integrationof Web Search
Volumes andTrading Volumes for Selected Shares
Traded on the London Stock Exchange.
Marcin Narloch, CFTe, MSTA, MFTA, is atechnical analyst who has been involved in
the financial markets since 2009. He is currently sharing his technical analysis on his
personal blog, Technical Analysis of Financial
Markets (http://ta.marcinnarloch.com)
covering analysis of shares, commodities,
FX, bonds, and indexes. Ever since Mr.
Narloch received his master’s degree ininvestment banking and securities in 2013,
his true passion and main focus has beenon share analysis from both the technicaland fundamental side.
As a computer programmer for over
10 years, Mr. Narloch realised he could
combine his programming skills with his
passion for the financial markets. In his
early career in Web development, he was
exposed to Search Engine Optimisation,
which offered him invaluable insight into
people’s behaviours on the Internet. Thatled him to developing technical analysis
strategies utilising Google Search Volumes
and Stock Prices and Volumes. This effort
culminated in the proposal of a unique
technical analysis indicator as part of his
most recent research paper for IFTA andearned him the MFTA designation in 2014.
Outside of his passion for finance andprogramming, Mr. Narloch is a keen familyman, teaching his young son the intricacies of finance as well as enjoying flying
his purpose build flight simulator.

Alessandro Moretti, Italy (SIAT)
Minoru Naito, Japan (NTAA)
Yasuo Nakamura, Japan (NTAA)
Marcin Narloch, United Kingdom (STA)
Minh Tri Phan, Australia (ATAA)
Darren Peter Quinn, Australia (ATAA)
Riccardo Ronco, United Kingdom
Peter Carmine Sacchetti, Australia (ATAA)
Jeanette Anne Schwarz Young, USA (AAPTA)
Koki Shimoda, Japan (NTAA)

William Jesse Sutherland, Canada (CSTA)
Takehito Suto, Japan (NTAA)
Carlo Tacconi, Italy (SIAT)
Kazunori Takahashi, Japan (NTAA)
Ihab Mohamed Talaat, Egypt (ESTA)
Wayne Anthony Till, Australia (ATAA)
Koshi Tsukahara, Japan (NTAA)
Yoshihiko Ukita, Japan (NTAA)
Mathew Verdouw, USA
Daisuke Yamasaki, Japan (NTAA)

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IFTAUPDATE 2015 Volume 22 Issue 1

page 7The Merits and Hazards of Technical Analysis
By Mario Kfoury, CFTe, MSTA
From the study of financial markets arises
two schools of thoughts: one that studies
the meanings, the other the results. While
the ongoing debate about the competence and efficiency of each in market
timing and forecast occupies more ink andspace, it is rather more of a conundrum.
As it might be that deep in people’s minds
lurk two modes of living in and perceiving
this world—one of existential pretention,in which one needs to constantly ask questions and explain the why’s of things, also
called fundamental analysis; and the otherof practical aim and purpose, which concerns itself with the how’s or the best way
to live our lives and benefit in this world ina realistic and pragmatic fashion. In life itis called epicureanism; in financial markets,
technical analysis.

To enter the crux of the matter, let us first
define what technical analysis claims to
be. In a technician’s words, it is the studyof market action (price, volume, and open
interest) for the purpose of forecasting
future price trends. Market technicians
derive three premises for the establishment of their discipline:
 Market action discounts everything.
 Prices move in trends.
 History repeats itself.
Every premise, once accepted, paves theway for applying the next one until thethree are fulfilled. In a world running at the
speed of light, the speed of wavelengths
travel and ideas, the need for a discipline that provides both dynamism andinteractivity with the market is essential.
Since the inception of the Internet, media
and telecom revolutions, online brokerageleveraged accounts fitted on video-gamestyle platforms, and infinite market participants coming from various cultural anddisciplinary backgrounds, the personality,
anatomy, and rhythm of the market havechanged. A buy and hold strategy would
simply mean living the infernal cycle ofgreed, fear, hope, and regret. Although
fundamental analysis might be good for

determining glitches and problems in an
economy, it has become too static andobsolete for short- and medium-term
trading. If the price action is based on
supply and demand, then the study ofprice, which is the main skill of the technician, involves the underlying fundamental forces that move that market. Every
instrument and every market has a uniquepersonality that collectively reflects its
participants. Certain trends and patterns,
despite having different appearances andIFTAUPDATE 2015 Volume 22 Issue 1
The Merits and Hazards of Technical Analysis continued

cycles, show consistency. When academics argue the heresy and inefficacy oftechnical analysis in the random walk andefficient market theories, they contradict
themselves. When they say it is too subjective to be efficient and then add that it isa self-fulfilling prophecy—that everyone
acting in concert using technical analysis
creates theses trends and patterns—they
prove themselves wrong. For how can it
be too subjective and make people act
in concert in the same way, at the sametime? They simply lack the experience andforesight in that market. If the market is areflection of the collective psychology ofits participants, then it must have a collective personality—and every personality is
subject to study and definition, qualitativeand quantitative analysis, recurrent attitudes and behavior.
Another pointless critique by technicalanalysis detractors is that the past cannot predict the future. Mind you, any science—descriptive or inductive—relies
on past experiments and data dissemination to establish its foundation. If fundamental analysis can still be good forlong-term investment, it cannot survive
the dire need for timing in the derivatives
market, besides the advantages offeredby technical analysis: versatility, flexibility, and adaptability to different instruments and timeframes. And so the nextquestion is, is technical analysis an art ora science? I would vote for both, as any

art is the expression and representationof life, and the limits that separate themis often rather thin. I would better like tothink of it as a scientific art or an artfulscience that provides us with a disciplineand safety net to measure and plan thisfast-moving and fast-changing market. It
is the encephalogram, the cardiogram, or
the seismograph other scientists use tomonitor their sciences. The manifestation
and representation, in one graph, of all thestates of our world—political, economic,
social, and ecological information on a
day-to-day, week-to-week, and monthly
basis. If we drew a random line acrossa chart and committed to buying every
time the price broke up and selling every
time the price broke down, we would havemade money, or at least not lost some, if
that line is any indication. So how about
if that line is based on mathematical formulas and geometrical shapes to pointout the strength and weaknesses of thatmarket? This is what TA is about.
A final word about technical analysis hazards and merits, as any discipline can betaught to practically anyone, has no guarantee of success, and has its own rate ofsuccess and failure, of winners and losers…in any particular profession, howmany would end up among the best? It has
been said that only 3% to 5% would makeit; the rest are just here for the thrill of it.
Darwin’s Law at play; thus is the conditionof the market and of this world.

page 8

Education Lounge
About the author: Mario G. Kfoury, CFTe,
MSTA, is a private investor. He has credentials in technical analysis, real estate,physical education, and martial arts and is
a commercial multi-engine IFR pilot.

