IFTAUPDATE 2014 Volume 21 Issue 32014 Volume 21 Issue 3

IN THIS ISSUE
1

President’s Report to Colleagues

4

Calendar At-A-Glance

7

Member News

8

Congratulations Award Winner!

8

Save the Dates!

9

Congratulations New Master of Financial
Technical Analysis (MFTA)!

9Congratulations New CFTes!

10 2014 IFTA Board of Directors Nominations(Term 2015–2017)

Education Lounge
11 Applying Elliott Wave and Time Cycles
to Understand the Trend of DJIA – U.S.
Equity Market!
15 The Economic Cycle, the Market Cycle
and Active Fund Management
19 A New Relative Strength Index Breakout
Relative Strength Index – BRSI™
23 IFTA Member Societies

23 IFTA Update Schedule
23 Board of Directors
24 IFTA 2014 Annual Conference Brochure

Next issue: December 2014
Submission Deadlines
Education articles: November15—
send submissions to newsletter@ifta.org
All other content: December 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 1a newsletter for the colleagues of the International Federation of Technical Analysts

President’s Report to Colleagues
Dear IFTA colleagues
We are all looking forward to the annual
IFTA conference that will be hosted thisyear by STA in London on 9–11 October
2014. Although the organizers are still very
busy, most of the planning is done. We will
have three days in a very attractive citypacked with high-quality presentations, awonderful atmosphere, and exciting events.
Many colleagues have already registered.
We all hope to see you there.
I have often been asked why I believe
in something as ridiculous as TechnicalAnalysis. Sometimes the question is posed
quite openly. More often it comes along
somewhat veiled in another form. But still,
the tenor always is—it has no economic
meaning, it is too simple, it will not work. I
am sure you know this type of discussion.
Therefore, I was rather pleased when I readan article in a famous business newspaper
the other day. The journalist was reportingon the history of economic growth forecasting of different economic institutes overthe past 50 years. Although every major

leading economic school of thought wasinvolved, none of them proved to be more
useful than flipping a coin. In the end, thejournalist raised the question of whether it
would not at least be cheaper to stop thiskind of exercise. It is not that I am gleeful,but I admit that I reread the article twice.
Some things have changed this year within
IFTA land. One is that we have started to
add shorter articles to this newsletter. This
creates more work for our editorial team,headed by Aurélia Gerber, but it adds content that some of you might find helpful.
Furthermore, it acts as a platform for IFTA
colleagues all over the world to submit
simple ideas and promote themselves withthese writings. Since the newsletter is now
disseminated to different networks anddistribution channels, we received good
feedback both from readers and colleagues
who would like to share their work.
Another important step was the startof the webinar series, organized by our

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

IFTA 2014

Annual General Meeting
Wednesday, October 8, 2014
16:30 to 17:30 (4:30 pm–5:30 pm)
The Waldorf Hilton Hotel

London, UK
All IFTA colleagues are invited andencouraged to attend. For further
information, contact the IFTA staff at
admin@ifta.org

marketing and membership director, Dan
Valcu. What started out as a test with sporadic frequency and hosted by the Germansociety VTAD, is now a program with amonthly session from colleagues for colleagues. The feedback that we’ve received
is encouraging. And since we are still inIFTAUPDATE 2014 Volume 21 Issue 3
President's Report (continued)
the initial period, we are looking forward
to making this program even more successful. Given the positive feedback, weare considering increasing the frequency
to biweekly, bringing even more value toour members.
Information about the webinars is usuallydistributed to liaisons of your society. If
you do not receive them, please have alook at our website (www.ifta.org). Again,
I invite every colleague to watch the webinars or contact us if you would like to present a particular topic yourself. Last but notleast, we invite sponsors to help us withthis webinar series.
Finally, I want to thank all of you who took
the time to send in material and news fromyour societies. It is part of IFTA’s purposeto share ideas and information to othercolleagues. Thank you very much for yourefforts.
I hope to see you all in London at our conference.
Best regards,

Rolf Wetzer, Ph.D.
IFTA President

page 2IFTAUPDATE 2014 Volume 21 Issue 3

page 3IFTA Conference“Unravelling the DNA of the Market” is thetheme of the next IFTA conference, taking
place 9–11 October 2014, at the Waldorf
Hilton Hotel in central London and hosted
by STA. The organizer has put together alist of keynote speakers who should help us
to explore some of the underlying causesof market behaviour.
This year’s impressive lineup of speakers
includes:• Robert Prechter, president, Elliott Wave
International, and a global authority on
Elliott Wave and socioeconomics.
• Alexander Elder, a professional trader
and teacher of traders, and author ofseveral books.
• John Murphy, former technical analyst
for CNBC, and author of several popular
books. His work on intermarket analysis
created a new branch of market analysis
emphasizing global linkages.
• Tony Plummer, the director of Helmsman
Economics Ltd and a fellow of STA.
• Marcus du Sautoy, professor of mathematics
at the University of Oxford. He is an
outstanding communicator and authorof bestselling books that have beentranslated into 10 languages.
• Cyril Baudrillart, senior investment advisor
for BBSP, specializes in market timing
consulting.
• David Sneddon, a managing director at
Credit Suisse.

• Richard Taffler, professor of finance at
Warwick Business School. His research
is focused on the role of emotions andthe unconscious in investment decisions.
• Robin Mesch, building breakthroughmarket models for more than 25 years
and considered one of the world’s top
minds in technical analysis.
• Larry Berman, co-founder of ETF CapitalManagement, and a leading expert on
behavioural finance and technical analysis.
• Fen Hang, the head of technical researchin Asia with FIL Investments.
• Robin Wilkin, senior director at Lloyd’s
Bank, London. Robin has over 24 years ofmarket experience as a technical analysis
practitioner across all asset classes.

The Society of Technical Analysts (STA) is delighted to be hosting the 2014
International Federation of Technical Analysts’ Conference in London.
The conference will take place on 9-11th October at the Waldorf Hilton Hotel incentral London. The theme of the conference “Unravelling the DNA of themarket” will allow us to explore some of the underlying causes of market
behaviour.
Keynote speakers include:

Plus many more…
I would like to invite every IFTA colleague
to this wonderful conference in London.
Those who have not registered yet shouldtake the opportunity to register soon.
Apart from the challenging program, IFTA
conferences are a good platform for meeting old colleagues and making new friends.

Professor Marcus du Sautoy OBE – the Simonyi Professor for the Public
Understanding of Science and a Professor of Mathematics at the University of
Oxford. Presenter of The Code on BBC2.
John Murphy, Dr Alexander Elder and Tony Plummer – widely acknowledged astoday’s leading experts on technical analysis and trading.
London is quite simply the most popular tourist destination in the world. It is afascinating combination of the old and the new – 21st century technology andarchitecture nestle among buildings that reﬂect the city’s 1000 year history.
Delegates will have the opportunity to explore world-class museums and galleries as well as to see spectacular theatres andshows.
The STA looks forward to welcoming you to a fascinating conference which will include a buzzy social programme.

Those unable to attend all three days
can register for a one-day pass. Moreinformation on this and the programmeof events are included at the back of this
IFTA Update.

Come and experience all that London has to oﬀer.
Deborah Owen
Conference Director
Society of Technical Analysts

For Booking and updates go to conference.ifta.org/2014

See Page 24 For Full Brochure

IFTAUPDATE 2014 Volume 21 Issue 3

page 4

Calendar At-A-Glance
Date

Topic

Host

Speaker

Location

Time

ContactMonthly

Presentations from local and international speaker 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

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
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 community by connecting
individuals and promoting technical analysis.

