2018 Volume 25 Issue 2

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

IN THIS ISSUE

President’s Report to Colleagues

1

President’s Report to Colleagues

4

Calendar-at-a-Glance

6

Congratulations New CFTes!

6

MFTA and CFTe Exam Dates

Education Lounge
7

Digital Assets: Stage One of the New
Paradigm Cycle

10 Global Stock Markets at Risk:
Investments Will Go Toward
Commodities and the US Dollar
13 New Multi-Timeframe Analysis With
Ichimoku Cloud Projections
23 Sell Relative Strength Index – SRSI
24 Stock Trade Forecasting: Is it Mass
Psychology or Subject to Efficient
Market Hypothesis
27 The New STA Home Study Course
30 Member News
31 Congratulations New MFTAs!
32 IFTA Board of Directors Nomination Form
33 IFTA Member Societies
33 IFTA Update Schedule
33 Board of Directors

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

The IFTA UPDATE is a publication of the International
Federation of Technical Analysts, Inc. www.ifta.org, a notfor-profit professional organization incorporated in 1986.
International Federation of Technical Analysts
9707 Key West Avenue, Suite 100
Rockville, MD 20850 USA
Email: admin@ifta.org • Phone: +1 240-404-6508

Dear IFTA Colleagues,
Allow me to share with you some of the
IFTA activities and developments over the
past months:

IFTA Webinars

Since our last update on our IFTA webinar program, IFTA Director Tom Hicks
put together two more webinar sessions.
The first session, held in late March, wastitled “Trend Trading—A More ConsistentApproach for the Private Trader” and waspresented by keynote speaker Zaheer
Anwari. The second webinar was titled“Avoiding the Spikes...Uses and Abusesof Andrews and Schiff Pitchforks” and waspresented in late April by keynote speaker
Eddie Tofpik.
If you did not get a chance to attend orview these webinars, be sure not to missour future webinars in 2018. For more
information on how to register, pleasecontact your member society.

IFTA 2018 Annual Conference
UpdateI am pleased to report that preparations for the IFTA Annual Conference,
to be held this year in Kuala Lumpur,
Malaysia, are well underway and moving forward as planned, as reported
by our organizer, MATA. Additionally,
MATA repor ted that registration is
open on the conference website athttps://kl2018.ifta-conferences.org/.
In addition—and through the marketing
efforts of the MATA conference team—earlier this month MATA co-hosted a“Market Outlook Event” along with strong
and much appreciated support and collaboration from NTAA and AATI. This event
was set as one of the pre-roadshows forthe 2018 IFTA Annual Conference. Our
IFTA director/VP Asia-Pacific, Akihiro
Niimi, who was also a speaker at theevent, reported that it was very successful, with over 200 attending delegates.

IFTA Member Societies: Updates
and Events

NTAA’s recent contribution to IFTA
Recently, the NTAA made a much appreciated offer to IFTA to translate their own“Introduction to Technical Analysis”
booklet. This booklet played a role inproviding insight to newcomers who wereinterested to learn technical analysis andjoin the NTAA. I am pleased to report that
this booklet soon will be available on the
IFTA website for all member societies. I
thank the NTAA and Tobe-san for theirprecious contribution.
STA’s Home Study Course (HSC)
I’d like to highlight that the STA is now
offering its new Home Study Course(HSC 2). The HSC is regarded by IFTA asa non-exclusive technical analysis teachingcourse that can also be used as an additional study guide for both CFTe I and CFTe
II. For further information on the STA’s HSC
2, please visit the STA web page and see
page 28 of this Update.
Continued on page 5

IFTAUPDATE 2018 Volume 25 Issue 2

page 4

Calendar-at-a-Glance
Date

Host

Speaker

Location

Time

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

Topic

STANZ
(New
Zealand)

Various

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

Varieswww.stanz.co.nz/

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

ATAA(Australia)

Various

Various

Varieswww.ataa.com.au/meetings

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

Various

Varieswww.csta.org

STA

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

Katie Abberton, info@sta-uk.org

Society ofTechnical
Analysts
CSTA

London's Living Room

18:30

info@sta-uk.org

CFA Society - Toronto, Canada

11am

bm@csta.org

Society ofTechnical
Analysts
Society ofTechnical
Analysts
IFTA

London

10:00

info@sta-uk.org

Tony Plummer FSTA

CISI

18:30

info@sta-uk.org

NA

NA

NA

www.ifta.org

IFTA

NA

NA

VariesTASSA(SouthAfrica) andThomson
Reuters
Society ofTechnical
Analysts
IFTA

Costa Perkikis, Chris Hart

Thomson Reuters at The Chelsea Builiding, 18:00
4th Fl. 138 West St. Sandton

newsletter@ifta.org
Attn: Aurélia Gerber, Journal Director
http://www.tassa.org.za/meeting.asp