IFTAUPDATE 2015 Volume 22 Issue 1

page 9

Member News
AAPTA (USA)

ATAA (Australia)

2015 Annual Conference and Brainstorm Session
Analysis Techniques for the Current Market Environment
April 17–18 • Hyatt Place Nashville2015 National Conference
Embracing the Bulls, Avoiding the
Bubbles and Bears

Friday, April 17

Overview

Saturday, April 18

8:00 am

Registration and Breakfast

8:00 amBreakfast

9:00

Welcome—Jeanette Young,President

9:00

9:15

Dave Landry,
Sentive Trading LLC

10:15

Refreshment Break

10:45

Ian McAvity,
Deliberations Research

The Complexities of Global
Equity Market Analysis;
Market Segmentation Is
Vital to Superior Returns
Tracy Knudson, Lowry
Research Corporation

10:00

Refreshment Break

10:30

Greg Adams,
Allen, Mooney & Barnes

Noon

Lunch

1:00 pm

Walter Murphy,
Walter Murphy Global Advisors

11:30

Connie Brown

2:00

Larry McMillan,
McMillan Analysis Corp.

12:30 pm

Lunch

1:30

3:00

Refreshment Break

3:30

Panics, Crashes and other
Opportunities
Dick Fruth, Fruth Investment
Management

Brainstorm Session
Presentations—Open
to AAPTA members andnon-members. Conference
registration is required.

4:30

Adjourn

5:30

Dinner—TBD (registration
required)

3:00

Refreshment Break

3:30

Brainstorm Session(continued)

5:00

Adjourn

AAPTA has negotiated a group rate of $219 single/double for the conference. To makehotel reservation, contact Hyatt Place Nashville at 1 (615) 687-9995 and mention AAPTA,
or book your room online at Hyatt Place Nashville.

The 2015 national conference will enable
traders and investors to learn from 12highly respected Australian and international professionals at the only event of
its kind in Australia dedicated to achieving
Trading and Investing excellence!
Since the Tulip Bubble Craze and market
crash in the 1630s, at least 10 major stock
market bubbles and crashes have occured,with six of these in the last 40 years! Could
you recognise a bubble forming and acrash looming? Would you know how to
avoid it? Or perhaps how to exploit it?
This is the premier Australian event fortechnical analysts to get together for
three full days of education, networking,and strategies.
The 2015 conference will include studies ofmarket bubbles over the decades—whatcaused them, how to spot them, how to
avoid them in future, and how to exploit
them going forward. And in between,
there are bull markets to jump into—but
how do we spot them? And how can wetake advantage of them?
The conference content and networking
discussions will benefit traders and investors at all experience levels, and will covera range of financial instruments.

Conference location
The conference will be held on the Gold
Coast, Queensland, best known for its
sand, surf, sunshine, and stunning coastline bordering lush, hinterland rainforests,
with lots of natural beauty and a relaxed
lifestyle. Consider extending your stay tosightsee and enjoy some of the unique
attractions and activities in South East
Queensland. (For Gold Coast information
visit: www.visitgoldcoast.com.)

Take advantage and benefit:
 Maximise your trading profits by tweaking
your existing strategies or learning new
strategies.
 Minimise your trading losses by knowing
when to pull the pin.
 Optimise your trading and investing by
understanding the likelihood of market
moves.
 Learn new results-focused skills.
 Meet with like-minded people to discuss
your own special interest topics.

IFTAUPDATE 2015 Volume 22 Issue 1

page 10

Member News continued
 Sleep better at night by using soundrisk and money management principles.
 Meet and network with skilled technicalanalysts from around the world.
 Learn from international experts rarely
seen in Australia.
 Focus on your learning without the
distractions of modern daily life.

Highlights
 Conference Speakers—Ten well-respected
overseas and local speakers covering

a range of very relevant topics, in 14
presentation sessions.
 A very diverse range of topics, including
market bubbles; bull market and bearmarket characteristics; trading methods;
trading systems; mechanical trading
approaches and methods; trading andinvesting tactics and strategies; trading
psychology; reading ichimoku charts;
personalised trading setups; the Chinese
markets; Gann studies; market analysis;
technical analysis; and more.

 Meet-the-Speaker Workshops for earlybird
registrations—details available soon.
 Conference Huddles—Fantastic networking
opportunities to meet informally and“talk shop” with like-minded traders
and investors to share even more ideas
and strategies.
 New style Conference Dinner—The
typical, informal, relaxing, poolside
Great Aussie BBQ.
 Lunch in Queensland’s only revolving
restaurant, with magnificent views of
the Gold Coast andthe lush hinterland.

Speakers andPresentations
A total of 10 speakers will deliver 14very relevant sessions over the threedays. They are all
exper t s in theirown fields of expertise and have been
carefully selected
to best cover the
conference topics.
This is a rare opportunity to see andhear some of these
speakers in person.
Full speaker profiles
and presentation
details will be available soon.

Conference Venue
The 2015 conference venue is Crowne
Plaza Surfers Paradise, located at 2807
Gold Coast Highway, Surfers Paradise,
Queensland. It is situated on the main
Gold Coast Highway, just back a little fromthe world-renowned Surfers Paradise andBroadbeach beaches. The Crowne Plaza
features the Four Winds restaurant—
Queensland’s only revolving restaurant.
The elevated restaurant provides magnificent views of the Gold Coast andinland hinterland. (See more hinterland
details at http://en.wikipedia.org/wiki/
Gold_Coast_hinterland.) The conferencedelegate package will include one lunchat the Four Winds restaurant.

Program Details
T h e ja m - pa c ke d p ro g r a m fea t u re s
10 speakers delivering 14 presentation sessions, plus the exclusive “Meetthe Speaker” workshops, as well as
Conference Huddle sessions, and thegreat value sponsor presentations. Don't
forget the conference dinner to cap off
the Saturday night entertainment. Moreprogram details will be available soon.

IFTAUPDATE 2015 Volume 22 Issue 1

page 112014 John Brooks Memorial Award WinnerThis paper is presented for the best
Master of Financial Technician (MFTA)
research paper written each year.
Adam Cox, MFTA
Auckland, New Zealandacox@primeconsulting.co.nz
Adam Cox has morethan 20 years ofinvestment management, trading, andbanking experience.
He has used an
extensive range oftechnical analysis
techniques in a wide
range of markets over the last 18 years.
Mr. Cox’s passion lies in trading systemdevelopment, systematic FX trading, andquantitative finance, including econometric-based system development andbehavioral finance applications to trading. His current emphasis is based on
US ETF, Futures (commodities, FX, andindices), and macro strategies as well as
intraday trading. He uses a global macro
approach, which employs a combinationof intermarket analysis and flow analysis. He has developed a range of customized indicators, which borrow from

econometrics, time series analysis, andinter-market and investment analysis todiscretionary trading, as well as trading risk management systems (scoring
systems).
Among these systems and analytical
approaches, Mr. Cox has extensive andhands-on experience applying a wide
range of methodologies, including wavelet denoising and compression techniques
to trading, as well as Mandani fuzzy logic.
His current emphasis in wavelet applications includes forecasting methodologies
and in particular, multivariate approaches
to short trading system design aimed at
capturing intermarket relationships andtrading behavioral patterns across markets. This work also extends to (mother)
wavelet design for application to denosing applications to specific markets
Mr. Cox is very interested in emerging
market Asia equities markets, and in particular, the Vietnamese equities market.
As a side note, Mr. Cox has a Vietnameseand Cantonese language backgroundand has extensively traveled, having lived
in the United States, Canada, Australia,
New Zealand and New Caledonia. He
is currently located in Singapore and is
working on a Ph.D. in finance (proposal

stage), aiming to explain trader behavior and provide a model for real-time
applications.
Mr. Cox can be reached atacox@primeconsulting.co.nz and is open
to any queries, feedback, and business/work opportunities.

