23IFTA

rd Annual Conference

October 7–9, 2010

The Ritz Carlton, Berlin • Berlin, Germany

IFTA

23Annual Conferencerd

October 7–9, 2010 • The Ritz Carlton, Berlin • Berlin, Germany

Dear Colleagues and Friends of IFTA,
The Annual IFTA Conference, now in its 23rd year, has established itself as the global conference for TechnicalAnalysis and related subjects. It is the only international conference on Technical Analysis, held in a different
region of the world each year. Now, and after a decade, Die Vereinigung Technischer Analysten Deutschlandse.V (VTAD) welcomes the return of the Annual IFTA Conference to Germany. As our hosts, the VTAD has
worked closely with IFTA to assure a beautiful venue, extremely interesting, thought provoking speakers andentertaining cultural programs. And if past performance can be an indicator of future results…we will have thebeautiful weather of early fall in Berlin.
Just a few of the many highlights of the conference are: on day one of the conference
will cover monitoring global money with TA; and the themes of behavioral finance,with Professors Hersh Shefrin and Julie Agnew. Related to this theme, David Furcajg
will speak on technical trading methods in response to news events. Day two of theconference will feature TA methods in the energy markets, including the developing
carbon, power, spot shipping rates and bio fuels. Delegates have the unique
opportunity to hear from specialist traders in these complex markets, and how they
apply Technical Analysis to their work.

“I have been attending the IFTA conferences since 1996 (Amsterdam). The total
experience gained from intense continuing education provided in 3 days by speakers
and lecturers, who are introducing new and reviewing old technical analysis subjects,
is unmatched from other conferences I have attended over my 44 year career. The
insight gained from interfacing and socializing with other technical analysts from allparts of the globe cannot be measured. The change of venue each year and the local
society’s hosting the annual gala are unmatched.”
Michael Steele

As the tools of our industry and methods are becoming even more sophisticated,
Managing Partner, Steele Investment Counsel, LTD
allowing us to capture and quantify more and data from multiple sources,
the traditional tools of analysis may not be sufficient. Out of ever greater data
quantification, visualization technologies are rapidly developing in parallel to help
us structure the growing data and complexity of global markets. Just as simple stock charts representing price
Bernetich, Member Services Manager. And sincere thank you toand volume were a revolution 120 years ago, we are in the midst of a revolution of not only trading techniques
all our sponsors who help make this very important conference
based on technical algorithmic based rules, but the tools of visual representation of complex markets. Matthias
possible.
Shapiro, an expert in data visualization will speak on new visualization of Market Delivered Data. And for us
in our world, this means better tools and technical analysis and better decision-making. On this note, please
I look forward to seeing many of you in Berlin.
make the decision to sign up for the conference early to enjoy the early bird rates. A special thank you to Dr.
Gregor Bauer and the VTAD, to our Conference Manager and VP of Meetings, Grace Jan, and to Linda
Sincerely,

Elaine Knuth

IFTA 2010 Conference Chair

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Schedule-at-a-Glance (as of August 25, 2010)
Wednesday, October 6
Pre-Conference
8:00 – 18:00

Registration

9:00 – 12:00

IFTA CFTe II Exam

12:00 – 17:00

Exhibits Setup

16:00 – 18:00

IFTA Annual General
Meeting open to all members

Thursday, October 7
8:00 – 9:00
8:00 – 18:00
8:00 – 18:00
9:00 – 11:00
11:00 – 11:30
11:30 – 18:00

Coffee and Pastries
Registration
Exhibits OpenTechnical Talkabout
Break – Visit Exhibitors andSponsors
General Session

October 7–9, 2010 • The Ritz Carlton, Berlin • Berlin, Germany

Friday, October 8
8:00 – 9:00
8:00 – 18:00
8:00 – 18:00
9:00 – 18:00
10:30 - 11:00
12:20 – 13:45

11:00 – 15:00

Optional Guest Tour:
City Tour of Berlin

13:00 – 17:00

12:20 - 12:35

IFTA Awards Presentation

15:30 – 16:00

12:35 – 13:35

Group Lunch

15:25 – 15:50

Break—Visit Exhibitors andSponsors
Sessions End
Shuttle Buses depart fromthe Hotel Lobby to Opening
Reception
Opening Reception at
Brauhaus Spandau

18:00
18:30

18:30 – 23:00

23Annual Conference
rd

18:00

Saturday, October 9

Coffee and Pastries
Registration
Exhibits Open
General Session
Break—Visit Exhibitors andSponsors
Group Lunch sponsored by
E.ON Energy Trading
Optional Guest Tour:
Shopping Tour of Berlin
Break—Visit Exhibitors andSponsors
Session Ends—Evening on
your own

8:00 – 9:00
8:00 – 17:40
8:00 – 17:40
9:00 – 17:40
10:30 - 11:00
10:00 – 15:00
12:20 – 13:45
15:35 – 16:05
17:40
19:00 – 23:00

Coffee and Pastries
Registration
Exhibits Open
General Session
Break—Visit Exhibitors andSponsors
Optional Guest Tour:
Potsdam/Babelsberg TourGroup Lunch
Break—Visit Exhibitors andSponsors
Sessions End
Gala Dinner—An Evening ofEntertainment: From Baroqueto Modern at the Meistersaal

Special Thanks to Our Sponsors (as of August 25, 2010)
Platinum Sponsor

Gold Sponsor

Bronze Sponsors

Luncheon Sponsor

Banner Sponsors

General Sponsor

Special Thanks to Our Media Partners

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Schedule (as of August 18, 2010)

October 7–9, 2010 • The Ritz Carlton, Berlin • Berlin, Germany

Wednesday, October 6
Pre-Conference
8:00 – 18:00

Registration

9:00 – 12:00

IFTA CFTe II Exam

12:00 – 17:00 Exhibits Setup

Grand Foyer
Salon Rehgarten
Grand Foyer

16:00 – 18:00 IFTA Annual General Meeting
open to all members
Salon Bellevue

Thursday, October 7
7:30 – 9:00

Those staying at The Ritz Carlton, Berlin
can have breakfast in Brasserie Desbrosses aspart of their room package.