Various

Various

Variouswww.csta.org

October2

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

IFTA

NA

NA

NA

admin@ifta.org

8

Certified Financial Technician (CFTe) Level II Examination

IFTA

NA

Various

Variousadmin@ifta.org www.ifta.org

8

IFTA Board of Director’s Meeting

IFTA

Various

The Waldorf Hilton Hotel, London

TBA

admin@ifta.org

8

IFTA Annual General Meeting (Members Only)

IFTA

Various

The Waldorf Hilton Hotel, London

TBA

admin@ifta.org

8

STA Diploma Level 2 Exam

STA

N/A

Various

Various

Katie Abberton
info@sta-uk.org

9–11

IFTA 27th Annual Conference:
Unravelling the DNA of the Market

IFTA & STA

TBA

The Waldorf Hilton Hotel, London

Variousadmin@ifta.org www.ifta.org

14Monthly Meeting

STADavid DamantBritish Bankers Association, Pinners Hall, 105-108
Old Broad Street, London EC2N 1EX

18.0020.00

Katie Abberton
info@sta-uk.org

15

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

IFTA

NA

NA

NA

admin@ifta.org

STA

Various

London School of Economics

15–26 STA Diploma Level 1 Course
November

Katie Abberton
info@sta-uk.org

6Monthly Meeting

STA

Dr. Ernie Chan,
QTS CapitalManagement

British Bankers Association, Pinners Hall, 105-108
Old Broad Street, London EC2N 1EX

18.0020.00

Katie Abberton
info@sta-uk.org

15

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

IFTA

NA

NA

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

IFTAUPDATE 2014 Volume 21 Issue 3

page 5

Calendar At-A-Glance (continued)
1

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

IFTA

NA

NA

Variousadmin@ifta.org

2

STA Diploma Level 1 Exam

STA

N/A

Various

Various

Katie Abberton
info@sta-uk.org

9

Christmas Party

STA

Lee Sandford,
Trading College

British Bankers Association, Pinners Hall, 105-108
Old Broad Street, London EC2N 1EX

18.0020.00

Katie Abberton
info@sta-uk.org

31

IFTA Journal Web publication

IFTA

NA

NA

NA

www.ifta.org/publications/journal/

7 January –25 March 2015

STA Diploma Level 2 Course

STA

Various

London School of Economics

18.0020.30

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

13

Monthly Meeting

STA

TBC

British Bankers Association, Pinners Hall, 105-108
Old Broad Street, London EC2N 1EX

18.0020.00

Katie Abberton
info@sta-uk.org

10Monthly Meeting

STA

TBC

British Bankers Association, Pinners Hall, 105-108
Old Broad Street, London EC2N 1EX

18.0020.00

Katie Abberton
info@sta-uk.org

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 (midMarch release)

IFTA

NA

NA

Variesadmin@ifta.org,

6

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 2(2013) paper submission deadline

IFTA

NA

NA

NA

admin@ifta.org

1

STA Level 2 Exam Preparation Session

STA

Various

London School of Economics

14.00 –
17.00

Katie Abberton
info@sta-uk.org

14Monthly Meeting

STA

TBC

British Bankers Association, Pinners Hall, 105-108
Old Broad Street, London EC2N 1EX

18.0020.00

Katie Abberton
info@sta-uk.org

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 Association, Pinners Hall, 105-108
Old Broad Street, London EC2N 1EX

18.0020.00

Katie Abberton
info@sta-uk.org

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

DecemberFebruary

March

April

May

IFTAUPDATE 2014 Volume 21 Issue 3

page 6

Calendar At-A-Glance (continued)
1

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

IFTA

NA

NA

Variesadmin@ifta.org,

8Monthly Meeting

STA

TBC

British Bankers Association, Pinners Hall, 105-108
Old Broad Street, London EC2N 1EX

18.0020.00

Katie Abberton
info@sta-uk.org

7

Summer Party

STA

TBC

TBC

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 Association, Pinners Hall, 105-108
Old Broad Street, London EC2N 1EX

18.0020.00

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,

31

IFTA Journal web publication

IFTA

NA

NA

NA

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

June

September

October

Katie Abberton
info@sta-uk.org

IFTAUPDATE 2014 Volume 21 Issue 3

page 7

Member NewsSTA (United Kingdom)
The Society of Technical Analysts
Preparations for the IFTA Conference 2014
continue to garner much of the attention,and bookings continue to be positive
with an excellent sponsorship take-up.
We are delighted that our speaker line-up
includes such names as Robert Prechter,John Murphy, Tony Plummer and Marcus
de Sautoy, amongst many others. We verymuch look forward to welcoming them andall delegates to London in October. To
receive updates and information on how
to book, please visit http://conference.ifta.
org/2014.
The Society has also significantly updated
the website at http://www.sta-uk.org. The
new site very much places members at theheart of what we do, making it easier for
members to access benefits such as meeting videos and education, while at the sametime helping to educate new visitors about
Technical Analysis.
Education continues to be at the core of
STA activities, with increased opportunities
for candidates to take the Level 1 examand increasing numbers taking both Level
1 and Level 2 exams in many locations
around the world. The Home Study Course(HSC) CD-ROM continues to be a valuable
learning tool for those unable to attend
the weekly lectures at the London Schoolof Economics. As in previous years, we will
be holding our Level 1 taught course in thefall, followed by the Level 2 course at thestart of next year. The next STA Diploma
Level 2 exam will be held on 8 October.
For more information on our taught
courses, the HSC, or the Diploma Level
1 and 2 exams, whether in London or
overseas, please contact the STA office
via email at info@sta-uk.org or visit our
website at http://www.sta-uk.org.

VTAD (Germany)
Vereinigung Technischer A naly s ten
Deutschlands e.V.
O n Marc h 22, 2014, V TA D held it s
Annual Technical Analysis and Outlook
Conference (Frühjahrskonferenz) inFrankfurt. In its 10th year of existence,
the Frühjahrskonferenz continues to be
the number one conference for VTAD
members, technical analysts and media
in Germany. This year's conference wasattended by approximately 120 members
and conference guests and proved again
to be the key highlight in the German technical analysts' calendar.

As at every annual conference, a selectgroup of VTAD's analysts presented theirhalf year outlook for different asset classes.
Key areas and outlooks presented included
the global currency markets, hard and soft
commodities, and stock and fixed income
markets. Despite an overall constructive
long-term outlook, most analysts predicted downside risks for Q3 2014 using
different technical analysis approaches andtechniques.
As special highlight, Martin Pring, a worldfamous technical analyst and book author,
gave a keynote presentation on “Identifying
Major Trends and Turning points – How To
Survive in the Challenging Markets That Lie
Ahead”. Using long-term sector rotationand cross-asset cyclical indicators, Martingave an insightful perspective on current
trends and potential turning points for thetime being and the months ahead.
VTAD, a professional body of technicalanalysts in Germany with almost 1,300
members, was founded in 1992 and consists of nine regional groups. In addition,
VTAD advocates the highest standards intechnical analysis and is also the key educational body for IFTA's CFTe and MTFAin Germany.

Alpha in MENA Markets” and “FX, Money
Markets and Fixed Income”. At the end of
the event, some gifts and rewards were
distributed to the attendees.

IFTAUPDATE 2014 Volume 21 Issue 3

Congratulations Award Winner!

page 8

Save the Dates!
Certified Financial Technician (CFTe)—Level I

Bronwen Wood Award

Date

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

This award is presented to the candidate who had the best Certified Financial Technician(CFTe) diploma paper for the year.

Syllabus and Study Guide:
http://www.ifta.org/public/files/publication-downloads/2014_IFTA_Syllabus_New.pdf

Sebastien Duhamel, CFTe

Certified Financial Technician (CFTe)—Level II

Sebastien Duhamel is, above all, a passionate technical analyst. He holds a
master’s degree from Telecom Management, an MBA in finance from Laval
University (Canada) and a master’s degree in finance from Paris Dauphine.
After a few years as assistant asset manager in Société Générale, hebecame a technical analyst at BBSP, a leading company in technical analysis
for institutionals. There, he became a global macro and Elliott Wave
specialist. He worked as a senior analyst for Trading Central and in 2010,
became head of market analysis for France at Agora Publishing until last year. Since
September 2013, he has launched his own market letter for individuals, based mainly ontechnical analysis but also on the global macro approach and the correlation between
asset classes. His goal is to bring his passion for technical analysis, not very common in
France, to a large audience of individuals and institutionals.

In Memory of Bronwen Wood
Bronwen Wood was one of the founding board members of IFTA’s Society of Technical Analysts (STA).
She was instrumental in developing both the CFTe Diploma Examination and the preparatory courses
for the examination. She wrote and graded all papers in the early years. Ms. Wood was a great technicalanalyst, rated one of the best by her peers, particularly for her work on the equity indices and individual
shares. For both her contribution to education and her outstanding analytical skills, she was made afellow 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 the teaching of technical analysis.

Past winners of the award:
2012
2011
2010
2009
2008

Jean-Francois Owczarczak, CFTe
Muhamad Makky Dandytra, CFTe
Manasi Kumbhat, CFTe
Hisham Abdullah A. AlQuohi, CFTe
Tamar Gamal Eldin Hassan, CFTe

Date

8 October 2014

23 April 2015

Registration deadline

Closed6 March 2015

Register at www.ifta.org/register/cfte2.php
Syllabus and Study Guide:
http://www.ifta.org/public/files/publication-downloads/2014_IFTA_Syllabus_New.pdf
For more information on the CFTe program, visit http://www.ifta.org/certifications.