In Memory of John Brooks
John Brooks was a highly respected technical securities analyst who worked at anumber of prominent Wall Street firms,
including Edwards & Hanley, Robinson
Humphrey, and Lowry Research, where
he served as senior vice president andsenior analyst.
During his long and distinguished career,
John was the co-founder and past-president of the Market Technicians Association(MTA) and was one of the first recipientsof the Chartered Market Technician (CMT)
designation in the United States. In 1985,
he co-founded the International Federationof Technical Analysts (IFTA) and served aschairman from 1996 to 1998. As the longtime chairman of the Market Technicians
Association Educational Foundation, John
was instrumental in establishing accredited
college-level courses in technical securities
analysis in many universities.

John wa s al so a co -fou nd e r of theAmerican Association of Professional
Technical Analysts (AAPTA) and served on
its board of directors. John authored thehighly regarded book Mastering TechnicalAnalysis, published by McGraw-Hill in
2005. His many awards include the prestigious Market Technicians Association
Award for Outstanding Contribution to
the Field of Technical Analysts and theTechnical Securities Analysts Associationof San Francisco’s Lifetime Award for
Outstanding Achievement in TechnicalAnalysis. In recognition of his support oftechnical securities analysis throughout theworld, John was also named a Fellow of the
British Society of Technical Analysts (STA).

Past winners of the award: 2013: Alex Neale, MFTA (United Kingdom) 2012: Yoshinobu Sakai, CFTe, MFTA
(Japan) 2011: Stephan A. Belser, CFTe, MFTA
(Germany) 2010: Mohamed Elaasar, MFTA (Egypt)
 2009: Pavlos Theodoulos Ioannou, MFTA,
CFTe (Cyprus) 2008: Francesco Caruso, MFTA (Switzerland)

IFTAUPDATE 2015 Volume 22 Issue 1

2014 Bronwen Wood Award WinnerThis award is presented to the candidate
who had the best Certified Financial
Technician (CFTe) paper for the year.
Jörg Rühlicke, CFTe
Consorsbank by BNP Paribas
Nuremberg, Germany
joerg.ruehlicke@gmx.de
M r . R ü h l i c k e i s abanker who has been
active in the financial
markets for more than
20 years. As a private
investor, his areas of
specialization are thePoint & Figure
method and thedevelopment of automated trading systems. His current focus is on developing
timing components using Point & Figure
to identify and evaluate significant market
extremes. As an IT project manager in thefinancial sector, he is involved in developing trading tools and apps. Mr. Rühlicke isa member of the Association of German
Technical Analysts (VTAD). Since 2012, he
has managed one of the nine regionalgroups of VTAD. He graduated from the
University of Erlangen–Nuremberg in 2009and holds a master’s degree in information
systems with a major in finance.

page 12MFTA and CFTe Exam Dates

In Memory of Bronwen Wood
Bronwen Wood was one of the founding board members of IFTA’s Society ofTechnical Analysts (STA). She was instrumental in developing both the CFTe
Diploma Examination and the preparatory
courses for the examination. She wrote andgraded all papers in the early years. Ms.
Wood was a great technical analyst, rated
one of the best by her peers, particularly
for her work on the equity indices and individual shares. For both her contribution toeducation and her outstanding analyticalskills, she was made a fellow of the STA in
1993. Ms. Wood was also a long-standing member of the IFTA board in various
capacities. Through this connection, she
was respected worldwide as an outstanding technical analyst and an expert in theteaching of technical analysis.

Certified Financial Technician (CFTe)—Level I

Past winners of the award:

MFTA/IFTA Journal Style Guide 2013 Sebastien Duhamed, CFTe (France)
 2012 Jean-Francois Owczarczak, CFTe
(Switzerland) 2011 Muhamad Makky Dandytra, CFTe
(Indonesia)
 2010 Manasi Kumbhat, CFTe (UAE) 2009 Hisham Abdullah A. AlQuohi, CFTe
(Saudi Arabia)
 2008 Tamar Gamal Eldin Hassan, CFTe
(Egypt)Date

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

Certified Financial Technician (CFTe)—Level II
Date

23 Apr

1 Oct

Registration deadline

Closed21 AugRegister at www.ifta.org/register/cfte2.php.
Syllabus and Study Guide:http://www.ifta.org/public/files/publication-downloads/IFTA_CFTe_Syllabus.pdf
For more information on the CFTe program, visit http://www.ifta.org/certifications.

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

31 Jul

28 Feb

Application/outline deadline

2 Oct

2 May

Paper deadline

15 Mar

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

IFTAUPDATE 2015 Volume 22 Issue 1

page 13

Benefit of Membership: ComplimentaryMonthly Webinars
IFTA webinars are offered exclusively
to all members of IFTA-affiliated societies around the globe. Your local society
will forward you the details when they
become available. If you would like toview past webinars, please check withyour local society for the access details.
Please note: the login passwords changemonthly. Here is a list of past webinars:

2015
5 MarchIncrease Your Profits With Recurring
Cycles and Seasonalities
Dimitri Speck, Germany
12 FebruaryMarkets Seen Through the Lens ofTechnical Analysis– A Look at the First Half of 2015
Ralf Fayed, CFTe, Germany; Reinhard
Scholl, MBA, CFTe, Germany; Winfried
Kronenberg, Germany
15 January
A Practical Approach to Cycles
Robert Rethfeld, Wellenreiter-Invest,
Germany