8:00 – 9:00

Coffee and Pastries

Grand Foyer

8:00 – 18:00

Registration

Grand Foyer

8:00 – 18:00

Exhibits OpenGrand Foyer

9:00 – 11:00

Technical Talkabout

Ballroom 1

11:00 – 11:30 Break

23Annual ConferencerdGrand Foyer

All sessions are held in Ballroom 1.
11:30 – 12:20 Technical Trading in FX Markets After
News Releases
David Furcajg, MFTA, CFTe
Technical Strategist/CoachFounder, 3rd Wave Consult
Paris, France
As a FOREX trader, David Furcajg, MFTA, CFTeheaded a research which enables us to understand thereaction of the FOREX market when confronted withexogenous disturbances (namely macro economic
publications). Knowing that when it happens, theefficiency of conventional technical analysis tools isaltered. In actual fact, the abrupt modification of theprice structure skews reading of graphs and mathematicalindicators. Consequently, David has tried to extract somecharacteristics concerning the reaction of prices affected by

an exogenous disturbance from a broad sample of data. His
results allow a better understanding of price movements andto adapt technical analysis to situations when prices react
violently.
12:20 – 12:35 IFTA Awards Presentation
12:35 – 13:35 Group Lunch

Brasserie Desbrosses

13:35 – 14:30 Technical Analysis and Behavioral
Finance: Not So Simple
Hersh Shefrin, Ph.D.
Mario Belotti Chair, Department of Finance
Santa Clara University’s Leavey School of
Santa Clara, CA USA
Behavioral finance has a twin message. First, markets are
not efficient, in that psychological propensities create gaps
between market prices and fundamental values. Second,
exploiting market inefficiencies is possible, but not sosimple, as those same psychological tendencies get in theway of earning positive abnormal returns. This twin message
applies to all investors, including technical analysts. The
talk will explore this twin message. The first part of themessage uses tools from behavioral asset pricing theory
features to measure market sentiment and identify market
inefficiencies. The second part of the message features areview of select academic articles evaluating the efficacy oftechnical analysis, along with recent examples.
14:30 – 15:25 Cross-Border Equity Flow Indicator(X-EFI)
Jeremy Armitage, CFA
Senior Managing Director and Global Headof Research, State Street Global Markets
London, United Kingdom
The financial crisis continues to embroil financial
markets around the world. Extended periods of “fear” arepunctuated by bouts of “greed”. Markets have become
increasingly correlated as investors’ reaction to violent
shifts in sentiment drives all risky assets to move insimilar patterns. Liquidity, until recently taken as a given,has now become a major factor of consideration for all
investors. Many commentators have pointed out that
this leads to great opportunities for those able to identify

mispricings in markets to exploit as “irrational behaviour”
drives assets away from their fair value. How thoughshould investors seek to benefit from these opportunities
without being caught up in the next maelstrom ofinvestor behavior?
Jeremy will discuss the work he and his team at State Street
Global Markets have been doing on measuring this investor
behaviour, calibrating indicators that can be used to analyze
shifts in sentiment and building strategies that can beused to defend a portfolio from extreme adverse moves orparticipate in upside surprises.
15:25 – 15:50 BreakGrand Foyer

15:50 – 16:20 Behavioral Finance and Individual
Investors
Professor Julie Agnew, Ph.D.
Associate Professor of Finance andEconomics
The College of William & Mary, The Mason
School of BusinessWilliamsburg, VA USA
Individual investors are prone to behavioral biases that are
observable in their savings, trading and asset allocation
decisions. As the pension landscape in the United Stateschanges, more and more individuals are becoming
responsible through their company plans for the investment
decisions that will determine whether they have financiallysecure retirements or not. Current statistics estimate that
$4.1 trillion dollars in assets are held in these employer
based plans and this number continues to grow (EBRI,
May 2010). Behavioral finance researchers have used the
trading and asset allocation records from this group to better
understand the psychology of the non-professional investor.
This talk will provide a high level overview of the major
behavioral finance findings associated with the analysis of
this investor group and how plan providers have adapted
financial products and plan design as a result. Some topics
that will be discussed include evidence of allocating assets
based on past returns (excessive extrapolation), naïve
diversification strategies and the role of trust in savings
decisions.

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Schedule continued
16:20 - 17:10

Application of Behavioral Economics andExperimental Economics to TechnicalAnalysis
Masayuki Ito
Lecturer, Osaka University of Economics,
Department of Business Administration
Osaka, Japan

17:10 – 18:00 Global Sector Rotation with Relative
Strength
Tom Dorsey
Dorsey Wright & Associates
Richmond, VA USA
Simple can simply be enough when investing. The
irrefutable law of supply and demand moves all prices
and applying this simple economic principle to the world
markets is done through Point & Figure Trend and Relative
Strength analysis. The implementation of these time
tested tools comes in the form of guided stock models forover 20 countries across the global markets. Learn fromthe top down which countries are outperforming, whichstocks within those countries to own and how to identify
when one trend ends and new one emerges, as well as thecharacteristics of relative strength investing.

23Annual Conferencerd

October 7–9, 2010 • The Ritz Carlton, Berlin • Berlin, Germany

18:00

Sessions End

18:30

Shuttle buses depart from The Ritz Carlton
lobby to Opening Reception

18:30 – 23:00 Opening Reception at Brauhaus Spandau

Friday, October 8
7:30 – 9:00

Those staying at The Ritz Carlton, Berlin
can have breakfast in Brasserie Desbrosses aspart of their room package.