Mathew Verdouw CFTe

CISI

18:30

info@sta-uk.org

NA

NA

NA

admin@ifta.org

TBC

CISI

18:30

info@sta-uk.org

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

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

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

2018

June

Jul

Aug

7

STA 50th Anniversary Party

14

Canadian Society of Technical Analysts Annual General Meeting

2

STA Diploma Part 1 Exam

10

STA Monthly Talk

31

Master of Financial Technical Analysis (MFTA)
Alternative Path, Session 2 application deadline
IFTA Update submission deadline for all news content (mid-September
release)Top-Down Overview of Global Markets in Charts (Costa Perkikis); Good
Cops, Bad Cops. Politics, Economics, Strategy - Investing in SA and theWorld in 2018. (Chris Hart);

15
31

Sept

11

STA Monthly Talk

Oct2

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

11

25

Certified Financial Technician (CFTe II) Examination

25

STA Diploma Part 2 Exam

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

Society ofTechnical
Analysts
IFTA
Society ofTechnical
Analysts
IFTA &
Hosted by
MATA

NA

VariesVariesVariesadmin@ifta.org; www.ifta.org

London

13:00

info@sta-uk.org

Kuala Lumpur Convention Centre, Kuala
Lumpur, Malaysia

Varieshttps://kl2018.ifta-conference.org

Continued on page 5

IFTAUPDATE 2018 Volume 25 Issue 2

page 5

Calendar continued

2018 continued

Date
Nov

Dec

2019

Feb

Topic

Host

Speaker

Location

Time

Contact

1

IFTA Journal Web publication

IFTA

NA

NA

NA

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

13

MiFID II Panel

TBC

CISI

18:30

info@sta-uk.org

15

NA

NA

Varies

IFTA

NA

NA

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

3

IFTA Update submission deadline for educational articles and newcontent (mid-December release)
IFTA Update submission deadline for all news content (mid-December
release)STA Diploma Part 1 ExamSociety ofTechnical
Analysts
IFTA

London

10:00

info@sta-uk.org

11

STA Christmas Party

CISI

18:30

info@sta-uk.org

15

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

1

28
Mar

15

April

TBA

May

1

Society ofTechnical
Analysts
Society ofTechnical
Analysts
IFTA

NA

NA

Variesadmin@ifta.org/newsletter

IFTA

NA

NA

NA

http://www.ifta.org

IFTA

NA

VariesVariesIFTA

NA

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

IFTA

NA

VariesVarieshttp://www.ifta.org

IFTA

NA

NA

NA

admin@ifta.org

15

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

IFTA

NA

NA

NA

newsletter@ifta.org Attn: Aurélia Gerber

31

IFTA Journal Call for Papers submissions deadline

IFTA

NA

NA

NA

journal@ifta.org

Jul

31

IFTA

NA

NA

NA

www.ifta.org

Aug

15

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

IFTA

NA

NA

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

2

President's Report to Colleagues continued

Last, but not least, I would like to thankall member societies who shared updates
and news from your local societies withus. Sharing information, knowledge, andexperience is and will always be, in spirit,
the reason why IFTA exists and continues
to do so.

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

Mohamed El Saiid, CFTe MFTA
IFTA President

IFTAUPDATE 2018 Volume 25 Issue 2

page 6

Congratulations New CFTes!
Raghav Agnihothri

Akshat Khandelwal, ATMA

Ananth Madhav Bairavarasu, ATMA

Ankit Kumar, ATMA

Madhava Bana, ATMA

Floyd Johny Lewis, ATMA

Anindya Banerjee, ATMA

Faraz Hanif Parekh, STA

Zainal Abidin Bin Abdul Jabbar, STA

Ravikanth Pedapati, ATMA

Prasenjit Biswas, ATMA

Xiaolei Qiu

Alexandre Boulard

Anuraag Saboo, ATMA

Vaibhav Pravinkumar Chudasama, ATMA

Yap Kong Seng, STA

Ezone Constantine, STA

Savio B. Shetty, ATMA

Nitin Dalvi, ATMA

Bingxin Shi

Shravan Dharmaraj, ATMA

Petros Theodoulou, STA

Praveen Dodda, ATMA

Sheikh Imran Uz Zaman

Vedprakash Gehlot, ATMA

Sahil Vijay, ATMA

Rupesh Gupta, ATMACharles Yang

Hadiyansyah Hadiyansyah

Lim Yeong Chien, STA

Tan Jee Kit, STAJohn Loh Yi Cheng

Tan Jin Ling, STA

MFTA and CFTe Exam Dates
Certified Financial Technician (CFTe)—Level I
Date

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

Certified Financial Technician (CFTe)—Level II
Date

25 Oct 2018

TBA

Registration deadline

7 Sep 2018

TBA

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

Master of Financial Technical Analysis (MFTA)