2014
20 November
The Use of Social Media Mentions inTechnical Analysis
Alex Neale, MSTA, CMT, MFTA
United Kingdom
5 November
Improve Your Trading with Fibonacci
Time Projections (FTP) in FOREX
Viktor Pershikov, MFTA
Russia14 October
Point and Line Chart – A New Type ofChart to Get Strong and Clear Signals
Mohamed Ashraf, CFTe, CETA, MFTA
Egypt
17 September
Can We Overcome Algorithmic Tradingwith Technical Analytic Tools
Hiwon Yoon, Ph.D.
Japan
7 August
How to Trade High Volatility Productswith Success
Jeanette Schwartz-Young, CFP®, CMT, MS
USA
5 JuneIdentification of High Probability
Target Zones
Andrew J.D. Long, MFTA
Publisher and Editor, Triggers$.com
Canada20 MaySome Uses of Market Geometry: Time,
Price and Gradients,
Victor Hugo, Director, Hugo Capital;
President, Technical Analysts’ Society ofSouthern Africa (TASSA)South Africa
7 May
Price Projection Methods (73.6 MB)
Connie Brown, CMT
Founder, Aerodynamic Investments, Inc.
USA
25 AprilMulti Market, Multi Timeframe Trading
Philipp Kahler Sr.
Quantitative Analyst, Intalus
Germany
25 March
Optimization of Trading Strategies:
The Search for Stability and
Performance
Philipp Kahler Sr.
Quantitative Analyst, Intalus
Germany

WebinarSponsorship
Opportunities
We currently offer the opportunity
for financial organizations to sponsor
these webinars in return for exposure
to members of over 27 IFTA-affiliatedsocieties worldwide (traders, portfolio
managers and analysts). Through ourcomprehensive IFTA-webinar benefit program, sponsor benefits will
include:1. The opportunity to include yourlogo on promotional emails.
2. The opportunity to present yourcompany logo at the start of thewebinar.
3. Access to live broadcast of webinar(limited to five individuals).
4. The opportunity to distributepromotional material related toyour organization as well as therecorded webinar to members of 27
IFTA-affiliated societies worldwide.
If you are interested in sponsoringan IFTA webinar, please contact IFTA
staf f at admin@if ta.org for moredetails.

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

Credibility and Recognition

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

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

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

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

Submitting Contributions

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

.GIF or .JPG, but we ask that authors also keep a .TIF
format in case it is required for printing purposes. An
Excel spreadsheet supporting your submission may also
be included.

Language

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

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

Writing Style

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

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

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

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

Referencing

Editorial Timeline

All texts referred to in the paper must be appropriately
referenced in a list of "References" at the end of the
text. Further all notes are to be included as endnotes("Notes"). A Bibliography is not to be included.
The author is responsible for the accuracy of referencesand quotations. We expect the author to check themthoroughly before submission.

Figures, Charts, and Tables

Illustrations and charts must be referred to by figure
number and source. Tables must be referred to by table
number and source.

Length of Contribution

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

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

December 13 Call for papers distributed
May 31

Deadline for all submissions

May 31

Papers distributed for review

July 31

Reviewer’s comments returned to editor

August 15

Notification of acceptance/rejection

August 31

Submission to printerOctoberWorldwide distribution

December

Web publication

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

IFTAUPDATE 2015 Volume 22 Issue 1

page 15IFTA Member Societies
AUSTRALIA—ATAA Australian Technical Analysts Association www.ataa.com.au
BOSNIA and HERZEGOVINA—SMS* Society for Market Studies trzisnestudije.org
CANADA—CSTA Canadian Society of Technical Analysts www.csta.org
CROATIA- CTAA* Croatian Technical Analysis Association www.huta-ctaa.hr
EGYPT—ESTA Egyptian Society of Technical Analysts www.estaegypt.org
FRANCE—AFATE Association Française des Analystes Techniques www.afate.com
GERMANY—VTAD Vereinigung der Technischer Analysten Deutschlands e.V. www.vtad.de
HONG KONG—FTAA* Financial Technical Analyst Association www.ftaa.org.hk
INDIA—ATA The Asociation of Technical Analysis www.taindia.org
INDONESIA—AATI Asosiasi Analis Teknikal Indonesia
ITALY—SIAT Società Italiana di Analisi Tecnica www.siat.org
JAPAN—NTAA Nippon Technical Analysts Association www.ntaa.org.jp
LEBANON—LSTA Lebanese Society of Technical Analysts www.lstalebanon.com
MALAYSIA—MATA* Malaysia Malaysian Association of Technical Analysts site.malaysianchartist.com
NIGERIA—TASN Technical Analysts Society, Nigeria www.tasnigeria.org
NETHERLANDS—DCTA Dutch Commission of Technical Analysis
NEW ZEALAND—STANZ Society of Technical Analysts of New Zealand www.stanz.co.nz
ROMANIA—AATROM Asociatia Analistilor Tehnici din Romania www.aatrom.org
SCANDINAVIA—STAF Skandinaviens Tekniska Analytikers Förening www.staf.nu
SINGAPORE—TASS Technical Analysts Society (Singapore) www.tass.org.sg
SPAIN—IEATEC* Instituto Español de Analistsas Técnicos y Cuantitativos www.ieatec.es
SOUTH AFRICA—TASSA Technical Analysts Society of Southern Africa www.tassa.org.za
SWITZERLAND—SAMT Swiss Association of Market Technicians www.samt-org.ch
TUNISIA—ATAT* Association Tusisienne des Analystes Technique
UNITED KINGDOM—STA Society of Technical Analysts Ltd. www.sta-uk.org
USA—TSAASF Technical Securities Analysts Association www.tsaasf.org
USA—AAPTA American Association of Professional Technical Analysts www.aapta.com

Board of Directors
President Rolf Wetzer, Ph.D. (SAMT)Email: rolf.wetzer@ifta.org
Vice-President—the Americas William Chin, MBA (CSTA)
Email: wchin@e3m.com
Vice-President—Asia Pacific, Conference Director Akira Homma, CFA, CIIA, CFTe, FRM, CMA,
CMT (NTAA)
Email: akira.homma@ifta.org
Vice-President—Europe Deborah Owen, FSTA, CFTe (STA)
Email: editor@irc100.com
Vice-President—Middle East, Africa Mohamed Ashraf Mohfauz, MFTA, CFTe, CETA (ESTA)
Email: mohamed.ashraf.esta@gmail.com
Treasurer Ralf Böckel, CFA (VTAD)
Email: ralf.boeckel@freenet.de
Education Director Gregor Bauer, Ph.D., CFTe
Email: gregor.bauer@vtad.de
Education Director Ian Flack, CFTe, DipTA
Email: Ian.Flack@ATAA.asn.au
Exam Management Director Jeanette Schwarz-Young, CFP®, CMT, M.S.
Email: optnqueen@aol.com
Accreditation Director Roberto Vargas, CFTe (TSAASF)
Email: roberto.vargasr@ifta.org
Marketing and Membership Director Dan Valcu, CFTe (AATROM)
Email: ta@educofin.com
Online Development Director Roman Bogomazov (TSAASF)
Email: roman.bogomazov@ifta.org
Journal and Newsletter Director Aurélia Gerber, MBA, CFA (SAMT)Email: aurelia.gerber@ifta.org
Website Content Director Akihiro Niimi, MFTA (NTAA)
Email: niimia@aifaminc.com* Developing

IFTA Update Schedule
IFTA Update is the quarterly electronic newsletter of the International Federation of TechnicalAnalysts, reaching more than 6,950 IFTA colleagues worldwide. The Update is an efficient andcost-effective way to communicate with IFTA’s member societies and colleagues.