8:00 – 9:00

Coffee and Pastries

Grand Foyer

8:00 – 18:00

Registration

Grand Foyer

8:00 – 18:00

Exhibits OpenGrand Foyer

All sessions are held in Ballroom 1.
9:00 – 9:45

Point & Figure Analysis Applied on the
Energy Markets
Holger Galuschke
E.ON Energy Trading
Düsseldorf, Germany

The Oil Market is one of the most liquid markets within
the Energy complex. Beside fundamental factors and theimpact of physical delivery on the supply and the demandside, technical implications are an inherent part of thismarket. Even though, the Point & Figure Analysis has
a long tradition within Technical Analysis, it is a nichemethod. However, the big advantage of this method is thesimplicity on the one side and the clarity of research andtrading output on the other side. In this lecture, the allimportant Double Top/Bottom concept will be explained,
as well as the calculation of price targets, etc. How tocreate a trade plan and what specific questions have to beanswered? The application of Point & Figure Analysis andTrading will be shown with the help of the Continuous
Contract of the ICE Oil Future spanning more than 20
years. Beside examples from the Oil Market, other Energy
Market commodities will be covered as well.
9:45 – 10:30

Technical Trading Rule Performance—
A Comparison between the Foreign
Exchange, Equity and Power Market
Philipp Eggert, Ph.D.
Senior Analyst
Gazprom Marketing & Trading Limited
London, United Kingdom

Electricity is a tradable product since the deregulation of
power markets in Europe around 10 to 20 years ago. In
comparison with equity and foreign exchange markets thismarket is rather young and less efficient. Due to the limited
storability, power is tradable over a wide range of delivery
periods ranging from hours to a couple of years ahead. The
resulting price for different delivery periods as a function oftime is called forward curve and exhibits unique features.
The normal procedure to find trading rules is to back-test
the strategy over a given test period. However, using a data
set more than once creates spurious inferences resulting
from data snooping. In this presentation, Philipp will apply
White’s Reality Check to find out whether there exists a
superior model in a “universe” of trading models consistingof filter rules, moving averages, support and resistanceand channel break-outs. He will apply White’s Reality
Check to equity, foreign exchange and power markets anddiscuss how the efficiency of these markets influences theapplicability of simple trading rules.
10:30 – 11:00 BreakGrand Foyer

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Schedule continued
11:00 – 11:45 Technical Analysis of Coal and CO2 Markets
Blazej Radomski, Ph.D.
Markedskraft Deutschland GmbH
Berlin, Germany
The term “commodities trading” covers a wide range ofdifferent contracts traded on different markets. Coal andCO2 are maybe not as popular and not as spectacularfrom the technical point of view as for example Oil, butthey open interesting opportunities for extensive analysis
and of course also for gains in trading. The CO2 market
is obviously the newest among other commodities andhas its particularities. Talking about Coal contracts, theFreight should not to be forgotten. In the presentation, Dr.
Radomski will show the most important facts about thecontracts and the markets by themselves. He will try toshow how the technical analysis could be applied on thesetwo different markets in order to support price movement
detection processes.
11:45 - 12:20

Automated Trading Strategies Design
Philipp Kahler
Senior Quantitative Analyst, Intalus GmbH
Bremen, Germany

23Annual Conferencerd

October 7–9, 2010 • The Ritz Carlton, Berlin • Berlin, Germany

There are many pitfalls to avoid when designing an
automated trading strategy: Curve fitting; change ofvolatility; indefinable market trends. Philipp Kahler shows
you what it takes to design and test a sound strategy andwhy his approach will boost your own performance. Don’t
get fooled by how technical analysis should work, but
combine different aspects of technical analysis to develop
a strategy that will keep to its desired performance over the
coming years.

progressively more liquid and technical ever since. The
less mature European gas markets (Dutch - TTF, Belgium-Zeebrugge, German-NCG, French - PEG, Italian - PSV
gas markets ) commonly take their lead from the UK
market. The NYMEX Natural Gas (Henry Hub - USA)and LNG markets, at times, are also having a significant
influence on the UK market.

12:20 – 13:45 Group Lunch sponsored by
E.ON Energy Trading

15:30 – 16:00 Break

13:45 – 14:40 UK Gas Market (NBP)
Murray Radestock
E.ON Energy Trading
Düsseldorf, Germany
A brief background to the recent underlying fundamentals
and price drivers in the UK Gas Market will be given,
followed by an outline (with examples) of the various
technical analysis that has been used and can be applied
to this market. At least 50% of the participants in thismarket actively use technical analysis. The UK Gas
Market commenced trading around 1998 and has become

14:40 – 15:30 Session to be announced
Grand Foyer

16:00 – 16:50 Cloud Charts and Energy TradingDavid Linton, MFTA
Chief Executive, Updata plc
London, United Kingdom
Cloud Charts (Ichimoku) are increasingly used on trading
screens around the world and this session will show how toapply them to energy markets. The presentation will lookat: The key elements and signals on Cloud Charts
 How to use Clouds as a trading roadmap
 How Cloud Charts compliment other technical analysis
techniques When Clouds work best and when they don’t Multiple Time Frame Analysis with Clouds
 Backtesting of Cloud trading strategies
16:50 - 17:15

Pattern Analysis and Positioning using
Ichikomu Charts
Yukitoshi Higashino, MFTA
Stock Analyst, T&C Financial Research
Tokyo, Japan

17:15 - 18:00

Forward Regression Trend Indicator—
A New East—West Hybrid TechnicalAnalysis Concept
Akira Homma, CFA, CIIA, CMA,
CFTe, FRM
Quantitative Analyst, Aizawa Securities
Tokyo, Japan

18:00

Sessions End – Evening on your own

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Schedule continued

October 7–9, 2010 • The Ritz Carlton, Berlin • Berlin, Germany

Saturday, October 9
7:30 - 9:00

Those staying at The Ritz Carlton, Berlin
can have breakfast in Brasserie Desbrosses aspart of their room package.