Alternative Path Pre-Application Deadline

Session 1

Session 2

31 July 201828 Feb 2019

Application/Outline Deadline

2 Oct 2018

2 May 2019

Paper Deadline

15 Mar 201915 Oct 2019

(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 2018 Volume 25 Issue 2

page 7

Education Lounge

Digital Assets: Stage One of the New Paradigm Cycle
By Robin Griffiths, FSTA, and Ron William, CMT, MSTA
This report was updated from an original publication on 21 March 2018.
Digital assets, popularly known as Cryptocurrency, are resuming their price correction,
after triggering a peak in late December 2017 and a -70% crash, as correctly predicted
in our T3 report, highlighted in Figure 1 and our RWA media interview in late 2017.
The event time-stamped a critical turning point away from the mania-fuelled linear
trends of several thousand percentile, while also marking a late-stage economic cycleof speculation. Amplified by a historic environment of low volatility and low interest
rates, investors felt emboldened to chase high-risk returns, even if it meant standing
in front of a proverbial bulldozer.
The days of a one-way trade, or “free-lunch” are over. In hindsight, it should comeas no surprise that around two months after the peak in Bitcoin, the financial markets
were hit by a re-awakening in volatility, marked by a flash-crash, which led to a recordbreaking 1,600-point intraday drop on the Dow Jones Industrial Average, from all-timehighs. The big rotation from greed to fear had begun.
Bitcoin’s peak-to-trough correction of -70% is now within a traditional short-term
negative cycle. This major bearish triangle pattern is developing an ABC(DE) shape, inline with a complex version of our “Roadmap” signature of a) the crash-fall b) recovery
bounce, followed by c) another fall, d) bounce, e) then the rest of the fall. The double
price failure at the pivot-line around 11,000, then 9,500,highlights the market’s lackof upside momentum (Fig 1-panel C), which coincides with a renewed timing cycle(Fig 1-panel B and prev i o u s R WA m e d i ainterview).

FIGURE 1. Bitcoin Daily Chart, with timing cycles and momentum indicator. Source: Optuma; RW Advisory LTD..

Risk management is paramount. Avoid trying to catch the dangerous falling knife,
especially with an average daily volatility of 20%. Watch for a potential break of thelong-term 200-day moving average line at 8,640 and the multi-month breakout pattern,
to unlock further losses into next key support at 3,000 (highlighted by the probability
distribution indicator).

IFTAUPDATE 2018 Volume 25 Issue 2
Digital Assets continued

page 8

Education Lounge

Only a sustained bullish price reversal back above 9,750 would neutralize this
scenario.

group think. We believe the digital asset mania is not a “tulip” bubble, in the sensethat it will no longer have any intrinsic value.

A historic review of the last eight years of Bitcoin’s price activity highlights an average volatility signature of -85%, with the greatest drawdown of -93% (Figure 2). This
simple, yet reliable statistical yardstick offers a further potential -15% downside risk,
which also equates to the aforementioned price target of 3,000. The last two yearsof parabolic returns led to an astonishing +3,314%, with minimal volatility, and now
marks significant asymmetric risk. Meanwhile, sentiment measures from Google (Fig
2-lower chart panel), tell us the search term of “Bitcoin Bubble” had once again spiked
onto the minds of traders around the world. This same indicator proved a valuable leadsignal ahead of three interim peaks so far.

In fact, contrary to popular mainstream opinion, digital currencies are only just getting
started within their new paradigm cycle, as part of a greater and accelerated technological wave of economic innovation. History teaches us, rather perversely, that all
such paradigms are started, and not ended, by bubbles. This was certainly true forthe technology mania of 2000, which saw internet stocks rise to stardom, only to latercrash by 90%, and yet they still changed our lives many years later. This is a paradoxof creative-destruction.
Currently, according to consensus estimates, digital assets will grow to a one-trilliondollar valuation in 2018, and yet other surveys cite only a 3% adoption of this innovative technology within traditional business transactions. The market is still in pricediscovery mode, and thus far, reflecting a future expectation that Bitcoin and related
proxies might be used for wider payments. The sweet spot threshold is near 20% for
mainstream adoption of prior new technology paradigms, based on the diffusion of
innovation theory (DOI).
What justifies such a giant market valuation? The answer is mostly found in the powerof the digital currency network’s user base. Akin to social media stocks like Facebook,the success of the platform is directly proportional to the number of users: more
people, more value. This is not a tulip bubble in terms of an overinflated “bidding war”
or traditional auction system. It is primarily due to the very nature of its decentralised,peer-to-peer model that allows it to grow exponentially, on a scalable basis.