PUBLICATION SCHEDULE
June Issue

Education articles: May 15

All other content: June 1

September Issue

Education articles: August 15

All other content: September 1

December Issue

Education articles: November 15

All other content: December 1

March Issue

Education articles: February 15

All other content: March 1

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

Sponsorship Director Mohamed El Saiid, CFTe, MFTA (ESTA)
Email: melsaiid@hc-si.com

STAFF
Executive Director Beth W. Palys, FASAE, CAE
Vice President, Meetings Grace L. Jan, CAE, CMP
Senior Member Services Manager Linda Bernetich
Marketing Manager Julie Hill
Senior Graphic Designer Jon BenjaminAccounting Dawn Rosenfeld
Editor Lynne Agoston

IFTA HEADQUARTERS
International Federation of Technical Analysts
9707 Key West Avenue, Suite 100
Rockville, MD 20850 USA

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

DELEGATE
BROCHURE

28th Annual Conference
The Keio Plaza Hotel,Tokyo

ver. 1

Contents

Acknowledgment (TBA)

3

Welcome Letter

4-5General Information

6-7

IFTA 2015 Tokyo : Conference Highlights

8

Conference Program : Day 1

9

Conference Program : Day 2 & Day 3

10

Conference Venue Keio Plaza

11

Conference Dinner (Gala) Venue Meiji Momorial Hall

12

Registration Fees

13

Japan / Tokyo

14

IFTA / NTAA

15IFTA Conference History

16

Previous Supporters of IFTA Conferences172

Welcome

Continuous Progression in Investment Management

The Nippon Technical Analysts Association (NTAA) is delighted
to be hosting the 2015 International Federation of TechnicalAnalysts’conference in Tokyo.
The theme of the Conference,“Continuous Progression in
Investment Management,”will serve as the framework for thes ﬁrst futures market inprogram. The creation of the world’Japan, the Osaka Dojima Rice Futures Exchange, gave birth tothe concept of technical analysis in the 18th century. Since
those pioneering days, analytical methods have never remained
static. Technical analysis has markedly progressed from its
humble origins -- and will continue to do so -- being infused withnew ideas and techniques being developed continuously. These
new ideas, combined with continual improvements to existing
techniques, are what make technical analysis such a fascinating
topic. Recently, modern technical analysis has been rapidly
gaining ground and is signiﬁcantly reshaping the landscape of thetechnical analysis community in Japan.

While Japan was the birthplace of a number of traditional
technical analysis techniques (such as Candlestick charting,
Ichimoku Cloud charting, Kagi-ashi, Renko-ashi, etc.), it has now
s highest concentrations of modern technicalone of the world ’analysis practitioners and researchers. These new breed oftechnical analysis practitioners include traders deploying
ultra-modern algorithmic trading platforms, and researchersdeveloping world-leading sophisticated quantitative trading
systems and investment models.
That stated, some of the most intrinsic elements of market rules
have not changed, nor will likely change. The Conference will be
programmed in such a way to give the delegates a clear
perspective of how technical analysis has progressed and where
it is heading in the next decade and the next century.

General Information and Key Facts
Venue
Keio Plaza Hotel Tokyo / 2-2-1 Nishi-Shinjuku
Shinjuku-Ku, Tokyo 160-8330 Japan
Dates● １st October 2015
IFTA Board of Directors meeting & IFTA AGM● 2nd - 4th October
IFTA Conference program
Host
Nippon Technical Analysts Association of Japan (NTAA)
Supporting Organization
Japan National Tourism Organization (JNTO)

Conference Director
Akira Homma, CFA, CIIA, CMA, CFTe, CMT, FRM

Number of Delegates
200-250 (projected)

NTAA/IFTA Committee
Toshki Aoki, CMTA
Akira Homma, CFA, CIIA, CMA, CFTe, CMT, FRM
Tsuyoo Atsuchi, CMTA
Toshiki Tobe
Kazuyuki Namikawa
Kakuya Kojoh, MFTA
Yukitoshi Higashino, MFTA

Sponsorship Costs
From 300,000 yen(approx. US$2,500 (@120yen/$))Collaborators
Yoshihisa Hasegawa
Hidetoki Yokoi, CFTe

Contact Details
NTAA oﬃce
Tel : +81-(0)3-5847-2231
FAX : +81-(0)3-5847-2232
Email : oﬃce@ntaa.or.jp
Akira Homma (Conference Director)
Email : akira.homma@ifta.org

4‘Omotenashi’Conference for All Investment Professionals and Academics‘Omotenashi’in Technical Analysis”will bestow
The sub-theme“
the conference with a local ﬂavor.‘Omotenashi’is a Japaneseword which means“Selﬂess, harmonious hospitality.”We havedecided on this sub-theme for the following reasons:●●

NTAA is determined to make the utmost eﬀort to ensure thatthe attending delegates will be thoroughly satisﬁed, fully
beneﬁting from the intensely condensed conference programin a highly cordial environment.
, the
The‘Omotenashi’spirit has a lot to do with‘simplicity’core of the Japanese culture and spirit, which forms the basefor, just to name a few, Sado (tea ceremony), Zen, Bushido(Samurai spirit), Bonsai (miniaturized trees grown incontainers), Ikebana (Japanese ﬂower arrangement), and manyother unique Japanese cultural arts and customs, and wewould like the delegates to enjoy the unique local cultural
ﬂavor.

The level of Conference presentations will be geared toprofessionally employed Fund Managers, Traders, Analysts,
Asset Allocators, Private Bankers, Financial Planners, and also
highly experienced private ﬁnancial market traders/investors, aswell as researchers and educators at leading academic
institutions.
The Conference will be held at the Keio Plaza Hotel, a luxurious
hotel located in the Shinjuku district of Tokyo, the business/
commercial district which has the highest concentration of
skyscrapers in the city.
We look forward to seeing you in Tokyo in October!

‘Omotenashi’masters are skilled in foresight with the ability to“anticipate”the feelings of their guests and take action toensure harmony (well before ordinary people notice),
operating in the same way as market masters who know how
to correctly“anticipate”future market developments and takeaction accordingly (well before ordinary market players start
reacting to widely known facts).

●●s trading
Mastery of the‘Omotenashi’spirit helps improves one’skills by allowing one to focus on the“essential”rather thanminor peripheral detail.

We have deliberately widened the scope of this conference toappeal to the broad ﬁnancial community as well as the academic
community, and not just technical analysts. We will be using our
extensive relationships with other ﬁnancial and educationalorganizations here and abroad to market the conference globallyand are looking to attract delegates from all over the world.