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

31 July 2014

28 February 2015

Application/outline deadline (if approved)

2 October 2014

2 May 2015

Paper submission deadline

15 March 201515 October 2015

(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 2014 Volume 21 Issue 3

page 9Congratulations New Master ofFinancial Technical Analysis (MFTA)! Congratulations New CFTes!
Adam Cox, MFTA
MFTA Research Paper Title: Testing the Effectivenessof Multivariate Wavelet De-noising for Intraday Trading
System Applications
Adam has more than 20 years of investment management, trading, andbanking experience. He is currently director and head consultant for
Prime Consulting, a specialist consulting company operating from New
Zealand. Adam’s passion lies in trading system development, systematic FX trading, andquantitative finance, including econometric-based system development and behavioral
finance applications to trading. His current emphasis is been based on US ETF, Futures(commodities, FX and indices) and macro strategies as well as intraday trading.
Adam has developed a range of customized indicators, which borrow from econometrics,
time series analysis, intermarket and investment analysis to discretionary trading, as wellas trading risk management systems (scoring systems). Among these systems and analytical approaches, Adam has extensive and hands-on experience applying a wide rangeof methodologies, including wavelet de-noising and compression techniques to trading
as well as mandani fuzzy logic, structural equation modeling, and SVM. Adam’s current
emphasis in wavelet applications includes forecasting methodologies and, in particular,
multivariate approaches to short trading system design aimed at capturing intermarket
relationships and trading behavioral patterns across markets. This work also extends to(mother) wavelet design for application to de-noising applications to specific markets.
Adam is also very interested in emerging market Asia equities markets, in particular, theVietnamese equities market. On a side note, Adam has a Vietnamese and Cantonese
language background and has travelled extensively, having lived in the United States,
Canada, Australia, New Zealand and New Caledonia. He is currently located in Singapore.
Adam is currently working on a Ph.D. in finance (proposal stage), which aims to explain
trader behavior and provide a model for real-time applications. He can be reachedat acox@primeconsulting.co.nz and is open to any queries, feedback and business/work opportunities.

Masitah Abd Ghani (STA)Nor Akmar Abdullah (STA)
Hafizi bin Ahmad (STA)
Syarifah Hidayatul Akmal (STA)
Nikos Arabatzoglou (STA)
Muhammad Akmal Ashraaf (STA)
Abell Anak Baba (STA)
James Neil Becker (STA)
Rym Ben Slimen (STA)
Muhamad Firdaus bin Majid (STA)David William Booth (STA)
Edward Bratton (STA)
Ezdiany Che Mat (STA)
Svetlana Chisholm (STA)
Roberto Ciaschi (STA)
Suzanne Louise Cundy (STA)Sami Dabit (STA)
Hemal Darjee (STA)
Rajan Dhall (STA)
Sotiriou Eleni (STA)
Craig Erlam (STA)
George Fossett (STA)
Kypros Hermes Georgiou (STA)
Dale Gibbard (STA)David Samuel Gilmore (STA)
Sejul Gokal (STA)
Wibowo Hardjawana (ATAA)
Darren Hawkins (STA)
Kash Kamal (STA)
Yau Nan Lau (STA)

Pete Lyall (STA)
Joshua Mahony (STA)
Alia Marasti (STA)
Samantha Martin (STA)
Irwan Matsusah (STA)
James McDermottroe (STAN)
Mohd Fakhrul Asyraq Mohd Aluwi (SSTA)
Muhammad Azmi Mohd Amin (STA)
Marcin Narloch (STA)
Zainal Ariffin Osman (STA)
Michael Pascall (STA)
Konstantinos Pierides (STA)
Nazirul Naim Rushdan (STA)
Mohammad Turki Said (STA)
Fredy Sarmiento (STA)
Arjun Shah (STA)
Mohamad Hafiz Shamsuddin (STA)
Nikos Skouroumounis (STA)
Reza Suardi (STA)
Amir Tabch (STA)
Christos Tsakalos (STA)
Andreas Tserkezos (STA)
Bernard J.C. Tyler (STA)
Georgia Vardikou (STA)
Wan Daim Jumuatullail Bin Wan Yussof(STA)
Christopher Wood (STA)
Nur Zakiah Hanis Zainon (STA)
Mohd Azree Zuhairi (STA)IFTAUPDATE 2014 Volume 21 Issue 3

page 102014 IFTA Board of Directors Nominations (Term 2015–2017)
Nominations were received for two open
positions on the IFTA Board of Directors.
Elec tions will be held at the Annual
General Meeting (AGM) on Wednesday,
October 8, 2014, from 16:30 to 17:30 (4:30
pm–5:30 pm).
If you would like to contact any of thecandidates, please email the IFTA staff
at admin@ifta.org, and we will be glad tofacilitate your communication.

Ian Flack, CFTe, DipTA

Mohamed El Saiid, CFTe, MFTA

Australian Technical Analysts Association (ATAA)
Nominated by: ATAA
Current Board Member: No

Egyptian Society of Technical Analysts (ESTA)
Nominated by: ESTA
Current Board Member: Yes

Ian is a private client adviser with Calnan
Flack. He holds the Diploma of Financial
Planning and is national president of theAustralian Technical Analysts Association.
Ian is a futures trader and share investor who was previously employed within
the AFL football industry working in club management,
player development, recruiting and mentoring with the
Collingwood and Melbourne Clubs and with AFL Victoria.
In his local community, Ian has been chairman of the
St. Andrews Bushfire Recovery Committee since 2009and is vice chair of the St. Andrews Community Centre
Committee. He is also the high performance and athlete
excellence manager with the Doncaster Hockey Club.
Ian has had a keen interest in financial markets since the1980s and has continued to study throughout this period.
Ian has the Diploma of Technical Analysis ATAA and is a
Certified Financial Technician–IFTA.

Mohamed is currently an executive director and head of the Technical Analysis
department for HC Brokerage (HCB),
Cairo, Egypt. He started his career working for Momentum Wavers, Ltd., a Middle
East Technical Analysis firm (2001–2004).
He joined HCB as an associate/lead technical analyst (2004–2006). Following these positions, hejoined Unifund, a Geneva-based global private fund(2006–2007) as a chief technical strategist/co-fund manager to Middle East investments. Mohamed holds an
MBA in finance and is currently the chairman of theEgyptian Society for Technical Analysts (ESTA), as well as
an IFTA Education Subcommittee member. Mohamed
has authored several Technical Analysis-related articles
and developed several indicators, including the VolatilityBased Envelopes (VBE), the Implied Volatility Projection
Range (IVPR), and Relative Performance Candlestick
Charts (RPCC).

IFTAUPDATE 2014 Volume 21 Issue 3

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Education Lounge
Applying Elliott Wave and Time Cycles to Understand the Trend of
DJIA – U.S. Equity Market!
By Kayal Ashish

When given a stimulus, humans behave
similar and probabilistically predictablefashion. This behavior of acting in similar ways makes us no different than theother creations of nature. Freely tradedmarkets are the only sources that reflect
the collective behavior of humans and thecurrent social mood. Highly liquid markets
cancel out the random events, and what isleft is the social mood of the mass, whichindicates what we can expect in the future.
We believe that any freely traded markets,
like equities, FOREX, and commodities,
move in the form of repeatable wave patterns that exhibit fractal nature at various
degrees. This behavior was first observedby Ralph Nelson Elliott in 1930s. This studyof waves is now famously known as Elliott
Wave.1
As per the Elliott Wave Principle, prices
either move in impulsive mode or corrective mode. Motive Impulse waves consistof five waves, with waves 1, 3 and 5 traveling in the direction of one higher degree
trend, whereas waves 2 and 4 produce
countertrend movements and are called
corrective waves. The concept of Elliott
Wave is a relative method. It is not necessary that impulse waves have to point
upwards and corrections in downside direction, but it depends on the trend of one
higher degree.

Motive Impulse wave should adhere to thefollowing three important rules. If any oneof the rules is not followed, then the pattern under consideration is not an impulse
wave but corrective:
a. Wave II cannot retrace complete ofwave I and cannot travel beyond thestart point of wave I.
b. Wave III cannot be the shortest among
three directional waves (I, III and V)
c. Wave IV cannot enter into territory ofwave I and should not overlap with wave
I, with an exception in the case of Ending
diagonal pattern.2

Corrective patterns have numerous variations against them compared to Impulse
patterns. Predictability is therefore higher
during the impulse wave. The different
types of corrections as per Elliott Wave
Principle include:a. Zigzagb. Flat- Regular Flat correction- Irregular Flat correction- Running Flat correction- C Failure Flat patternc. Triangle
d. Complex corrections- Double corrective involving “X” waves- Triple corrective involving “X” waves

IFTAUPDATE 2014 Volume 21 Issue 3

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Applying Elliott Wave and Time Cycles (continued)

The chart below3 gives detailed analysis
of a U.S. major equity index—Dow Jones
Industrial Average (DJIA)—that helps us
see how U.S. equity markets are moving
since 1929 (The Great Depression) onwards.
In 1932, DJIA was quoting near 42 levels
and recently made lifetime highs above
the 17,000 level. Figure 1 clearly shows themultifold increase in this index.
Channeling technique4 plays a very important role and needs to be applied, evenwhile using advanced concepts of technical analysis. Figure 1 clearly indicates