FIGURE 2. Bitcoin Weekly Chart, with historical drawdowns and Google sentiment indicator. Source:
Optuma; RW Advisory LTD..

However, it is vital for the greater collective to ask themselves what an asset price“bubble” actually means. The term has been screamed at fever pitch levels over theyears, with mixed real understanding, other than a headline grabbing soundbite or tribal

Unfortunately, the early stages of this new digital currency model attracted plentyof hot money speculation, flaky infrastructure, and bad actors to the stage. Partly forthis reason, it is arguably healthy for the market to be experiencing a shakeout within
this latest bearish correction. In fact, in terms of short-term price performance, there is
only one digital currency, notably Ripple, that is still flagging positive net gains since
the peak of December 2017 (Figure 3-panel A).
In this latest short-term race to the bottom, Ripple remains one of the most relatively
stable coins (Figure 3-panel B). This is also due to its already sizeable cliff-drop from

IFTAUPDATE 2018 Volume 25 Issue 2
Digital Assets continued

the record-breaking altitudes of +3,500% in only 11 weeks. In behavioural psychology
terms, investors may still be recovering from shell-shock, feeling a welcome relief thatthe worst part of the price fall might be over.
Meanwhile, Ethereum’s price action is warning of great mean-reversion risk, as itverges on the edge of a redefined major breakout pattern (Figure 3-panel C). A sustained break under 550 will unlock sharp losses into a price vacuum (with little pricesupport) toward a lower target at 300. We must remind our readers that none of thisanalysis is due to fundamentals, or underline techie speak, about one coin’s competitive advantage versus another. These observations are based on tangible chart facts,or price-based dynamics.

page 9

Education Lounge
Follow the traffic lights: Stage 1) RED – Bubble mania hype. Hot money. Speculation
frenzy, inexperienced retail trading, often with mainstream herding, blindly singing “buynow, think later.” This is followed by a loud crescendo bubble burst, which triggers aviolent corrective wave, fuelled by a “race to the bottom.”

FIGURE 4. NASDAQ Historical Chart, with three-stage cycle schema. Source: Optuma; RW Advisory LTD..

FIGURE 3. Top 5 digital coins % performance from Dec 2017 peak, technical chart of Ripple & Ethereum.
Source: Optuma; RW Advisory LTD.

From a big picture perspective, digital assets remain in stage one of the new paradigm
cycle (Figure 4). A long- term chart of NASDAQ technology stocks helps to visualize
the historical rhyme or déjà vu with the internet bubble of 2000. The Y2K technology
mania offers an indispensable price analogue with our latest digital asset wave, aspart of a three-stage cycle process.

Stage 2) AMBER – Transformation, where hard lessons are learned and new structures are built. Regulation and government-related initiatives pave the way for smart
money products, which in return, increases broader volume and reduces wild swings
in volatility. Team colleague Ron William already experienced the very early stages ofa push to engage and standardize the market in the UK, having just been invited to
the House of Commons to join an industry guidance team, following the official launchof an All Party Parliamentary Group (APPG) in Digital Currencies. This was only a few
weeks after Bank of England Governor Carney announced a need for regulation within
the industry, a call that was simultaneously echoed in the United States.
Inevitably, this becomes an evolution–revolution period where only the winners survive,and famous rotations between poster child leaders like Facebook and My Space are

IFTAUPDATE 2018 Volume 25 Issue 2

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Education Lounge

Digital Assets continued

made. Here and now, out of over 1,500 digital currencies, only 30% are likely tosurvive. Selectivity remains key in the longer-term race to the top.
Stage 3) GREEN – New Paradigm Shift, where mainstream adoption finally takes
place and real economy application is achieved, grounded by sustainable realmoney investments. We are likely only completing Stage 1, with further downside
scope to come. Traditional asset classes tend to experience a multi-year recovery
process, but the accelerated nature of this latest technological wave will likely
compress the cycle. See Atlas Pulse interview, hosted by Charlie Morris, CIO of
Newscape Group, with Danny Masters, chairman of Global Advisors, for a morein-depth perspective on the future of this evolving digital asset class.