Toshiki Aoki, CMTA
Chairman, NTAA

Akira Homma, CFA, CIIA,
CMA, CFTe, CMT, FRM

Conference Director
Vice President, Asia-Paciﬁc,IFTA

5General Information
Dates
1st October 2015

Venue
IFTA Board of Directors
meeting & IFTA AGM

2nd - 4th October IFTA Conference
program

Conference Registration
Online registration is scheduled to open inlate March / early April.

Room Rates

Keio Plaza Hotel Tokyo
2-2-1 Nishi-Shinjuku Shinjuku, Tokyo, Japan
Phone : +81(3)3344-0111
URL : http ://www.keioplaza.com/

Room Reservation
A link to a room reservation page (currently
under construction) will be provided.

Double or Twin room (25 m2)
3rd OctoberSingle use : JPY 27,920 (Approx. US$ 233)*
Double use : JPY 28,846 (Approx. US$ 240)*
Other days
Single use : JPY 22,520 (Approx. US$ 188)*
Double use : JPY 24,094 (Approx. US$ 201)*

Getting There
There are two Airports near the Tokyo area, Haneda Airport and Narita International
Airport.
[ Haneda Airport ]Limousine bus : If you arrive at Haneda Airport, the easiest way to get to the hotel
would be the limousine bus. The limousine bus can take you directly to the Keio
Plaza Hotel for a nominal fee of around 1,230 yen (10 USD) .
[ Narita International Airport ]If you plan on arriving at Narita International Airport, there are two options to get tothe hotel :Limousine bus : The limousine bus can take you directly to the Keio Plaza Hotel for anominal fee of around 3,100 yen (26 USD). (It may be recommended to take thelimousine bus back to the airport upon return as there prices will be the same and it
will be more convenient. )Train : Some of the Narita Express (NEX) trains travel directly from Narita Airport to
Shinjuku Train station. It costs 3,190 yen (27 USD).

* @JPY 120 / US$; Guidance purposes only; Subject to ﬂuctuations according to foreign exchange rate ﬂuctuations

6

General Information
Visas
As there are diﬀerent rules and regulations concerning thevarious countries, it is recommended to read the Japan National
Tourism Organization website. The websites URL is:
http : //www.jnto.go.jp/eng/arrange/essential/visa.html

Tipping
Tipping in Japan is generally not advised, at restaurants, cabs,
luggage handlers, nowhere do you top, Japan is in general a
tip-free country. There is, however, an exception, if you happen
to ﬁnd yourself at American pubs or clubs in Shinjuku with
American staﬀ, you most likely should tip.

Price Levels and Cost of Living / Staying
It may come as a surprise that the cost of living / staying inTokyo (and Japan) is very reasonable. Basic necessities such as
food, clothing, haircuts, are much less expensive than most othermajor cities. For example, most bug lunch sets in Japan will run
in the neighborhood of 1,000 yen (8.4 USD). A similar portion offood in America or Europe would be at least 10-15 USD. Pleaseexamine the link below for a detailed comparison of prices.
Overall, one will deﬁnitely not spend anything more than if you
were in America or Europe.
http://www.numbeo.com/cost-of-living/compare_countries_result.jsp?country1=
Japan&country2=United+States&displayCurrency=USD

Weather
Autumn weather in Japan is very mild, with a cool breeze andthe colors of the trees are changing. It is a very lovely time of theyear. Recommended apparel is slacks, a light Jacket or otherkinds of similar clothing. Temperature usually hover around 15℃F) with a humidity of 60%.
F to 73°
to 23℃ (59°Tourist Activities
Tokyo is truly a city of unlimited possibilities. It may not be an
exaggeration to say that everything that exists in one’s
imagination exists somewhere in Tokyo. While the professional
Guest Relations staﬀ of the conference venue hotel will be happy
to provide you with useful sight-seeing and shopping information
as well as assistance you may need, it is recommended to buy a
travel guide if you are interested in exploring the various sights
and sounds of Tokyo (and of Japan). Suggested guides include

the following. These can be purchased at most large bookstores or Amazon.
＊ The Rough Guide to Tokyo (ISBN-10:1409343111) /The Rough Guide to Japan (ISBN-10:1409342832)＊ Lonely Planet Tokyo (ISBN-10:9781742200408) /Lonely Planet Japan (ISBN-10:1742204147)
s Tokyo (ISBN-10:0804141703) /＊ Fodor’s Japan (ISBN-10:0804141851)
Fodor’

7

IFTA 2015 Tokyo: Conference Highlights
Intensive 3- day program including :◆ 20 individual presentations (planned) by eminent speakers◆ Unique Debate / Power Hour sessions[Panel] Technical Research at World-Leading Investment
Managers : How do world-leading investment management
organizations use TA to maximize investment performance?;
Advice for investment performance enhancement●[Debate] International Debate on Abenomics : Will it
succeed or fail?
●[Debate] Wave Theory Debate: New breeds of Elliotticiansvs. Conventional Elliotticians●[Panel] Technical Analysis Education & Research at
Universities around the World●[Panel] CFAs & Technical Analysis: Why and how do CFAs
use Technical Analysis?
●[Power Hour] Technical Analysis à La Carte●... structured to give the attending delegates a ﬁrst-handunderstanding of :＊ A clear perspective of how Technical Analysis has progressed

and where it is heading in the next decade and the next
century.
＊ Cutting-edge TA techniques/ models/ systems＊ How world-leading investment management organizations(hedge fund managers, traditional asset managementcompanies, SWFs, private banks, and others) are incorporating
Technical Analysis in their investment management process toenhance investment performance＊ How top-notch investment masters combine TechnicalAnalysis and Fundamental Analysis to continue generatingsuperior performance＊ How Technical Analysis is being taught and researched atincreasing numbers of universities around the world... followed by :Splendid Conference Dinner (Gala),
located in a historic hall in Japanese style architecture,
standing within the magniﬁcent surroundings ofa traditional Japanese garden, and featuring :Japanese gourmet dinner
Sake tasting (and a choice of alcoholic or soft beverages)●
Unique entertainment programs to enjoy traditionaland modern Japanese cultural arts●●

8Conference Program : Day 1
Day 1
MORNING
Opening ceremony● Technical Walkabout● Keynote speech (by the Chairman of Investment Committeeof Government Pension Investment Fund (GPIF) of Japan,s largest state investor)
the world’[History: Birth & Development of Technical Analysis]● (Presentation) World’s First Futures Market: How was thes ﬁrstExchange, the world’
Futures
Rice
Osaka Dojima
futures exchange, born and operating?
● (Presentation) Back to the Futures : Economic Analysis of
Rice Futures Market in 18th Century Japan● (Presentation) History of Technical Analysis & Birth of IFTAEVENING●

AFTERNOON[Evolution of Technical Analysis](Presentation) Combining Technical Analysis andFundamental Analysis● (2 Presentations) Modern Technical Analysis, etc.