Figure 1: DJIA Monthly Chart
LegendCycle degree waves – I, II, III, IV
Primary degree waves – (1), (2), (3), (4), (5)Primary degree corrective waves – (A), (B), (C)the importance of an equidistant channel within which prices are contained formany decades. Ongoing up moves from thelow of 6470 made in March 2009 have now
approached close to the channel resistanceline that has been working very well formany decades. Resistance as per this channel is near the 19000 level, but please bearin mind that this is a very long trendlinethat is upward sloping, so with each passing month the resistance will shift higher.
Elliott Wave Analysis: Prices ended cycle
degree wave III in 1999 near 10900 levels
with the burst of IT euphoria. Since then, DJIA has
been moving in an expanding pattern in the form ofc y c l e d e g r e e w a v e I V.
After the end of this cycle
degree wave IV, the next
cycle degree on the upside
should last until 2037. A 431month Topping cycle has
been accurate in identifying
the tops of 1929, 1965, and2001 and now will be duein 2037. 431 is also a prime
number. A cycle top does
not always indicate that adown move should start,
but it can result in a sideways correction. The 2001
cycle top resulted into sideways action for more than adecade, which will probably

form a double correc tivecomplex Elliott Wave pattern. The internal details of
this pattern are given below:
A s shown in Figure 2, inMarch 2009, DJIA finishedprimary wave (C) near 6470
levels. Thereafter, it moved
higher and took out the previous wave (B) highs made in2007. The rally has now surpassed the level of 17000.
However, the internal structure of the current rally isin overlapping fashion anddoes not clearly show fiveimpulsive up moves. Also,
the entire move up from alow of 6470 has consumed
more time to retrace the fallfrom near 14200 to 6470,
which raises the odds thatthe entire rally since March2009 is corrective and partof the bigger degree wave
IV that started in 2000.

Figure 2: DJIA Weekly Chart
LegendCycle degree waves – III
Primary degree waves – (5)Primary degree corrective waves – (A), (B), (C), (X)Intermediate degree impulse – (i), (ii), (iii), (iv), (v)Intermediate degree corrective – (a), (b), (c)Minor degree impulse – i, ii, iii, iv, v

Internal Elliott Wave Counts of Cycle IV:
Looking at the overall pattern and decrease
in upside momentum over past few months,
it seems that cycle degree wave IV is stillongoing and is forming double combination correction. The first set of standard
correction is an Irregular Flat pattern thatstarted in 2000 and completed in 2009

in the form of (A) – (B) – (C). In a Flat correction, wave (A) and wave (B) are corrective waves, whereas wave (C) should be
impulsive in nature and follow all three rules
mentioned above. Where wave (B) crossed
above the high of wave (A) is known as
Irregular Flat correction.

IFTAUPDATE 2014 Volume 21 Issue 3
Applying Elliott Wave and Time Cycles (continued)

In the chart above, we can clearly see overlapping formation in wave (A) and wave(B) and an impulsive down move during
2008–2009 that followed the rules of an
impulsive pattern.
The up move from 6470 is probably forming a primary degree wave (X) that isinternally moving in double correction on
upside. An X wave connects two standard
corrections together. The internal countsof this wave (X) suggest that prices are
currently in intermediate degree wave(c) of the second standard correction. It
is recommended that catching a top in
an index that has been in up movement
since 2009 be avoided and that the concept of moving averages (explained below)
be applied to confirm that the next larger
degree downside correction has started.
Only upon completion of wave (X) will it
be possible to predict the pattern that thesecond standard correction will form. Also,
since first correction was in the form of an
Irregular Flat pattern, there is higher probability that the second standard correction
will be either a Flat or a Triangle pattern.
This is based on the fact that the severity of
the corrective pattern should be the sameor of a lower magnitude in terms of price.
So the probability of a second correction
forming a Zigzag pattern is lower.
5% Shif ted 30 - Period E xponential
Moving Average: We have applied a30-period exponential moving average

but shifted it by 5%, which has acted as avery important support and resistance toprices since 2002. As long as this shiftedmoving average is protected on the downside, the medium-term trend will remain
positive. Lower highs and lower lows formation below this average will be the firstindication of reversal and will confirm thatthe next set of standard corrections is starting in U.S. equity markets. A very crucial
support as per this shifted moving averageis near 15750 levels.
Path Ahead: Over the medium-term, evidence suggests that the uptrend in DJIA
since 2009 is probably not the start of thenext bull trend but only a part of a correction that started in 2000. Nevertheless,the medium-term trend is positive as longas shifted moving average support near
15750 remains intact.
Weekly RSI indicator is showing a series ofnegative divergences, which suggests theupside momentum is probably decreasing.
However, only a negative price confirmation
will verify the validity of the indicator, anduntil clear lower highs and lower lows areseen on the weekly chart, the medium-term
trend will remain positive.
Fibonacci Projections: The internals of
primary wave (X) show that a double corrective pattern is ongoing. The first set of(a) – (b) – (c) moves took prices from 6470
to 11258 (i.e., an increase of nearly 74%).

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Education Lounge
A second standard correction equal withthat of the first will result in an upside resistance near 18096, which will be very crucial.
Let us see if DJIA reaches and respects
this Fibonacci projection before starting
the downside leg in the next set of Elliott
Wave patterns!
Author Profile
Ashish H. Kayal is the founder and directorof Waves Strategy Advisors Pvt. Ltd (www.
wavesstrategy.com). He is a Chartered Market
Technician (CMT). Ashish has an MBA andearned his bachelor’s degree in engineeringfrom Mumbai University. He is a member ofthe Market Technicians Association (USA).
He has vast experience in capital markets
and has worked with leading investmentbanks like Lehman Brothers and Nomura
Holdings within Capital Markets division.

Ashish is a frequent speaker on businesschannels such as CNBC TV 18 Zee Business.
He is a regular columnist for the “Economic
Times” section of Navbharat Times, a leading
newspaper in India. He has also been a guest
speaker at a host of colleges and frequently
speaks at financial seminars, including National
Institute of Bank Management (NIBM) andthe Market Technicians Association (USA),among others
Waves Strategy Advisors offers various
services across Equity, Commodity, Global
and FOREX segments and has serviced
companies like Stanton Asset Management(Canada), Consortium Capital, Capricorn
Food Products, ICICI Merchant Services,and Godrej & Boyce Mfg. Co. Ltd.
End Notes
1. Reference books “Elliott Wave Principle: Key toMarket Behavior” by A. J. Frost, Robert Prechter
Jr. and “Mastering Elliott Wave” by Glenn Neely.
2. Ending Diagonal pattern is variation to impulse
pattern in which wave four almost always enters
into territory of wave one. It is a Wedge shaped
pattern. Also each of the up legs wave one, threeand five are corrective waves instead of impulsive. For more details please refer “Elliott Wave
Principle: Key to Market Behavior”.
3. Chart is prepared using Amibroker software.
4. A channel is formed using two parallel trendlines that act as important support and resistance. Prices tend to move in channels with lower
trendline acting as support and upper trendline
acting as resistance.

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IFTAUPDATE 2014 Volume 21 Issue 3

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Education Lounge

The Economic Cycle, the Market Cycle and Active Fund Management
By Cezar-Valerian Lupusor, CFTeAs IFTA Diplomas aim at fund management, I would like to introduce a new
approach to fund management.

Stage

Full Recession

Early Recovery

Full Recovery

Early Recession

Consumer Expectations

Reviving

RisingDeclining

Falling Sharply

Industrial Production

Bottom Out

Rising

Flat

Falling

The starting point of my analysis is theMarket Rotation Cycle. The Market Cycle(red line) precedes the Economic Cycle(green line) because investors try to anticipate economic effects.

Interest Rates

Falling

Bottom Out

Rising Rapidly

Peaking

Yield Curve

NormalNormal (Steep)

Flattening Out

Flat/Inverted

Both cycles have four phases. I analyze
the Economic Cycle, as the Market Cycle

affects the Economic Cycle with a timelag. What matters most for the Economy
and for Economic Growth are private
Consumption (C) and Investments (I) by
firms. Therefore we have two variables:

Consumer Expectations and Industrial
Production. In addition to this we havethe Federal Reserve as the monopolistic
supplier of the money stock. It means thata third variable (Interest Rates) enters ourmodel. Because there are Interest Ratesof different maturities, a fourth variable(Yield Curve) enters our model too. The
Yield Curve measures the dif ference
between short-term Yields (2 months)
and long-term Yields (2 years, 5 years,
7 years, 10 years, 20 years, 30 years).
Interest Rates are basically a function of
inflation (i.e., there is a positive relationship between Interest Rates and inflation). The higher the rate of inflation, thehigher the short-term interest rates thatare controlled by the Fed (i.e., in times ofhigh inflation the Fed pursues contractionary monetary policy—the money stock
is reduced—and therefore, short-term
interest rates are rising in order to combat
inflation). In times of recession, inflation is

low and so are short-term interest rates.
The table above explains the dynamics of the Economic Cycle. We have two
broad phases (i.e., Recovery [or Boom]and Recession [or Bust]). As one can see,Consumer Expectations are very important, and one can even say that sharply
falling Consumer Expectations during
Early Recovery lead to Full Recession. The
best proxy for the state of the Economy
is the Yield Curve. A normal Yield Curvemeans that the long-term Yields arehigher than the short-term Yield. One
can say that the short-term Yields govern the Liability side of Bank accounts,
as Banks owe short-term Yields on savings accounts to their clients and Banks
invest the money in long-term assetsthat pay long-term Yields (i.e., long-term
Yields govern the Demand side of Bank
accounts). As long as the Yield Curve isnormal, Banks “trade” profitably.