8:00 – 9:00

Coffee and Pastries

Grand Foyer

8:00 – 18:00

Registration

Grand Foyer

8:00 – 18:00

Exhibits OpenGrand Foyer

All sessions are held in Ballroom 1.
9:00 – 9:45

Statistical Evaluation of Classic andCandlestick Chart Pattern
Gregor Bauer, Ph.D., CFTe
Independent Portfolio Manager andChairman, Vereinigung Technischer
Analysten Deutschlands (VTAD),
Wiesbaden, Germany

Based on the extensive research work carried out by
Thomas N. Bulkowski on the real behaviour andperformance of classical chart patterns and candlestick
pattern, Gregor Bauer will combine the “winning
patterns” in combination with technical indicators to highprofitability trading-setups.
9:45 - 10:30

Technical Tools to Analyze Risk Appetite,
Liquidity & Funding
David Sneddon
Managing Director, Credit Suisse
London, United Kingdom

The generational events of the past few years havereinforced the importance of how under such extreme
circumstances, it is critical to have a detailed frameworkof assessing from a technical perspective key global macroand market specific measures of risk and liquidity, and how
these form a crucial and first stage in a top-down approach
to his analysis. David will outline both Credit Suisse
bespoke, and more general measures of risk and liquidity,
and how the team use and fit these into their broader
analysis framework.
10:30 - 11:00 Break

23Annual ConferencerdGrand Foyer

11:00 – 11:45 Micro Analysis of the Inside Market
to Create Short Term High Frequency
Variable Volume Day Trading
Opportunities
Shaun Downey
Technical Analyst, CQG®
Cambridgeshire, United Kingdom
This will use TFlow™ and DomTracker™ as the method of
redefining data and then using a variety of divergence based
patterns and analysis of the time of day that the signals
are appearing via Volatility Time Bands and derivatives of
his Stochastic Steps logic. Shaun will evaluate benefits ofMatlab® and platforms such as CQG® in creating in depth
analysis.
11:45 - 12:30

Being a Successful DeMark Trader
Trevor NeilFounder, Behavioural Economics andTechnical Analysis Group (BETA Group)
Royal Tunbridge, Wells Kent, United
Kingdom

It requires skill to make money using Tom DeMark’s
techniques. The main thrust of the talk is a discussion of
how to put his techniques together to create a sympathetic,
practical and profitable trading style. Trevor will bring incomplimentary DeMark techniques and non-DeMark
techniques, which can be used together to form a
disciplined trading approach. These are not Tom DeMark’s
approaches, they are Trevor Neil’s and are the result of his
work with Tom and his years of using DeMark’s methods totrade the markets.
12:30 – 13:45 Group Lunch

Brasserie Desbrosses

13:45 – 14:35 Seasonality: The Rhythm of the Market
Dimitri Speck
Chief Financial Engineer, Staedel HanseaticFrankfurt, Germany

how can they be used for trading? Are seasonal charts
useful and what should an investor consider? Advance
information: www.SeasonalCharts.com
14:35 – 15:35 Data Visualization—Methods to Extract
Critical Information From The Market
Eugene Sorenson
Product Manager, Bloomberg
New York, New York USA
The presentation will review techniques new and old toorganize data into information to facilitate analysis anddecision making.
15:35 – 16:05 BreakGrand Foyer

16:05 - 16:50

Session to be announced

16:50 - 17:40

The Art and Science of Seeing Data:
An Overview of Data Visualization
Techniques and Methods
Matthias Shapiro
Interaction Designer, Silverlight
Salt Lake City, UT USA

When it comes to understanding information, a visual
representation can drastically improve the ability of an
audience to consider, explore and understand a data set.
Drawing from a number of effective (and ineffective)
information visualizations, Matthias Shapiro will present
an overview of methods, techniques and technologies fortranslating data from raw numbers into a visual format
that can increase comprehension and interest with yourintended audience.
18:10

Sessions End

19:00 – 23:00 Gala Dinner—An Evening ofEntertainment: From Baroque to Modern
at the Meistersaal“Sell in May”—seasonal patterns belong to the bestknown market phenomenon. They seem to be easy, but
their treatment requires in depth knowledge. Dimitri
Speck shows the challenges behind seasonality: What isseasonality? Why do seasonal patterns exist? When and

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Speakers continued

23Annual Conferencerd

October 7–9, 2010 • The Ritz Carlton, Berlin • Berlin, Germany

Julie Agnew, Ph.D.

associate at Boston College’s Center for
Retirement Research, a TIAA-CREF
Institute Fellow, a member of the Academyof Behavioral Finance Advisory Board and amember of the Virginia Retirement Systems
Defined Contribution Plans Advisory
Committee (DCPAC).

is available to clients through Global
Markets research portal, www.globallink.
com. He has a B.S. in Computing Science,
Imperial College, London, holds the CFA
designation and is member of the UK
Society of Investment Professionals.

Julie Agnew, Ph.D. is an
Associate Professor of
Finance and Economics
and the Co-Director of
the Center forInterdisciplinary
Behavioral FinanceResearch (CIBFR) at theMason School of Business in the College ofWilliam and Mary, USA. She received her
Ph.D. in finance from Boston College in2001 and her B.A. in economics in 1991
from the College of William and Mary. She
has worked as an analyst in investmentbanking for Salomon Brothers in New York
City and as an equity research associate for
Vector Securities International in Chicago.
A former Fulbright Scholar to Singapore,
she has co-authored a book examining
strategic business opportunities inIndonesia, Singapore and Malaysia.