Global Stock Markets at Risk:
Investments Will Go Toward
Commodities and the US Dollar
By El-Sayed Owaidy, CETA, CFTe

Business Cycle and Elliott Wave Analysis

Disclaimer & Disclosures
No information published constitutes a solicitation, offer, recommendation, advice to buy,sell, or hold any investment instrument, to affect any transactions, or to conclude a legal actof any kind whatsoever. The information published and opinions expressed are provided by
RW Advisory (RWA) for personal use and for informational purposes only and are subject
to change without notice. RWA makes no representations (either expressed or implied) thatthe information and opinions expressed are accurate, complete or up to date. In particular,
nothing contained constitutes financial, legal, tax or other advice, nor should any investment or any other decisions be made solely based on the content. All opinion is based
upon sources that RWA believes to be reliable but they have no guarantee that keeps thisthe case. Therefore, whilst every effort is made to ensure that the content is accurate andcomplete, RWA makes no such claim.
Limitation of liability
RWA disclaims, without limitation for any loss or damage of any kind, including any direct
or indirect consequential damages.
Copyright
All material produced is copyright protected by RWA and may not be copied, emailed,faxed, or distributed without the express permission of RWA.

FIGURE 1. Monthly chart for yields of US 10-year Treasury notes with DJIA in green line chart and S&P in
red line chart up to date 27/4/2018.

US 10-year Treasury note rates move in downtrend, and we could draw a downtrend line
for that trend from 1987 up to the current date. Note, the prices touch that downtrendline four times, and last February, it broke that trend line and has been closing above
it since February.
Each time the prices touched the trend line, the DJI and S&P 500 witnessed a big
decline, except for one time in 1994, as shown in the chart. An important note must beheeded: with the last four touches of the downtrend line, the US 10-year Treasury notes
declined in tandem with the DJI and S&P 500. So, the question is, what will happen
to the stock market if the US 10-year Treasury note rates confirmed a major uptrend?
The decline in the stock market usually happens, although the yield declines after touching the downtrend line; therefore the stock market witnesses a big decline and then arecovery to resume its bull market. In our case, it is probable that the US treasury notes

IFTAUPDATE 2018 Volume 25 Issue 2

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Education Lounge

Global Stock Markets at Risk continued
rates confirm the break of the trend line upwards, thereby beginning a major uptrend.
If that is the case, we will see an unprecedented market crash not seen during the dotcom crisis or the global financial meltdown.

Business Cycle Analysis

Under full employment status, the markets are in "Stage Four."In May, the unemployment rate dropped below 4% for first time since 2000.
If Treasury yields started an uptrend, it means that bonds reached their peak andaccordingly, the stock market will peak as well. Bond prices peaked in July 2016 forUS 10-year Treasury bonds yielding 1.33%; we are expecting an increase in yield in the
coming months because the United States will boost its supply of treasuries this year
to more than a trillion dollars to finance its fiscal deficit while the Federal Reserve isreducing its bond portfolio. Meanwhile, China and Japan, the United States’ largest
bond buyers, are trimming their holdings of treasuries.
Stage four characteristics:– Bonds decline.
– Stocks rise and will be peaking soon.

FIGURE 3. DJI, daily chart, 9-5-2018

The peak that took place at 26,600 was the third wave {on an intermediate degree -(3)-}of that fifth wave {on primary degree -[5]-}, and it could be a final peak because there
is a probability that its last intermediate rising fifth wave {-(5)-} that remains might betruncated. If that's the scenario, we expect a corrective wave (represented by wave II) will retrace 61.8% of the whole rising from 40 points to 26,600 or wherever the peaktakes place as the end of wave (5), the end of wave [5], the end of wave V and the endof wave (I) on super cycle degree.
– Commodities rise and keep rising.

FIGURE 2. Semi log monthly chart for 1896 to 2018

Figure 2 shows an Elliott wave count for DJI from its beginning in 1897 up to the current
date; we believe that the index builds the fourth wave {on an intermediate degree -(4)-}of the fifth wave {on primary degree -(5)-} of the last fifth wave {on cycle degree -V-} ofthe first rising motive wave {on super cycle degree -(I)-}, which began in 1897.
FIGURE 4. Oil, weekly chart.

IFTAUPDATE 2018 Volume 25 Issue 2

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Education Lounge

Global Stock Markets at Risk continued

As shown in Figure 4, Oil completed its fourth wave {on cycle degree -IV-} at $28; it
was a zigzag wave.
Wave (1) of [C] of that zigzag was an extended wave, so the length from the beginning ofwave (3) to (5) was 61.8% of (1) length. And finally, it ended at a diagonal. The prices also
have completed an inverted head and shoulders to confirm a major uptrend for the fifth
wave, which is supposed to be the longer wave. So it is not surprising to watch Oil prices
exceed the previous peak at $148; the nearest target is $86.5, and that's H&S's target.
Figure 5 shows an Elliott wave complete count for Gold from 1920 up to the current
date; in the next chart, we'll focus on the current wave.