●

[Wave Theory](Presentation) Harmonic Elliott Wave (HEW)(Presentation) Elliott Wave-based Global Market Forecasts●(Debate) Wave Theory Debate: New Breeds of Elliotticiansvs. Conventional Elliotticians

●

●

●

Welcome Reception
at Eminence Hall, 5th Fl., Keio Plaza Hotel (Free of charge)

Conﬁrmed speakers / moderators include:
John Bollinger, CFA, CMT (President and Founder of
Bollinger Capital Management)● Yasuhiro Yonezawa, Ph.D. (Chairman of the Investment
Committee, Government Pension Investment Fund (GPIF)● David Keller, CMT (Managing Director of Research, Fidelity
Investments)● Adam Sorab, FSTA (Head of Technical Research, CQS)
● Roman Bogomazov (Adjunct Professor, Golden Gate
University)● Brett Villaume, CMT, CAIA (Senior Vice President, Directorof Investor Relations, Opus Bank)● Ian Copsey (Founder of Harmonic Elliott Wave and Private
Equity Fund Chief Analyst)● Katsunari Yamaguchi, CFA (President, CEO Ibbotson Japan)● Akira Homma, CFA, CIIA, CMA, CFTe, CMT, FRM (Acting
General Manager, International Strategy, Tokai Tokyo
Financial Holdings)… and more●

The Conference Program is subject to change without notice.

9

Conference Program : Day 2 & Day 3
Day 2

Day 3

MORNINGMORNING(3 Presentations) New Technical Indicator, etc.
●s
(Presentation) Abenomics (by the Japanese government’
economic policy maker)●(Debate) International Debate on Abenomics : Will it
succeed or fail?

s Largest(Presentations) Technical Research at the World’Mutual Fund Management Company●(Presentation) Technical Research at a World-Leading
Hedge Fund Company●(Presentation) Hedge Fund Industry Trends & Fund Flows●(Panel discussion) Technical Research at World-Leading
Investment Managers : How do world-leading investment
management organizations use Technical Analysis tomaximize investment performance?; Advice for investment
performance enhancement●

AFTERNOON(3 Presentations) Gann, Geocosmic Correlations to Trading
Cycles in Financial Markets, etc.
●
(Power Hour) Technical Analysis à La Carte●EVENING●

Dinner Tour (optional)(@ 5,000 yen (US$ 42))●

AFTERNOON(Presentation & Panel discussion) Technical Analysis
Education & Research at Universities around the World:
How is Technical analysis being taught and researchedat increasing numbers of universities around the world?
●(Presentation & Panel discussion) CFAs & TechnicalAnalysis : Why and how do CFAs use Technical Analysis?
●Award Giving & Closing Ceremonies●

EVENING●

Conference Dinner (Gala) at the Meiji Memorial Hall (Meiji
Kinenkan), a historic hall in Japanese style architecture,
standing within the magniﬁcent surroundings of a
traditional Japanese garden
The Conference Program is subject to change without notice.

10Conference Venue
Keio Plaza Hotel

The Keio Plaza Hotel is the ideal
location to explore the delights ofthe city of Tokyo. Only minutes
away from the most popular
shopping and entertainment spots,
our luxury hotel provides stunningviews over central Tokyo. A cozy
bed, a good meal, friendly faces….
these are just some of the
comforts that you seek after
stepping inside the hotel door. The
Keio Plaza Hotel oﬀers a wide
variety of home-away-from-home
hospitality, with 1,435 guest rooms
to choose from to accommodate
your every need. After hours, you
can continue to work at a fully
equipped business center or fromthe warmth of your room, whichconveniently oﬀers 24-hourcomplimentary high-speed Internet
access. Located in Shinjuku, in thevery heart of the Tokyo metropolis,
the Keio Plaza Hotel Tokyo extends
top rated services and facilities,
features that guests come to
expect of a world class hotel
URL : http : //www.keioplaza.com /11

Conference Dinner (Gala) Venue
Meiji Momorial Hall (Meiji Kinenkan)

URL : http : //www.meijikinenkan.gr.jp/english /12

Registration Fees

Full Conference
Three days attendance at the Conference
including the Opening Reception (Friday
evening).
This registration does not include theConference Dinner (Sunday evening).

Early Before July 31
IFTA Member

IFTA non-Member

One Day Only
Attendance at the Conference all day-time
activities on the day of attending only.
This registration does not include theConference Dinner (Sunday evening).

Dinner Tour (Saturday) - Optional

IFTA Member

IFTA non-Member

JPY 110,000(Approx. US$ 917)*

JPY 140,000

JPY 140,000(Approx. US$ 1,167)*

JPY 170,000(Approx. US$ 1,167)*(Approx. US$ 1,417)*

Early Before July 31

Standard Aug 1 - Sept 31

JPY 50,000(Approx. US$ 417)*

JPY 60,000

JPY 50,000(Approx. US$ 417)*

JPY 60,000(Approx. US$ 500)*(Approx. US$ 500)*

Early Before July 31

Standard Aug 1 - Sept 31

JPY 5,000

Conference Dinner (Sunday) - Optional

Standard Aug 1 - Sept 31

JPY 5,000(Approx. US$ 42)*

(Approx. US$ 42)*

Early Before July 31

Standard Aug 1 - Sept 31

JPY 5,000(Approx. US$ 42)*

JPY 5,000(Approx. US$ 42)*

* @JPY 120 / US$; Guidance purposes only; Subject to ﬂuctuations according to foreign exchange rate ﬂuctuations

13

JAPAN / TOKYO
According to a recent BBC poll, Japan has ranked highest for its positive inﬂuence in the world. The eﬀect that the Japanese culture has hadon the rest of the world may not be understated. The culture and products of Japan look to have an increasingly large and lasting impact on
all countries. Japan overﬂows with unique tenets, and these at ﬁrst glance may look simple, but the more one looks, the layers upon layersof complexity come to light. The center of all of this richness and beauty is Tokyo; the heart of Japan. The IFTA and the NTAA, in
partnership with all of our sponsors and members, on behalf of everyone in Japan, cordially welcome you!
http : //www.japanprobe.com/2012/05/16/bbc-global-poll-japan-has-most-positive-inﬂuence-in-the-world /

JAPAN

TOKYO

Japan is becoming one of the most popular tourist destinationsin Asia. Tourist arrivals in Japan doubled in the last 10 years
and tripled in the last 20 years, and the growth momentum has
continued to accelerate recently. The number of foreign visitors
increased 35% in 2012, 24% in 2013, and 30% in 2014, and is
widely projected to further double or triple by around 2020
(when Tokyo will host the summer Olympic games). The
ever-increasing numbers of global tourists discover (orrediscover) the numerous tourist attractions of this country.
Japan has such a long history and unique culture, where ourpeople treat its visitors with the great‘Omotenashi’spirit.
Japan welcomes you!