Jeremy Armitage, CFA

Independent Portfolio Manager andChairman, Vereinigung Technischer Analysten
Deutschlands (VTAD)
Wiesbaden, Germany

Associate Professor of Finance andEconomics and Co-Director of the Center forInterdisciplinary Behavioral Finance Research,
The College of William & Mary,The Mason School of BusinessWilliamsburg, VA USA

Dr. Agnew’s research and consulting
activities focus on the decision-making
process in retirement investment planningand the role of financial literacy. She has
published in a variety of academic journals,
including the American Economic Review,
The Journal of Behavioral Finance and
the Journal of Financial and Quantitative
Analysis. In addition, she has won several
nationally competitive research grants
for work examining topics in long term
investing and fund trading by individual
investors. Currently, she is a research

Senior Managing Director andGlobal Head of Research
State Street Global Markets
London, United Kingdom

Jeremy Armitage, CFA
is Senior Managing
Director and Global
Head of Research atState Street Global
Markets. His team isrenowned for theirresearch in the fields ofinvestor behavior and portfolio & risk
management, which is regularly publishedin academic and practitioner journals, suchas the Journal of Financial Economics, The
Journal of Portfolio Management and the
Financial Analysts Journal. Jeremy has beenat the forefront of establishing State Street’s
research agenda, having been appointed
Managing Director and Head of State
Street Associates in August 2000 andpromoted to Senior Managing Director in
September 2006.

Gregor Bauer, Ph.D., CFTe

Gregor Bauer, Ph.D.,
CFTe is an independent
Portfolio Manager
working for a range ofprivate and institutional
investors in Germany.
He is also a Lecturer inTechnical Analysis and Portfolio
Management, e.g., at the University of
Liechtenstein and Frankfurt School ofFinance & Management. He has also
authored a book on trading financial
markets, Praxisratgeber Trading, publishedin 2005. He contributes articles to various
renowned financial publications andappears frequently on various German TV
Channels.
Gregor holds a degree in Economics
from the University of Mainz and a
CFTe qualification in technical analysis.
Gregor is a member and Chairman of
the Vereinigung Technischer Analysten
Deutschlands (VTAD) and a member of theboard of directors of IFTA.

His work is regularly published in prestigious
academic and practitioner journals, suchas the Journal of Financial Economics, The
Journal of Portfolio Management and the
Financial Analysts Journal.
His team’s award-winning analysis isregularly cited in the financial press and

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Speakers continued

October 7–9, 2010 • The Ritz Carlton, Berlin • Berlin, Germany

Tom Dorsey

Shaun Downey

Tom Dorsey startedDorsey Wright &Associates, an
independent andprivately owned
registered investment
advisory firm. Conceptsof Relative Strength isthe cornerstone of the investment process.
Tom Dorsey is the author of numerous
books including Point & Figure Charting:
The Essential Application for Forecasting
Methodology. He appears regularly on
Bloomberg Television, and CNBC. He
has a degree in Business Administrationand Economics from Virginia
Commonwealth University.

Shaun Downey started
with Rudolf Wolff
Commodity Brokers,
trading and brokering
Soft Commodities, Oiland LME. From there,
he went to the Bond
desk of Fulton Prebon.
Shaun then joined Reuters, Ltd. to help
design and launch Globex platform. He
spent the last 17 years as a technical analyst
at CQG (www.cqg.com) teaching,consulting, and promoting technicalanalysis and system creation around theworld, as well as his role as Chief Market
Analyst for Social Fx network Currensee.
com and writer of daily technical reports on

Dorsey Wright & Associates
Richmond, VA USA

23Annual ConferencerdTechnical Analyst
CQG
Cambridgeshire, United Kingdom

Fx for I-Traders.com Shaun is the author of
Trading Time, New Methods in TechnicalAnalysis, an in-depth step-by-step book thathighlights studies he has created on trade
timing trades and risk management, backstress testing, statistical analysis andoptimization.

Philipp Eggert, Ph.D.

Senior Analyst
Gazprom Marketing & Trading Limited
London, United Kingdom

Philipp Eggert holds a
Ph.D. in Theoretical
Physics and joined thefinancial industry in the
beginning of 2006. Hestarted his career at
d-fine (one of theleading risk management
consultancies in Europe)
working on forecasting,valuation and risk
management projects. In
summer 2008, he joined
Vattenfall Energy
Trading in Hamburg.
Since then he isdeveloping technicaland quantitative trading
rules which he applies
mainly on the German
power forward curve.
One of his main interests
is to understand why andhow technical trading is
working in different
markets. In October2010 he will start at
Gazprom in London.

David Furcajg, MFTA, CFTe
Technical Strategist/CoachFounder, 3rd Wave Consult
Paris, FranceDavid Furcajg, MFTA,
CFTe, Msc in
Economics and AFATE
Vice Chairman, is a
professional technicalstrategist. He founded
3rd Wave Consult(www.3rdwaveconsult.
com), a financial training and advising
company, in July 2008. David was first abond strategist prior to working as atechnical analyst (stocks and global macro)
within different companies in Paris andLondon. During these experiences, hedeveloped his own trading models on stocks,
bonds, index and FOREX. His main focus
is trading the FOREX market on an intraday
basis using its methodology which combines
quantitative and technical tools.

Yukitoshi Higashino, MFTA

Stock Analyst, T&C Financial Research

Tokyo, Japan

Yukitoshi Higashino has
been a Japanese Stock
Analyst at T&C
Financial Research
since 2006. He provides
technicaly based market
information andresearch to Security
Houses and Banks inTokyo. He started his carrier at Wako
Security Co. Ltd. in 1991, as an equity
analyst and and conducted equity
investment. Prior to this he was a funddealer for Mizuho Trust proprietaryaccounts.

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Speakers continued
Holger Galuschke
E.ON Energy Trading
Düsseldorf, Germany

Holger Galuschke
worked with TechnicalAnalysis for almost 30
years and was engaged in
the classical financial
markets, like Equites, FX
and Bonds, for quite along time. In 2008, hetook the opportunity to change into theEnergy Trading business. At E.ON Energy
Trading, he is responsible for the TechnicalResearch of the Oil, Gas, Power, Coal andCarbon Markets as well as for Freight rates.
In his daily work he uses classical indicatorsand lines. Beside those tools he uses
Fibonacci Retracements and Targets and theconcept of Contraction and Expansion. The
second method he is intensively using is

23Annual Conferencerd

October 7–9, 2010 • The Ritz Carlton, Berlin • Berlin, Germany

Point & Figure Analysis, where he collected
a lot of experience over the last years.