FIGURE 6. Gold, weekly chart for the current corrective wave from $ level.

As shown in the previous two charts, Gold builds in wave [B]—might still be a corrective wave of one less degree–of the fourth zigzag wave {on cycle degree -IV-}, it isvery important to note that the wave (A) of [B] that completed at $1,375 has appeared
as a three-wave structure, which means that the wave could be an ascending triangle
or part of a flat wave, especially if it had completed close to a 38.2% retracementlevel and there is a clear weakness in the strength of the rise. If that's the case, we
believe that the $1,375 level might be a strong resistance for a long time, and we don't
expect a further increase for gold to the levels of 50% or 61.8%, so it can break through1,380–1,400 levels.
FIGURE 5. Gold, weekly chart from 1920 up to date.

– US dollar index rises.
As shown in the next two charts for the Dollar Index, the Index had completed its fourthcorrective wave at a level of 88.20 points as an expanding flat wave and then began
its fifth wave from the same level, which it may record as a new high in the upper 100
points level.

IFTAUPDATE 2018 Volume 25 Issue 2

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Education Lounge

Global Stock Markets at Risk continued

New Multi-Timeframe Analysis
With Ichimoku Cloud Projections
By Karen PéloilleAs every good technical analyst knows, scanning at least three timeframes is a mustin order to thoroughly understand a market.
The usual way to proceed is to display three timeframes side by side and combine eachindividual timeframe analysis to get a complete picture of the market action.
FIGURE 7. Dollar Index, wave (4) and length of wave B.

Ichimoku analysis offers a more practical view and, above all, enables us to better grasp
and explain the market movements, whatever the timeframes used. For this purpose, aprojection of the most relevant cloud and Kijun will be set on the reference timeframe
chart studied.
Through different examples, this paper will show how this kind of Ichimoku analysis ishandy and most valuable in order to establish successful trading strategies.
First, a quick reminder of how Ichimoku chart reading works.*

FIGURE 8. Length of wave C.

Conclusion: Global stock markets are at risk.
 Oil and the US dollar are more attractive for investments than gold.

This technical indicator was created with the purpose of adding information to the solereading of candlesticks, which mainly give trends or points of reversal. But an analyst
needs to know where the market is heading with the best probability in order to establish his trading strategy. Ichimoku perfectly addresses this need by pointing out all the
supports and resistances the price action will encounter. And last, but not least, it will
also validate (or not) a breakout of these levels, enabling the strategist to fine tune hisentry/exit in the market.
Five lines build this indicator:
 The Tenkan Sen (Turning Line). Midpoint between the highest high and lowest low
over the last nine periods. This line mainly reflects the momentum of the trend andprovides an early indication of a trend change.

IFTAUPDATE 2018 Volume 25 Issue 2

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 The Kijun Sen (Standard Line). Calculated in the same way, but on the last 26 periods.
This line provides significant strong supports and resistances. It is the signal line: thebreakout of this line is a confirmation of a trend change.
 The Senkou Span A (SSA) and Senkou Span B (SSB) build the Cloud (Kumo). The
SSA is the midpoint between the Tenkan and the Kijun shifted 26 periods forward.
The SSB is the midpoint between the last 52 periods shifted 26 periods forward.
The Cloud is the area between these two lines and represents a zone of market
equilibrium. It provides the current overall trend in place and indicates supports andresistances that will impact the market action in the future.

So on the timeframe projected, only the Cloud and Kijun will be apparent, and sometimes
the Lagging when the two timeframes close. The Tenkan will be deleted.
The examples presented below were chosen for their relevance. The explanations are
the same whatever the timeframe (i.e., a short/long-term situation will be interpreted
in the same way as a longer/shorter one).

Example 1: GBPNZD Short Term

 The Lagging Span (Chikou Span). Represents the price (close) shifted 26 periods
backwards. It is the memory of the market and will validate the current price action.
It's important to take notice that the candles' wick extremes won't appear on the
Lagging Span.

Chart 2. GBPNZD 15 minutes.

In the chart above, the market crossed the Cloud and stopped when the Lagging reached
the Cloud SSB. Prices pulled back toward the double resistance Kijun and Cloud SSB.
Chart 1. Ichimoku with labels.