IFTAUPDATE 2014 Volume 21 Issue 3
The Economic Cycle, the Market Cycle and Active Fund Management (continued)

page 16

Education Loungeof these sectors has its own industries. Of
these sectors, consumer staples are themost defensive and consumers discretionary are the most offensive.
Thus, the starting point of my new approach
to fund management is the relative performance of Cyclicals to Consumer Staples.

The next step of my fund management
approach is the Market Cycle. The S&P
500 is divided into nine Select Sector
SPDRs, and these nine Sectors are subdivided into approximately 90 industry

groups. The nine S&P sector SPDRs coverbasic materials, consumer staples, consumer discretionary (or cyclicals), industrials (including transports), financials,
health care, technology and utilities. EachThis is the mos t impor t ant Relative
Strength (RS) study for the stock market(the S&P 500 in this case). When Cyclicals(XLY) outperform Staples (XLP) the stock
market is in a bullish phase, and whenStaples outperform Cyclicals the stock
market is in a bearish phase (including
trading ranges). As can be seen from theabove chart of the S&P 500 ($SPX, daily
date, 2-year timeframe) and the RS study(XLY:XLP) in the lower window, the S&P
500 rose until March 2014. At this time,
the RS ratio (XLY:XLP) started falling and
the S&P 500 stalled at around 1900 points.
As can be further seen, the first declineof the RS ratio from January–April 2013
did not affect the S&P 500 very much, as
can be seen by the series of rising highs
and rising lows that constitutes a bullish
trend. Here, the investor should consider
the fact that the XLY:XLP ratio is a comparatively broad Relative Strength study,
but nevertheless, the S&P 500 rose ata lower pace or even entered a trading
range (with relevant highs at 1687, 1709
and 1729 points, respectively) after XLP
outperformed XLY (which ended in April2013). It follows that for bullishness, thefund manager has to outperform Consumer
Staples. Using a top down approach,the fund manager can measure his/her
performance to a particular stock of theConsumer Staples SPDR, namely CVS/
Caremark Corp (Consumer Staples/Drug
Retailers). This stock is reasonably valued(P/E around 20, 1.4% dividend yield andaround 200,000 employees) so that thefund manager can use CVS/Caremark as
the benchmark for his/her performance.
Stocks paying dividends offer downsideprotection against a market correction(which also includes trading ranges). Other
dividend paying sectors include HealthCare and Utilities. Judging by this variable(i.e., paying a dividend to protect against adownside market correction), we see that
Health Care and Utilities are defensive innature too. Dividend-paying stocks generally compete with bonds for yield (i.e., whoof the two pays the higher yield)?
My approach to fund management does
not focus on RS studies in particular but
on visualizing the performance of several
other stocks in comparison to the performance of CVS/Caremark. This analysis iscarried out on nasdaq.com (http://www.
nasdaq.com/symbol/cvs/interactive-chart).
This is, in my opinion, active fund management. The practice of comparing them
to a benchmark index like the S&P 500
is already intuitive. Many practitioners

IFTAUPDATE 2014 Volume 21 Issue 3
The Economic Cycle, the Market Cycle and Active Fund Management (continued)

cannot judge the value of this comparison anymore because of its popularity.
Other defensive stocks can be used too,
but CVS/Caremark is a reasonably priced
company that is very popular. The methodof comparison is not Relative Strength;
rather, it is the plot of the performances
measured in percent of different stocks
and CVS/Caremark. It means that CVS/
Caremark is not the benchmark or the
0% line (as this is always the case with RS
studies). The 0% line is unrelated to CVS/
Caremark—it is just the 0% line. Stocks
with a performance above the 0% line havea positive performance, and stocks below
the 0% line have a negative performance.
It is straightforward that a fund manager
aims at a positive return over time. That’s
why he/she should not use a stock witha performance close to the 0% line. This
would be a substitute for the 0% line. One
such stock would be Coca Cola (KO) orIntel (INTC). The fund manager should use
a stock with a positive performance overtime (for the purpose of comparison)—
CVS/Caremark—and should buy stocks
with an even greater performance overtime. This is the idea of active fund management. The risk of this approach would
be that the fund manager is too focusedon individual stocks and less on market
risk. Market risk can be measured by the$VIX (Volatility Index – New Methodology
on StockCharts.com). This means that abenchmark index like the S&P 500 has avery low marginal utility for this analysis.

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Education Lounge

If the market turns bearish, then defensive
stocks like CVS/Caremark should perform
relatively better and $VIX spikes up. Thisway, the fund manager is not exposed
to extra risk by following this method of
active fund management. It means that thefund manager follows my new approach
to fund management and watches $VIX
(the investors’ fear gauge) as the proxyfor market risk.

KO, INTC and AAPL show a weaker performance than CVS. Their performances
are close to 0%. It means that the fundmanager should not buy these stocks overthe 2-Year period.

I call this approach the “Cezar Approach
To Fund Management”.

The fund manager simply looks at theInteractive Chart on nasdaq.com and simply watches stocks “above” or “below”
CVS. The stocks above CVS show a better(absolute) performance than CVS and thestocks below CVS show a weaker (absolute)
performance than CVS. One can see thatmy new approach to fund management iseasily done.

I used a total of 11 stocks (out of a maximum of 15 stocks) for my analysis. DEPO
(Depomed), WHR (Whirlpool), S (Sprint
Nextel), MU (Micron Technology), GILD
(Gilead Sciences), MRK (Merck & Co), KO(Coca Cola), AAPL (Apple), INTC (IntelCorp), YHOO (Yahoo) and CVS (CVS/
Caremark). I use a 2-Year period that is
the minimum of the long-term Yields (themaximum being 30 Years).
Only five stocks outperform CVS over this2-Year period. These are DEPO, WHR,YHOO, GILD and MU, with MU showing
the best performance.
MRK and S show a performance that issimilar to CVS. This means that if the fundmanager buys these two stocks, he/she
does not really do better than CVS and
therefore does not offer a better returnthan this relatively defensive stock.

Using a 5-Year period, the results changeslightly, with AAPL replacing YHOO in thestocks “above” CVS. Therefore my analysis
is robust.

Why is this approach different from theprinciple of diversification that governsa large part of the portfolio theory literature? In my opinion, diversification isa method for the uninformed investor.
The idea is that the investor buys manyequities with negative correlation to one
another so that on average, the returnshould be positive (a normative assumption). Obviously this approach is flawed.
Due to the negative correlation, the average return is depressed toward zero themore equities one includes in the portfolio. Negative correlation means that you
buy a basket of equities; some of theseequities rise and some fall. That’s why thecorrelation between their individual returns
is negative. The question is, why would
someone buy equities that are expected
to fall? The answer is, you do not know
which equities will fall and which equities
will grow. You simply buy a large enoughnumber of equities so that, on average, thereturn is positive. This is the reason why
the principle of diversification is a method
for the uninformed investor. This particularinvestor does not know which equities arebullish and which ones are bearish. Maybe
the terms bullish and bearish are unknown
to him/her. The proxy variable that he/shetargets is the average return. This average
return is close to zero because it is composed of positive and negative returns.
My approach does not focus on diversification but on active equities selection.
The benchmark for this equities selection
is a defensive stock like CVS/Caremark.
It should be popular so that the investor
knows it and it is reasonably priced according to the P/E ratio. The point is that thisequity should be defensive in nature, whichmeans that it underperforms a bullish market and outperforms a bearish market.
This approach is focused on the Market
Cycle. It means that in times of recession,
it will not work. Recession means negative GDP growth and a preceding Stock
Market slump. In these times, cash or aclose substitute is preferable.