Akira Homma, CFA, CIIA, CMA,
CFTe, FRM
Quantitative Analyst, Aizawa Securities

Tokyo, Japan

Akira Homma, CFA,
CIIA, CMA, CFTe,
FRM, joined Kokusai
Securities (present
Mitsubishi UFJ
Securities) in 1984 as an
Equity Analyst andsubsequently as
Quantitative Analyst(developing quantitative investment
management models). He later helped
manage funds as Investment Analyst at
Lombard Odier International Portfolio
Management and Gesindex, applying
principally quantitative and technical(including cycle) analysis at the latter. He
served as Senior Quantitative Analyst at Dow
Jones Japan (providing quantitative andtechnical analysis to institutional investors).
Currently, he is responsible for developing
quantitative models incorporating, among
others, technical factors for Japanese andnon-Japanese investors at Aizawa Securities.
He received his MBA degree from IESE
Business School.

Masayuki Ito

Lecturer, Osaka University of Economics
Department of Business Administration
Osaka, Japan

how to design winning trading strategies has
been among the top sellers in Germany forthe last two years and will be available as an
English edition by the end of the year. At
Intalus he is responsible for the in housetraining of institutional traders and thedevelopment of custom made algorithmic
trading strategies.

David Linton, MFTA
Chief Executive
Updata plc
London, United Kingdom

Philipp Kahler

David Linton founded
Updata plc in 1991.
Professional traders andanalysts now use Updata
technical analysis inover forty countries
around the world.
David is a well-known
commentator on financial markets in the
UK. He has appeared on BBC television,
ITN News, Bloomberg and CNBC financechannels and has written for The Mail on
Sunday, Shares Magazine and the Investors
Chronicle. He is also a well-known analyst ofEuropean energy markets.

Philipp Kahler is asenior quantitative
analyst at Intalus. He
was born in Austria andstudied electricalengineering before
joining a large German
Bank. He developed
fully automated trading strategies for theirprop. trading department. His book aboutDavid is author of Cloud Charts, publishedin March 2010. He is a member of the
UK Society of Technical Analysis (STA)
where he teaches the Ichimoku techniqueas part of the STA Diploma Course and isa holder of the MSTA designation. He isa member of the Association of American
Professional Technical Analysts (AAPTA)
and was awarded the Master Financial
Technical Analyst (MFTA) qualification by
the International Federation of TechnicalAnalysts (IFTA) for his paper on the
Optimisation of Trailing Stop-Losses in 2008.

Masayuki Ito is an
Instructor (lecturer) at
Osaka University of
Economics, Department
of Business
Administration. Ito
Masayuki Graduatedfrom Nagoya City
University, Graduate School of Economics;
worked at Japan Securities ResearchInstitute, Osaka Institute as part-time
researcher; and at Nagoya City University
Department of Economics as assistant.
Senior Quantitative Analyst
Intalus GmbH
Bremen, Germany

10

IFTA

Speakers continued
Trevor NeilFounder
Behavioural Economics and Technical Analysis
Group (BETA Group)
Royal Tunbridge, Wells Kent, United Kingdom

Trevor Neil started his
career as a commodities
trader at Merrill Lynchin the mid 1970s. He
became interested intechnical analysis as it
moved from graph paper
to the computer, andwitnessed the birth of many indicators likethe RSI, MACD and Stochastic that havebecome so popular today. After working inseveral City institutions as a broker, analyst
and fund manager, he worked on the Bund
floor at LIFFE giving technical analysis
support to a group of arbitragers. In 2000 hebecame head of technical analysis at
Bloomberg where he was responsible fortraining and technical analysis softwaredevelopment. He was one of those

23Annual Conferencerd

October 7–9, 2010 • The Ritz Carlton, Berlin • Berlin, Germany

responsible for the development andpromotion of DeMark functionality on the
Bloomberg terminal. He moved to South
Africa and formed and managed a hedge
fund based there, trading using thetechniques of Tom DeMark. Trevor
founded the Behavioural Economics andTechnical Analysis Group (BETA Group) tooffer skill enhancement days to banks &financial institutions in-house as well as
offering a selection of seminars worldwide
for market professionals to attend. BETA
Group works closely with Reuters, NYSE
Euronext, and many of the best in thebusiness. He speaks at conferences andcomments on T, has written many articles
on market timing techniques and skills andis an Associate Editor of The TechnicalAnalyst magazine.

Murray Radestock
E.ON Energy Trading
Berlin, Germany

Murray Radestock is amember of the STA andhas been involved in theenergy industry for over
20 years. He currently
trades UK Gas for the
trading arm of Eon, oneof the largest verticallyintegrated utilities in Europe. Since coming
to Europe in 2000 he has been involved in
Gas Risk and Portfolio Optimisation, trading
UK Gas and Nordic Power . Prior to this he
was the Trading Manager for a Victorian
power producer and LPG Supply andTrading Manager for Shell in Australia.

Blazej Radomski, Ph.D.

Markedskraft Deutschland GmbH
Berlin, Germany

Blazej Radomski, Ph.D.
is active in the energy
sector as a market
analyst. He is working
for the German branchof Markedskraft since2008. His daily duties
are covering the analysisof German Power prices on both, spot andforward markets, as well as the contributing
fundamentals. He is also responsible for thetechnical analysis of the Power, Oil, Coal,
Freight and Carbon markets at Markedskraft.
Previously, he was employed as a researchand teaching assistant at the European
University “Viadrina” in Frankfurt an derOder and at the University of Applied
Sciences—Hochschule der SparkasseFinanzgruppe in Bonn. He studied businessand finance and received his doctoral degree
at the European University “Viadrina.”