The Kijun and the Cloud SSB (equals two Kijun) are the most important and strongest
lines that define supports and resistances.
The Lagging Span should never be ignored, as it validates all price action. Its interactions with the past Kijun and SSB are most valuable to confirm a breakout of the current
Kijun or SSB by the market.

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New Multi-Timeframe Analysis continued

SSA with the candle's wick. The M15 Lagging far left remains in the M15 Cloud, and amove downward is more certain. See the result on the chart below (Chart 5).

Chart 3. GBPNZD 5 minutes.

The same price action on a shorter timeframe shows that prices reached and broke the
Kijun and found a resistance on the SSB level (right).
If an analyst only looks at this chart, as the signal line (Kijun) has been broken, he could
expect further price movement on the upside.

Chart 5. GBPNZD 5 minutes/15 minutes projected.

The triple resistance information appeared immediately (at a glance) and more clearlycompared with the one given by two different timeframes on two different charts.

Example 2: NZDUSD Medium Term

Chart 4. GBPNZD 5 minutes/15 minutes projected.

But by projecting the 15 minutes timeframe Chart 2 on this 5-minute chart, no more
upside movement can be expected, as prices are hampered by a triple resistance composed of the M15 Kijun and SSB (green) + M5 SSB level. The M5 Lagging tested the M15

Chart 6. NZDUSD H4.

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New Multi-Timeframe Analysis continued
Here, the market is in a strong downtrend, and an alert about a possible end to thistrend is given by prices trying to break the Tenkan. In that case, the target could be
the Kijun level.

Chart 7. NZDUSD H1.

On this shorter timeframe H1, the market tried to break the H1 Kijun, which is the H4
Tenkan. The information is the same: the market is expected to reverse the downtrend
if it manages to break this H1 Kijun/H4 Tenkan level.

Chart 8. NZDUSD H1 /H4 projected.

So only one chart is needed: H1 with the H4 projection. Note that the H4 Kijun happens
to be a few points above the H1 cloud SSA.

Chart 9. NZDUSD M15 /H4 projected.

Now, on a smaller timeframe (M15), the market reverses the downtrend by getting on
the other side of the cloud. Prices could rise, but the Lagging didn't validate this move,as it found resistance with the Cloud SSB and so remained inside the Cloud. The bullish
move initiated by the market is halted.

Chart 10. NZDUSD M15 /H1 projected.

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New Multi-Timeframe Analysis continued
By projecting the H1 timeframe on this M15 chart, the strong resistance met by the
Lagging appears more clearly, as the M15 SSB is doubled by the H1 Kijun.
The expected target found on the H4 timeframe is materialized by the green line, as ona short-term basis, only this information is needed from the H4 timeframe.

Eventually, the H4 Kijun target is almost met: the H1 Cloud SSA acts as resistance, whilein the meantime, the H1 Lagging finds a resistance with the M15 Cloud SSB and the H1Kijun just after. The H1 Lagging needs to break this Kijun in order to enable the market
to pursue its bullish move.

Chart 13. NZDUSD M15 /H1 projected.
Chart 11. NZDUSD M15 /H1 projected.

Later on, the market finally moved up and stopped on the level where the H1 Lagging(left) is hampered by the M15 Kijun (red circle ).

Chart 12. NZDUSD M15 /H1 projected.

Which didn't happen: the H1 Lagging remains in its M15 Cloud, and prices can't get into
the H1 Cloud, which acts as resistance.
The Lagging from the timeframe projected (H1) encountered three resistances, two of
which were from the shorter timeframe M15 (Kijun and SSB)—information that couldn't
have appeared by looking at two separate timeframes.

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New Multi-Timeframe Analysis continued

Example 3: NZDUSD Short Term

Chart 14. NZDUSD H1.

Here, the market broke the Kijun on the upside and found a resistance with the H1 cloud.
The Lagging stopped on its double resistance Tenkan + Kijun.

Chart 16. NZDUSD M15 /H1 projected.

More information comes out from the projection of the H1 timeframe on the M15 chart:
the Tenkan + Kijun resistances met by the H1 Lagging (Chart 14) are reinforced by the
M15 Cloud and Kijun (red circle). It was clearly a strong resistance.
Prices tested four times with candles’ wicks the H1 Cloud SSA without entering it. They
couldn't reach the H1 Kijun in line with the M15 SSB levels. That was a sign that themarket won't pursue its uptrend.

Chart 15. NZDUSD M15.

The same price action on this shorter timeframe (M15): the market got out of its Cloud,validating a reversal from the previous downtrend, but the Lagging gets back into the
Cloud and doesn't confirm this bullish move. Prices find a triple support with the Tenkan
and the Kijun mixed with the Cloud SSB, which is broken on the candle close.