IFTAUPDATE 2014 Volume 21 Issue 3

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Education Lounge

The Economic Cycle, the Market Cycle and Active Fund Management (continued)

Rate of Change (ROC)
This is the second section of fund management. I read in the financial news that the
Russell 2000 ($RUT) corrected about -10%.
I looked at the Chart of $RUT and saw that
this correction started in March 2014. The$RUT is an index of small caps. Now, if thefund manager reads this news that $RUT
corrected -10% but does not know the
beginning of this correction without seeinga Chart of $RUT, how does he put this -10%
correction relative to his portfolio? One idea
is to calculate the 14-day Rate of Change(ROC). Then the fund manager can compare the ROC (14) to this -10% correction of$RUT that he reads in the newspaper. The
advantage is of course that he/she takes
this correction as given (this has further
implications for the newspaper because thefund manager assumes the data to be correct) and focuses directly on his portfolio.
It is somehow logically biased if the fundmanager takes the same date (March 2014)
as the starting point for the correction of
his own portfolio. The reason is that $RUT
is an index of small caps, and therefore,
this date (March 2014) is an average date.
Instead he/she should apply an “average”
method for measuring the performance ofhis portfolio during this correction phase of$RUT, and this is the ROC (14). The parameter 14 is taken from J Welles Wilder Jr. He
optimized this parameter for several of his
Technical Indicators.

It means that the fund manager should
compare the performance of the stocks
in his/her portfolio by means of the ROC(14) whenever he/she reads in financial
newspapers about a Stock Market correction. The fund manager should never use
the exact timeframe of the Stock Market
correction but instead he/she should use
the ROC (14) for measuring the performance of his stocks during Stock Market
corrections.
The ROC measures the percent change
in price from one period to the next. The
ROC calculation compares the current
price Pt with the price “n” periods ago P t-n:

The ROC is a pure momentum oscillator. The fund manager should focus on
ROC signals that include primarily centerline (zero line) crossovers. If the ROC(n=14) of a stock is positive, it means that
this particular stock has a positive return
over the last 14 days. Divergences fail toforeshadow reversals very often, so thefund manager should forgo an analysis ofDivergences in connection with the ROC.
The fund manager should simply watch if
the ROC is positive or negative over thelast n days.

Bibliography

Software and DataJohn J. Murphy “Trading with Intermarket
Analysis”, WILEY Trading 2013.
Nasdaq.com
StockCharts.com
StockCharts.com – Chartschool
StockCharts.com – S&P Sector PerfCharts

Nasdaq.com
StockCharts.com
StockCharts.com – Chartschool
StockCharts.com – S&P Sector PerfCharts

Expert Commentary, Amazing Charts!
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IFTAUPDATE 2014 Volume 21 Issue 3

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Education Lounge

A New Relative Strength Index
Breakout Relative Strength Index – BRSI™
By Howard Wang, MD
The traditional definition of breakout is astock price that moves outside a defined
support or resistance level with increased
volume. This is a well-known, very simple
concept. However, it’s not easy to finda method to determine whether a stock
breakout is imminent and to determine therelative strength of a breakout.
This problem will make you research withgreat interest whether there are ways tofind out the hidden, imminent breakout
factors and signals coming from the fluctuation of stock prices, and to determine
the relative strength of the real breakout
so that one can act in the market early.
Currently, Breakout Relative Strength Index(BRSI), as a new index, provides a signal system for imminent breakout and determines
the relative strength of the breakouts.

WHAT IS BRSI?
BRSI is a breakout momentum oscillator
that measures the speed, strength andchange of price of breakout movements.
BRSI can also be used to identify the general trend. Signals can also be generated
by looking for divergences, failure swingsand centerline crossovers. BRSI provides

a new method for technical analysis, fills a
gap in technical analysis, and is also moreconvenient for traders who want to findpotential trading opportunities.
BRSI is very different from RSI in the formulas. We clearly know that RSI does notuse volume and the range of price to show
the relative strength of price movements.
This is a defect of RSI and also a source of
misleading signals in trading.
Calculation of BRSI is based on the
Breakout Candlestick™, which is a candlestick created in a new blended way (seebelow). Volume and range are the two
important factors in computating BRSI.
They make BRSI more intuitive and effective in determining the relative strengthof breakouts.
BRSI is calculated by using the average
prices, range size and mixed volume of the
breakout candlestick according to certain
principles. It shows the relative strength of
the breakout. Therefore, BRSI reflects not
only the overbought and oversold as RSI
does, but also the status and strength ofstock prices when the breakouts occurred.

BRSI ranges from 0 to 100. If BRSI is over
80, it means the breakout is super strong,
the stock is overbought, and the pricemaybe goes down. If BRSI is below 20,
it means the breakout is ultra weak, thestock is oversold, and the price maybe goesup. The middle value, 50, is the strength
boundary, a holding signal.

WHAT IS BREAKOUTCANDLESTICK™?
Breakout Candlestick involves combining
two original candlesticks according to acertain principle and method to produce
blended candles. It is different from theblended candlestick in the classic book.
I have changed part of the combination
principle in the book so that the special
blended candlestick is formed with the
breakout concept and relative strength.
For example, in the Bearish Engulfing
pat tern below, look at the combination method and compare two blended
candlesticks.
Obviously, there is big difference between
the two combinations. The Breakout
Candlestick uses the pre-day’s close price(1) Steve Nison’s blended candlestick(2) Breakout Candlestickas its open price. It is because of thischange that the Breakout Candlestick ismore in line with stock price movement in
the Bearish Engulfing pattern and the basic
principle of candlestick strength.
WAs we know, blended candlestick is
not a real candlestick; it is only a way ofanalysing stock price movements. As amethod of analysis, blended candlestickshould be close to match stock price movements. Therefore, generated Breakout
Candlesticks are theoretically more reasonable and more in line with buy and sellsignals from stock volatility and real trading. Breakout Candlestick is the basis of
BRSI computing.

IFTAUPDATE 2014 Volume 21 Issue 3

page 20

Education Lounge

A New Relative Strength Index Breakout Relative Strength Index – BRSI™ continued

ANALYSISBRSI provides a new, intuitive way of breakouts. Visit www.breakouttradingsystem.com for information on trading with BRSI.
In the chart of the NASDAQ displayed in Figure 1, we immediately know which point, A or B, is thebetter buy point and when BRSI is stronger, which means you should hold stocks until BRSI becomes
weaker.
The table below is an excerpt of trading of KBH displayed in Figure 2.
Software and data
The chart is from breakout software: www.breakouttradingsystem.com. Data is from esignal.
Figure 1: BRSI AND BREAKOUT CANDLESTICK. Here you see how the BRSI canbe combine with Breakout Candlestick. The price at B is lower than A, but BRSI
at B is stronger than A. It is strong BUY signal and alert to hold from stronger
BRSI and Breakout Candlestick. It is easier to visualize price movement.

Buy Trading Strategy

SYM

Buy Price

Date

Sell Price

Date

P/L%

BRSI Low & B/O Candle Strong

KBH

16.38

5/1

18.06

6/26

10.25%

Divergence

KBH

15.60

5/15

18.06

6/26

15.76%BRSI Low & B/O Candle Strong

KBH

16.28

8/12

17.76

8/21

9.00%

Note: Sell trading strategy is BRSI over breakout and Breakout Candlestick is weak.

Bibliography
Steve Nison, 1994. Beyond Candlesticks: New Japanese Charting Techniques Revealed.
Author Profile
Howard Wang, MD of mathematics and economic statistics, lives in Los Angeles,
California. He has more than 20 years of investment experience. He is particularlyinterested in analyzing technical indicators and candlestick construction anddesigning breakout trading software. He also created a new concept in trading—Profit Taking Theory. He may be reached at evergreenstockclub@yahoo.com.
Figure 2 displays the trading record of KBH. The trading strategy follows BRSI
and Breakout Candlestick. There are three types of trading strategy:
1. If BRSI is over 80 and B/O is weak, it is a sell alert, ready to sell.
2. If BRSI is below 20 and B/O is strong, it is a buy alert, ready to buy.
3. If BRSI is 20–80, it should be a focused B/O Candlestick or else there
is nothing to do. Divergence is also an important trading strategy.

End Notes
Steve Nison, 1994. Beyond Candlesticks: New Japanese Charting Techniques Revealed, p. 36–38.

1

IFTAUPDATE 2014 Volume 21 Issue 3

page 21

Does Your Member Society Want to Hostan Upcoming IFTA Conference?
IFTA is seeking “Expressions of Interest”
from member societies for hosting the 2016
and 2017 IFTA conferences.
The IFTA Board is developing a set of criteria
for selecting conference hosts, including
rotation between regions, attractivenessof the location to IFTA colleagues, likely
local support, potential for financial success,and the participation of members of thelocal society in past IFTA conferences. In
addition to the selection criteria, an IFA
Conference Manual is being prepared thatwill be shared with candidate societies theyear prior to selection.
In cooperation with a host member society,
IFTA will finance, contract and organize
the IFTA Annual Conference. This allows
the selected member society to host a
professional international conference on
Technical Analysis with leading speakers
in the field and to profile their society inthe world community of Technical Analysts.
The host of the conference will have theopportunity to raise the national profile oftheir organization and have the potential
to increase revenue for the ongoing workand support of their society. A proportionof any conference surplus will go to thehosting society.