Matthias Shapiro

Interaction Designer
Veracity Solutions
Salt Lake City, UT USA

Matthias Shapiro iscontributor to Beautiful
Visualization: Looking
at Data Through theEyes of Experts by Julia
Steele and Noah
Iliinsky. Visualization is
the graphic
presentation of data portrayals meant toreveal complex information at a glance.
Successful visualizations efficiently generate
insight and new understanding.
Matthias is a contributor to CNN andinteraction designer with Veracity
Solutions, working with Silverlightdevelopment technologies (the capabilitiesof this technology can be see atwww.freestockcharts.com).

11

IFTA

Speakers continued
Hersh Shefrin, Ph.D.

Mario Belotti Chair, Department of Finance
Santa Clara University’s Leavey School of
Santa Clara, CA USA

Hersh Shefrin, Ph.D.
holds the Mario Belotti
Chair in the Departmentof Finance at Santa
Clara University’s Leavey
School of Business.
Professor Shefrin is apioneer of behavioral
finance and is among the top 15 theorists to

23Annual Conferencerd

October 7–9, 2010 • The Ritz Carlton, Berlin • Berlin, Germany

have influenced empirical work in
microeonomics and behavioral finance. In
1999, Professor Shefrin’s book, Beyond
Greed and Fear: Understanding Behavioral
Finance and the Psychology of Investing, waspublished by Harvard Business School Press.
This is now a standard work in the field.
In the 1970s and 1980s Professor Shefrin’s
co-authored papers in behavioral economics
with Richard Thaler were the first to
propose a psychological and neurologicalbased theory of self-control. Professor
Shefrin completed his Ph.D. at the London
School of Economics in theeconomics of uncertainty; heearned a Master of Mathematics
from the University of Waterloo
and a B.S. (Honors) in economics
and mathematics from the
University of Manitoba. For more
information his website is: http://
www.scu.edu/business/finance/
faculty/shefrin.cfm

David Sneddon

Managing Director
Credit Suisse
London, United Kingdom

David Sneddon
is a Managing
Director of
Credit Suissein theInvestment
Bankingdivision, basedin London. He is Head of Global
Technical Analysis, and is
responsible for overseeing theentire technical analysis product,
covering the Fixed Income, FX,

Equity and Commodity markets. He is
directly responsible for the Fixed Income
and Equity research product, as well as forthe provision of technical analysis education
within Credit Suisse, and for clients.
David is a previous winner of the Extel
European Fixed Income survey, and arunner-up in the Euromoney European
Fixed Income survey. He joined Credit
Suisse in 1994, having worked previously for
Investment Research of Cambridge Ltd andErnst & Young.
David holds a degree in Mathematics fromthe University of Newcastle-upon-Tyne, andis a former board member of the UK Societyof Technical Analysts.

Eugene Sorenson

He has extensive experience in developing
applications for analyzing and trading in
the financial markets. Prior to joining
Bloomberg, he worked in the market datagroup at Cantor Fitzgerald, LP, where
his focus was designing financial software
products. Previously he had worked at
CQG, bringing his knowledge of financial
markets into the financial software industry.
Earlier in his career, Eugene launched a
Commodity Trading Advisory firm, where
he devised technical charting tools to
trade financial and commodity futures.
He began his financial industry career in1988 at Braddis Associates, Inc., where
he was involved in supporting a variety
of functions from portfolio analysis andtrading to fund administration.

Product Manager, Launchpad 2010
Bloomberg
New York, NY USA

He holds a B.A. in Economics from the
University of California at San Diego. He
is active in Trips for Kids Metro NY.

Eugene Sorenson is a
product manager andoversees Launchpad
2010, an advanced
desktop interface for
the BLOOMBERG
PROFESSIONAL®
service. Launchpad
2010 is designed to give financial services
professionals a faster, more comprehensive
and customizable look at the markets.

Dimitri Speck

Eugene joined the company in 2006.
He has spearheaded the developmentof new applications producing major
improvements in Bloomberg’s charting
platform and creation of new visual
representations of the market that organize
data into information.

Chief Financial Engineer
Staedel Hanseatic

Dimitri Speck is Chief
Financial Engineer ofthe quantitative asset
manager Staedel
Hanseatic. He designed
Stay-C, an active
commodity index
calculated and publishedby the German exchange Deutsche BÜrse.
Speck has written a book about statistical
patterns in the gold market and is the
publisher of www.seasonalcharts.com, which
offers precise and free seasonal charts.

12

IFTA

Special Events

23Annual Conference

October 7–9, 2010 • The Ritz Carlton, Berlin • Berlin, Germany

Opening Reception at Brauhaus Spandau

Guest Tours

Thursday, October 7

Thursday, October 7

18:30 – 23:00

City Tour of Berlin 11:00 – 14:00

Experience German beer at its bestat the Brahaus Spandau. Enjoy the
first evening mingling with new andold friends while dining and drinking
German’s finest!

This tour leads from the hotel through the city centre of
Berlin with stops of your own choice. You will see thelocation of the Berlin Wall, Bradenburger Tor/Pariser
Platz, Mauergedenkstatte, Holocause-Mahmal, Reichstag(Parliament building), Botschaftsviertel (embassy district),
Alexanderplatz, Checkpoint-Charlie, East-Side Gallery,
City West and much, much more!

Buses depart from the Ritz Carlton
lobby at 18:30.