■ Vibrant: gearing up to host the 2020 Olympics■ Trend setting city: constant ﬂow of new cultural products (withManga, Anime, leading the way)
■ Fascinating combination of both modern and traditional: While
being home to some of the world ’s most ambitious architecture,
stylish shops and globally renowned restaurants, numerous
serene temples, shrines, Imperial gardens provide a serene oasis
within the ever electric citys culinary capital, with the Michelin■ Tasty: Undisputed world ’Guide handing out a total of 281 stars to restaurants in Tokyo,
more than twice the number given to restaurants in Paris and
New York combined, in 2013
■ Inexpensive: Contrary to the commonly-held misconception,
things are surprisingly aﬀordable■ The world ’s safest major city allowing visitors to walk, take thesubway or taxi without concerns
14What is IFTA?

IFTA Members Society

The International Federationof Technical Analysts (IFTA)
was incorporated in 1986 andis a global organization ofmarket analysis societies andassociations.
IFTA is an international
non-proﬁt organization withcurrently 27 member
societies around the world.
IFTA oﬀers certiﬁcation totechnical analysts around theworld.

Society

What is NTAA?
AcroniumCountry

American Association of Professional Technical Analysts

AAPTA

United States

Asociatia Analistilor Tehnicidin Romania

AATROM

Romania

Asosiasi Analis Teknikal Indonesia

AATI

Indonesia

Association Francaise des Analystes Techniques

AFATEFranceAssociation Tunisienne des Analystes Technique

ATAT

Tunisia

Australian Technical Analysts Association

ATAA

Australia

Canadian Society of Technical Analysts

CSTA

CanadaCroatian Technical Analysis Association

CTAA

Croatia

Dutch Commission of Technical Analysis

DCTA

Netherlands

Financial Technical Analysts Association

FTAA

Hong Kong

Instituto Español de Analistas Tecnicosy Cuantitativosl

EATEC

Spain

Lebanese Society of Technical Analysts

LSTA

Lebanon
Malaysia

Malaysian Association of Tecnicosy Cuantitativous

MATA

Nippon Technical Analysts Association

NTAA

Japan

Scandinavia Technical Analysts Federation

STAF

Scandinavia

Societa Italiana di Analisi Tecnica

SIAT

Italy

Society for Market Studies

SMS

Bosnia and Herzegovina

STA

United Kingdom

Society of Technical Analysts of New ZealandSociety of Technical Analysts Ltd.

STANZNew ZealandSwiss Association of Market Technicians

SAMT

Switzerland

Technical Analyst Society, Nigeria

TASN

Nigeria

Technical Analysts Society Singapore

TASS

Singapore

Technical Analysts’Society of Southern Africa

TASSA

South Africa

Technical Securities Analysts Association of San Francisco

TSAASF

United States

The Association of Technical Analysts

ATA

India

The Egyptian Society of Technical Analysts

ESTA

Egypt

Vereinigung Technischer Analysten Deutschlands e.V.

VTAD

Germany

The Nippon Technical Analysts
Association (NTAA), founded in 1978,is the Japanese association fortechnical analysis practitioners andresearchers. Its main aim is topromote greater use and correctunderstanding of technical analysis as
a vital investment tool. It is one of thelargest technical analysis organizationsin the world with over 2300 members.
Current members include fundmanagers and analysts at asset
management companies, institutional
traders, research analysts at securities
ﬁrms and independent researchhouses, bankers, stock brokers, hedge
fund marketers, ﬁnancial advisors,market newsletter writers, individual
investors and traders, as well as
growing numbers of academics. The
NTAA is a founding member of, andthe Japanese representative for, theInternational Federation of TechnicalAnalysts.
15

IFTA Conferences
The inaugural annual IFTA conference washeld in Tokyo, Japan, hosted by NTAA, in 1988.
Since then, IFTA has continuously heldan Annual Conference in diﬀerent
locations throughout the World,
normally in the autumn.
These conferences are organizedby the member societyof the host country.
Following the 1988 conference,
the NTAA also hosted
the IFTA 2001 conference in Tokyoand is delighted toonce again host IFTA 2015.

Past IFTA conferences were held in the following cities :2014

London, UK

2005

Vancouver, Canada

1996

Amsterdam, Holland

2013

San Francisco, CA USA

2004

Madrid, Spain

1995

San Francisco, USA

2012

Singapore

2003

Washington, DC, USA

1994

Paris, France

2011

Sarajevo, Bosnia and Herzegovina

2002

London, England

1993

New York, USA

2010

Berlin, Germany

2001

Tokyo, Japan

1992

Dublin, Ireland

2009

Chicago, Illinois USA

2000

Mainz, Germany

1991

Mexico City, Mexico

2008

Paris, France

1999

Niagara-On-The-Lake, Canada

1990

Montebello, Quebec, Canada

2007

Sharm el Sheikh, Egypt

1998

Rome, Italy

1989

London, England

2006

Lugano, Switzerland

1997

Sydney, Australia

1988

Tokyo, Japan16

Previous Supporters of IFTA Conferences
IFTA2014 London
PLATINUM SPONSORGOLD SPONSORSILVER SPONSOR

IFTA 2013 San Francisco
PLATINUM SPONSORS
BloombergMarket Analyst
SILVER SPONSOR
Intalus
Tradestation
MEDIA SPONSORS
Elliott Wave International
FXStreet.com
Golden Gate University

BLONZE SPONSOR

EXHIBITORSMEDIA PARTNERS

IFTA 2012 Singapore
Market Technicians Association (MTA)
MoneyShow.com
PubliCharts: Advanced Financial andTrading Publishing
Stocks & Commodities Magazine
MoneyShow.com
The Technical Analyst
Traders' Media GmbH
Tradesignal
FRIENDS OF IFTABBSP Research
Winans Investments

PLATINUM SPONSORS
BloombergMarket Analyst
SILVER SPONSOR
Intalus
BRONZE SPONSORSBBSPPI Graduate Studies
UpdataJohn Wiley & Sons
Interactive Brokers

FRIENDS OF IFTA
F-Elliott
Bouquet de Fleurettes
TS China Research
TerraSeeds Market Technician
Beta Group Beta Financial
Learning & Development Financial Learning
Bollinger Capital Management
Dorsey Wright and Associates
Guppy Traders
Navitas Resources
NextVIEW Pte Ltd
S2 Analytics
The Society of Remisiers (Singapore)
The Technical Analyst
TRADERS´Media GmbHINQUIRIES
If you are interested in sponsoring IFTA 2015 Tokyo or have any questions about sponsorship,
Please contact:
NTAA oﬃce Tel: +81-(0)3-5847-2231, FAX:+81-(0)3-5847-2232
Email: oﬃce@ntaa.or.jp, or Akira Homma (Conference Director) Email: akira.homma@ifta.org

17

The IFTA 28th Annual Conference
2-4 October 2015
The Keio Plaza Hotel,Tokyo

18Please return application to :NTAA oﬃce Tel: +81-(0)3-5847-2231; FAX :+81-(0)3-5847-2232; Email : oﬃce@ntaa.or.jp, or
IFTA Conference Director (Akira Homma); Email : akira.homma@ifta.org