Background
The International Federation of TechnicalAnalysts, Inc. (IFTA) was incorporated in1986 and is a global organization of market
analysis societies and associations. This notfor-profit federation has four main goals:• Provide a centralized international
exchange for information, data, businesspractices, local customs and all mattersrelated to technical analysis in various
financial centres.
• Provide meetings and encourage theinterchange of material, ideas andinformation for the purpose of adding to
the knowledge of colleagues of individual
societies and associations.
• Foster the establishment of local (country)
societies of technical analysts aroundthe world.
• Encourage the highest standards ofprofessional ethics and competence
among technical analysts worldwide.
The first IFTA annual conference was held inTokyo in late 1988. This intellectual exchange
was followed by a second conferencein London in October 1989, under thetutelage of host Robin Griffiths, presidentof the British Society of Technical Analysts(STA) at the time. Since then, in Octoberor November each year, IFTA has held anannual conference in various locations
throughout the world, hosted by a different

host society each year. Conferences havebeen or will be held in the following cities:
1988 Tokyo, Japan
1989 London, England1990 Montebello, Canada
1991 Mexico City, Mexico
1992 Dublin, Ireland
1993 New York, NY USA
1994 Paris, France
1995 San Francisco, CA USA
1996 Amsterdam, The Netherlands
1997 Sydney, Australia
1998 Rome, Italy
1999 Niagara-on-the-Lake, Canada
2000 Mainz, Germany
2001 Tokyo, Japan
2002 London, UK
2003 Washington, DC USA
2004 Madrid, Spain2005 Vancouver, Canada
2006 Lugano, Switzerland
2007 Sharm el Sheikh, Egypt
2008 Paris, France
2009 Chicago, USA2010 Berlin, Germany
2011 Sarajevo, Bosnia and Herzegovina
2012 Singapore
2013 San Francisco, CA USA
2014 London, UK
2015 Tokyo, Japan

IFTAUPDATE 2014 Volume 21 Issue 3

page 22

Host Societies continued
In close coordination with the host society,
IFTA will be responsible for the following:
•
•
•
•
•
•
•
•
•
•
•

Site selection
Contract negotiations
Hotel logistics
Sponsorship packaging and solicitationand contracting
Programming
Exhibits management
Special event coordination
Audiovisual production
Registration
Marketing
Financial management

This allows the host society to do what it
does best—help determine the site, theme,
program and “personality” for the conference.
The host society will define the vision forthe conference, while IFTA’s focus will beon its execution. The host society is a fullpartner in the execution of the conference,and its role can expand as far as its skill andexperience allows. The host society sharesin any surplus generated by the conference
while avoiding any financial exposure.
Before submitting an “Expression of Interest”,
it is highly desirable that colleagues fromthe prospective host society have alreadyattended an IFTA conference and are awareof the standard, format and conference“community”. When a society has been
accepted for the next IFTA conference it

is almost mandatory for representatives of
the next society, including the prospective
local conference chair, to attend this prior
IFTA conference.
When a member society is submitting
an “Expression of Interest” the following
guidelines may assist:
For any proposal into the future:• The year or optional years that themember society wishes to host the IFTA
conference.
• Proposed conference location and city.
• As a guideline, the proposed conference
location should be within a 30–45
minute taxi drive from a well-serviced
international airport.
• It is generally preferred that the conference
venue be in the same hotel as where
delegates are staying (or at least withina short walking distance).
• Details about your member society (e.g.,number of members, activities), who will
likely be the local conference chair, andthe likely composition and experience ofthe local conference committee.
• Typical climate and weather conditionsfor September through November.
As the “Expressions of Interest” develop
for the following years, the candidate
member societies may be advertised in the
IFTA Update to give colleagues a “taste”

of what is being considered.
As the deadline for a decision approaches,
the IFTA conference chair will be in contact
to elicit additional information, including:• An update on information previously
suppled.
• A theme or themes for the conference
you would like to host.
• Preliminary ideas you may already havefor offsite conference events.
• Ideas you may have for spouse/partner
events parallel to the conference.
• If you already know, a list of speakers
you think you would like to invite to theconference.
• Names of potential local sponsors.
• Any additional information you think isimportant for evaluating your proposal.
Please submit your proposal to Linda
Bernetich at IFTA Administration, admin@
ifta.org, by December 5, 2014.
Should you have any questions, pleasecontact Linda at the address above.

IFTAUPDATE 2014 Volume 21 Issue 3

page 23IFTA 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
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 Akira Homma, CFA, CIIA, CFTe, FRM, CMA, CMT (NTAA)
Email: akira.homma@ifta.org
Vice-President—Europe, Conference Director 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.deExam 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
Strategic Development Director Robert Grigg (ATAA)
Email: robert.grigg@ifta.org
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* Developing

Website Content Director Akihiro Niimi, MFTA (NTAA)
Email: niimia@aifaminc.com

IFTA Update Schedule

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

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.

STAFF

PUBLICATION SCHEDULE
December Issue

Education articles: November 15—send submissions to newsletter@ifta.org
All other content: December 1—send submissions to admin@ifta.org

March Issue

Education articles: February 15

All other content: March 1

June Issue

Education articles: May 15

All other content: June 1

September Issue

Education articles: August 15

All other content: September 1

For more information and to advertise, visit our website:
http://www.ifta.org/publications/newsletter/

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

27th Annual Conference
9–11 October 2014
The Waldorf Hilton Hotel, London
Unravelling the DNA of the Market

Programme

The IFTA 27th Annual Conference

conference.ifta.org/2014

WELCOMEThe Society of Technical Analysts (STA) is delighted to be hosting the2014 International Federation of Technical Analysts’ Conference inLondon.
The conference will take place on 9–11th October at the Waldorf Hilton
Hotel in central London. The theme of the conference “Unravelling the
DNA of the market” will allow us to explore some of the underlying causesof market behaviour.
Keynote speakers include:■ Professor Marcus du Sautoy OBE – the Simonyi Professor for the
Public Understanding of Science and a Professor of Mathematics at
the University of Oxford. Presenter of The Code on BBC2.
■ John Murphy, Dr Alexander Elder and Tony Plummer – widely
acknowledged as today’s leading experts on technical analysis
and trading.
London is quite simply the most popular tourist destination in the world. It isa fascinating combination of the old and the new – 21st century technology
and architecture nestle among buildings that reflect the city’s 1000
year history. Delegates will have the opportunity to explore world-classmuseums and galleries as well as to see spectacular theatres and shows.

Deborah Owen
Conference Director
Society of Technical Analysts

The STA looks forward to welcoming you to a fascinating conference
which will include a buzzy social programme. Come and experience allthat London has to offer.

Committee Members
Deborah Owen – Chair
Investment of Research of Cambridge

Simon Warren
STA Treasurer

Katie Abberton
STA

Jeremy du Plessis
UpdataSusan Marmor
Private Trader

Charles Newsome
Investec

Axel RudolphCommerzbank

Jeff Hochman
Fidelity

The IFTA 27th Annual Conference

conference.ifta.org/2014

GENERAL INFORMATION
Date

Accommodation

Thursday 9th to Saturday 11th October 2014

You can book your accommodation at the Hilton Waldorf via the hotel’s
website by clicking here or you can contact the Hilton reservation team byemail hzl_mail@hilton.com or phone 0870 5 909090 (when in the UK)
or +44 (0) 207 836 2400 (for international calls).

Venue
IFTA 2014 will the held at The Waldorf
Hilton Hotel located on Aldwych,
London WC2B 4DD

For alternative accommodation options, please visit the Accommodation
page on the IFTA conference website.