Gala Dinner—An Evening of Entertainment:
From Baroque to Modern at the Meistersaal
Saturday, October 9

19:00 – 23:00

The Meistersaal is a 5-10 minute walk from The Ritz Carlton.
What a way to end the Conference by walking through allmusical genres through the ages at the famous Meistersaal
while enjoying dinner with your friends.
For 100 years, the Meistersaal has been a location in theheart of Berlin that, like so few others in this city, embodies
the powerful tension between tradition and modernity.
Whether it be Kurt Tucholsky, David Bowie, Udo
Lindenberg, U2 or Herbert Grönemeyer—a wide range ofmajor artists have played this venue to draw inspiration fromits unique atmosphere.

rd

Friday, October 8

Shopping Tour of Berlin 13:00 – 17:00
Starting from the hotel to the old East Berlin, you will
spend the afternoon touring five areas: Galeries Lafayette
where French fashion, delicious food and art de vivre areoffered; department store in Quartier 206; Dussmann das
KulturKaufhaus, the culture warehouse where it is Berlin’s
most renowned literature and media shopping centre;
KaDeWe, the biggest department store of the European
continent; and Fasanenstrabe und Anna von Griesheim,a nationally famous designer who is opening her private
studio.

Saturday, October 9

Potsdam/Babelsberg Tour 10:00 – 15:00
This tour leads from the hotel to Potsdam crossing the
Glienicker Brucke. Stops include Schloss Cecilienhof,
where the 1945 Potsdam Conference took place; the“Verbotene Stadt” (the “Forbidden Town”); Kolonie
Alexandrowka, Schloss Sansouci; Baroque City Center andHollandisches Viertel (Dutch Quarter). This tour includes a
one-hour lunch break at Zurn Fliegenden Hollander (The
Flying Dutchman) before returning to the hotel.

13

IFTA

Hotel and Travel Information

23Annual Conferencerd

October 7–9, 2010 • The Ritz Carlton, Berlin • Berlin, Germany

The Ritz-Carlton, Berlin
Potsdamer Platz 3
Berlin, Germany
Phone

49 30 33 77 77

Onlinehttp://www.ritzcarlton.com/en/
Properties/Berlin/Reservations/Default.
htm?nr=1%26ng=1%26gc=x0sx0sa

ReferenceGroup Code: x0sx0sa

Hotel Reservations Deadline
Monday September 20, 2010
Room Rate € 205 – single (bed & breakfast)€ 235 – double - 2 guests (bed & breakfast)
Room rate includes full breakfast daily in the main restaurant.
Experience The Ritz-Carlton, Berlin—an unforgettable 5-star hotel just steps from Potsdamer
Platz. Featuring exceptional accommodations and impeccable service, guests at The RitzCarlton hotel in Berlin can indulge in the peaceful solitude of La Prairie Boutique Spa or
enjoy an exceptional meal at one of the hotel’s four distinctive restaurants. And the city’s worldclass museums, Reichstag, and upscale shopping are all within walking distance from the Ritz.
Air

Fly into Tegel International Airport (TXL) in Berlin, Germany. The hotel islocated about
20 minutes from the airport.

Alternative Hotels
Berlin Marriott Hotel(next door to The Ritz Carlton)
Inge-Beisheim-Platz 1
Berlin, Germany
Phone: 49 30 220000
Make Hotel Reservations:
https://www.marriott.com/hotels/travel/
bermc-berlin-marriott-hotel/

Grand Hyatt Berlin
Marlene-Dietrich-Platz 2
Berlin, Germany
Phone: 49 30 2553-1234
Make Hotel Reservations:
http://berlin.grand.hyatt.com/hyatt/hotels/index.jsp

14

IFTA

Registration Form

23Annual Conferencerd

October 7–9, 2010 • The Ritz Carlton, Berlin • Berlin, Germany

Register by Monday, August 2 (Extended to August 16th) to receive the Early Bird discount!
Three Easy Ways to Register
By Emailadmin@ifta.org or fill out the PDF form and click
the SUBMIT below
IFTA
9707 Key West Avenue, Suite 100
Rockville, MD 20850 USA+1 (301) 990-9771

By Mail
By Fax

1 Participant (please type or print)
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Fees US Dollars

By August 2

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OnsiteIFTA Member
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$1400
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$1580
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$1800
$1980

7 IFTA Member Society(IFTA member society(s) you belong to)

EventsThe Reception and Gala Dinner are included in your participant registration fee. Please check below if you plan on attending these events.
Yes     NoReception (Thursday, October 7)
Yes     NoGala Dinner (Saturday, October 9)4 One-Day Registration

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Fees US Dollars

Thursdayincludes reception

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$500
$600

FridaySaturday includes
gala dinner

$450

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5 Guest Registration (For more details, please refer to the website)

Institution / Company

Last Name/Family NameFirst Name

Badge Name

Email
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Special Dietary Requirement:    Vegetarian      Other
Require special accommodations to participate (attach description)
Fees US Dollars

Before August 2

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$420

$420

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Guest

Email

Special Dietary Requirement:     Vegetarian     Other
Require special accommodations to participate (attach description)

2 Qualification

EventsThe Reception, Gala Dinner and Tours are included in your guest registration fee. Please check below if you plan on attending these events.
Reception (Thursday, October 7)
Gala Dinner (Saturday, October 9)
City Tour of Berlin (Thursday, October 7)
Shopping Tour of Berlin (Friday, October 8)
Potsdam/Babelsberg Tour (Saturday, October 9)

Yes   
Yes   
Yes   
Yes   
Yes   

(Please check your corresponding technical analysis qualification.)
CFTe    MFTA    STA    CMT    

Not applicable

6 Fees Total$0.00

NETHERLANDS – DCTA
NEW ZEALAND – STANZ
ROMANIA – AATROM
RUSSIA – RSTA
Saudi Arabia – SSTASCANDINAVIA – STAFSINGAPORE – TASS
SOUTH AFRICA – TASSASPAIN – AEATSWITZERLAND – SAMT
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USA – AAPTA

8 Payment

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India – ATA
INDONESIA – AATIITALY – SIAT
JAPAN – NTAAJORDAN – JTASKUWAIT – KWTAA

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IFTA +1 (301) 990-9771
IFTA
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