The IFTA 27th Annual Conference

conference.ifta.org/2014

PROGRAMME OVERVIEW
Wednesday
8 October
8:30

Thursday9 October

Registration & Exhibition Open Registration & Exhibition Open Arrival Refreshments
Arrival Refreshments
BreAkfAst symPosium, BloomBerg

IFTA Executive
Board Meeting

Neuroscience of trading
tony Plummer, Helmsman Economics

Refreshment Break in the
Exhibition Hall

Applying behavioural finance to the markets
larry Berman, ETF Capital Management

Tuning your emotions for better trading Part I
Dr Alexander elder

Unravelling the DNA of the
Financial Markets
Deborah owen, Society ofTechnical Analysts

Refreshment Break in the Exhibition Hall

Refreshment Break in the Exhibition Hall

Global Intermarket Analysis
John J murphy, StockCharts.com

Tuning your emotions for better trading Part II
Dr Alexander elder

Keynote Address
Dr marcus du sautoy oBe,
University of Oxford

Reading the Language of the Market
with Market Profile
robin mesch, Robin Mesch Associates

Power Hour: The Chart most likely to ....
Adam sorab, CQS; Nicole elliott, Investors’ Chronicle;
Valerie gastaldy, Day-by-Day
Nick glydon, Redburn Partners

Lunch in the
Exhibition Hall

Lunch in the Exhibition Hall
luNCH symPosium, mA

Lunch in the Exhibition Hall
luNCH symPosium, mA

How to avoid Black Swans with
Point & Figure charts
Cyril Baudrillart, BSSP Partners

Algorithmic Identification of Chart Patterns
giorgos siligardos

Refreshment Break in the
Exhibition Hall

AGM

17:00

Registration

Registration & Exhibition Open Arrival Refreshments
BreAkfAst symPosium, BloomBerg

New approaches in behavioural financeProf richard taffler, University of Warwick

The application of patternsearch technology in FinanceDavid kedmey, EidoSearch

16:30

Saturday11 OctoberOpening Ceremony andTechnical WalkaboutDavid sneddon, Credit Suisse

19:00

Friday10 October

Panel Session:“Understanding risk”
Aurélia gerber,
Bank J. Safra Sarasin
Dr marcus du sautoy,
University of Oxford
David sneddon, Credit Suisse

Power Hour – Focus on Japan
Prof Hank Pruden, Golden Gate University
feng Han, Fidelity Investments
Chris grafton, Advanced Research Japanmasaaki yamada, Tokai Tokyo Securities Co Ltd
Refreshment Break in the Exhibition Hall
“Elliott Wave ... From text book to trading floor”
robin Wilkin, Lloyds Bank

Refreshment Break in the Exhibition Hall

“Socionomic Theory: A Foundation
for Technical Analysis”
robert r. Prechter, President,
Elliott Wave InternationalAwards & Closing Ceremony
Evening Reception at The
London Transport Museum

Conference Dinner at
Middle Temple

The IFTA 27th Annual Conference

conference.ifta.org/2014

SOCIAL PROGRAMMEThe IFTA Social Evening will be held on Thursday 9
October from 18.30 – 21.30 at the London Transport
Museum, located only minutes away from the Waldorf
Hilton Conference Hotel.
The museum has on display many examples of buses,
trams, trolleybuses and rail vehicles from 19th and 20th
centuries as well as artefacts and exhibits related to theoperation and marketing of passenger services and theimpact that the developing transport network has hadon London and its population.

The Conference Dinner will be held on Saturday 11
October from 18.30 – 23.00 in the magnificent surroundingsof Middle Temple Hall. Virtually unaltered since completionin the 1570s, it is one of the finest Elizabethan halls in the
country. The first performance of ‘Twelfth Night’ was acted in
the hall in 1602 with Shakespeare as a member of the cast.
The gala dinner in this stunning central London locationneeds to be booked in addition to the conference. It costs£125.00 per person for a three course meal, beverages
and evening entertainment.

The IFTA 27th Annual Conference

conference.ifta.org/2014

PARTNERS’ PROGRAMME
London is a diverse and exciting city with some of theworld’s best sights, attractions and activities. With somuch to do, it’s hard to narrow down the long list ofactivities for the Partner Programme. We are therefore
arranging a more “bespoke” package. A Blue Badge
Guide (The Blue Badge is the UK’s highest guiding
qualification) will organise events on the Thursday, Friday
and Saturday mornings. For the rest of the time we have
put together a list of top attractions and the guide will also
be able to give you advice.

Friday 10 October
On Friday morning, guests will be taken to the worldfamous, Tower of London – home to the Crown Jewels.
Whilst there, don’t miss the unique installation, Blood
Swept Lands and Seas of Red, where 888,246 ceramic
poppies will progressively fill the Tower’s moat, marking thecentenary of the outbreak of the First World War.

Thursday 9 October
After a meet and greet coffee at the Waldorf Hilton, a Blue
Badge Tour of The Wallace Collection is planned for themorning. The Wallace Collection is a national museum
in an historic London town house. Its 25 galleries are
unsurpassed displays of French 18th century painting,furniture and porcelain with superb Old Master paintings
and a world class armoury. With the merit of being
just behind Selfridges and Oxford Street, and near to
Marylebone High Street, after the tour guests will be taken
to Marylebone and shown the fabulous little independent
shops that thrive in this modish London ‘village’.

Saturday 11 October
On Saturday, weather permitting, our Tour Guide will takeyou on a walking tour of Piccadilly, through the quaintand historic alley ways, passing well known sites suchas St James’s Palace, Fortnum & Mason’s and the Royal
Academy. Should the weather be inclement then thegroup will be taken to a museum of their choice.
The cost of the Partner Programme is £250 per person.
This includes the Blue Badge Tours on Thursday, Friday,
and Saturday, the Thursday Reception at the London
Transport Museum and the Gala Dinner on the Saturday.
For full details please click here.

The IFTA 27th Annual Conference

conference.ifta.org/2014

REGISTRATION
All delegates are required to register for the 27th IFTA Annual Conference via the online registration form found on the IFTA
2014 Conference website: http://conference.ifta.org/2014/
Registration Fees
Standard(1 August – 5 October 2014)

Onsite(8 -11 October 2014)

IFTA & STA member£999.00£1,250.00

Professional Body Discount*£1,099.00£1,350.00

Non Member£1,249.00£1,399.00

Day Only Registration Fees IFTA & STA member£499.00£599.00

Day Only Registration Fees Non-Member£599.00£699.00* Promotional code required

In case you are not an IFTA or STA member you can become one for 12 months for £85 which will entitle you to thediscounted rates above. You may join the STA here: http://www.sta-uk.org/NewApp.html
Full delegate registration includes:■ All appropriate Conference documentation and name badge■ Entry to all official Conference Sessions■ Access to Exhibition Area
■ Attendance at the Thursday Evening Reception■ Tea and coffee breaks■ Lunches

Terms and Conditions
Cancellation
A refund of fees will be given less a 20% administration charge, provided that the Conference Secretariat receives notice ofcancellation in writing to IFTA2014@contendam.com on or before Wednesday 27 August 2014. After this date, no refund
will be given. Substitutions of attendees can be made at any time. Refunds will not be given for no-shows at the Conference.

The IFTA 27th Annual Conference

conference.ifta.org/2014

EXHIBITION AND SPONSORSHIP
Why IFTA 2014?

Involvement in IFTA 2014 will…

■ Contact new prospects and generate leads■ Promote your company/organisation as a leading
supporter of IFTA

■ Market your product to delegates and leading industry
professionals globally■ Provide you with a platform to develop high level, longterm contacts with key opinion leaders■ Showcase new innovations to the technicalanalysis community■ Strengthen your brand and existing relationships■ Promote company image and maximise
market exposure■ Differentiate you from your competitors■ Allow you to maximise the gains from our extensive
local and global marketing activities■ Discuss the needs of your clients first-hand anddemonstrate the solutions

To secure your commitment, please complete theSponsorship Application Form and Contract or the
Exhibition Application Form and Contract.

■ Gain insight into market trends to aid in yourstrategic planning

For further information please contact:
Katie Abberton
Tel: +44 (0) 20 7125 0038
Email: info@sta-uk.org

Exhibition Floorplan

Conference Sessions

3

4

5

6 7 8
9

1

10

Catering

Catering2

Society of Technical Analysts
Dean House
Vernham Dean
Hampshire SP11 0JZ
Tel: +44 (0) 20 7125 0038
Fax: +44 (0) 20 7900 2585
Email: info@sta-uk.org
A non-profit-making organisation dedicated tothe promotion of technical analysis. It serves
as a forum for traders and investors interested
in using technical analysis methodologies fortheir trading and investment. STA is an affiliatedsociety of IFTA, International Federation ofTechnical Analysts.
__________________________________________

Conference Secretariat
IFTA 2014
c/o Contendam
26-28 Hammersmith Grove, London W6 7HA
United Kingdom
Tel: +44(0)20 8748 8868 • Fax: +44(0)20 8237 4093
Email: IFTA2014@contendam.com
www.contendam.com

The International Federation ofTechnical Analysts Inc.
9707 Key West Avenue, Suite 100
Rockville, Maryland
20850
USA
Tel: +1-240-404-6508
Fax: +1-301-990-9771

Unravelling the DNA of the Market
The STA is affiliated to The International
Federation of Technical Analysts (IFTA),
which is the global organization of TechnicalAnalysis Societies and Associations. IFTA
is an international non-profit professionalorganization with member societies in morethan 26 countries. The STA’s qualifications arerecognised by IFTA. IFTA provides a worldwide
Professional Technical Analysts certification.

The IFTA 27th Annual Conference
9–11 October 2014 • London––––––––––––––––––––––––––––––––––––––––––––––––––––––

conference.ifta.org/2014