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New Multi-Timeframe Analysis continued

Example 4: GBPNZD Medium Term

Chart 18. GBPNZD H1/ H4 projected.
Chart 17. GBPNZD H1/H4 projected

This example shows the power of the Lagging to validate a price action.
The market is bearish and is currently crossing the H1 Cloud. The breakout of the H4
Kijun (green) leads one to expect further downside movement with prices getting outof the H1 Cloud.
In fact, a simple look at the H1 and H4 Laggings tells another story: with the wick of thesecond red candle, the H4 Lagging (far left) tested the H1 Kijun but not the H4 SSB justbelow, AND the H1 Lagging tested the H4 Kijun but didn't try to get through the H1 twist
below. From an Ichimoku point of view, this is a strong information that these supports
are very strong and should repel the market to the upside.

And, it's exactly what happened next: the third candle in progress on the previous
chart turned out blue and closed above the H4 Kijun. The market halted its downtrend
and rose.
It's only with this kind of timeframe projection that one is able to clearly see these
multiple strong resistances.

Example 5: AUDCHF Long Term

Chart 19. AUDCHF Daily/ Weekly projected.

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New Multi-Timeframe Analysis continued
Here is an example of a perfect neutral market: the Weekly Lagging far left is above its
Kijun but still inside its Cloud; the Daily Lagging is currently breaking the Weekly Cloud
SSB and finds a double resistance composed of the Weekly Kijun (green) and the Daily
Cloud SSB (blue) inside the Weekly Cloud (green). Finally prices need to break the Daily
Cloud SSB on the same level as the Weekly Kijun, with the Daily Tenkan just above inorder to resume its uptrend.

Example 6: AUDUSD Short Term

Chart 21. AUDUSD M15/H1 projected.

Note that the Lagging already tested the trendline with the candle's wick (red dottedline) and didn't get through.

Chart 20. AUDUSD M15.

By projecting the H1 timeframe, a double resistance appears above this M15 Lagging:
the trendline and the H1 Kijun. The market is neutral, with the Lagging hampered on
the upside by the H1 Kijun AND prices finding a support with this same H1 Kijun. In fact,
they are stuck between the two levels designed by this Kijun.

With Ichimoku charts, reading it is well advised to leave the trendline on the chart,even if it is no more useful for prices. As the Lagging represents current prices set in
the past, it will act exactly as prices will with any obstacle on the way. So it will interact
with a trendline, and it is very powerful information.
On the chart above, the market is bullish with both prices and the Lagging being above
the Cloud. But the latter needs to break the bearish trendline in order to validate thecontinuation of this new bullish market trend.

Chart 22. AUDUSD M15/H1 projected.

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New Multi-Timeframe Analysis continued

The resistances above the Lagging were stronger than the prices support: the market
broke the H1 Kijun and stopped on the next support, which is the M15 Kijun. The market
is now totally stuck between the M15 Kijun + trendline as support and the H1 Kijun +M15 Tenkan as resistance.

Example 6: NZDUSD Long Term

The Lagging is back in the Cloud confirming this market neutral state.

Chart 24. NZDUSD Daily/Monthly projected.

Chart 23. AUDUSD M15/ H4 projected.

Now, if the H4 timeframe is projected on the M15 timeframe, a double resistance wasin place with the trendline for the Lagging and the H4 Cloud SSB that the prices didn't
reach.
Should the market have broken its resistances, the H4 Kijun could have been a goodfirst target to this bullish move.

This last example demonstrates the accuracy of this kind of reading, even when the two
timeframes on the chart are far apart. In this case, the monthly timeframe is projected
on a daily chart. It enables one to better see how daily prices are working/struggling
with monthly levels. And this is most valuable information for understanding the market
psychology.
The market fell properly toward the Monthly Cloud SSA and tested the Monthly Kijun
three times before breaking it. Two closes and one open are exactly on the SSA (first
blue arrow).
On the last move down, the market first reached exactly the Daily SSB level (left), inline with the Monthly Cloud flat SSA. In the meantime, the Daily Lagging found a support on the same Daily SSB level mixed with the Monthly Kijun. This was an interestingcluster for a trader to watch.
Following a fourth test of the Monthly SSA, prices finally broke the support and stopped
exactly on the Monthly Kijun level.

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New Multi-Timeframe Analysis continued

This last H4 chart is even more explicit, even though H4 and monthly timeframes arequite far apart: prices testing many times the Monthly SSA with the Monthly Kijun, as
support is impressive (blue rectangle).
Then note further on how prices kept on testing the Monthly SSA, but each time remaining close to the H4 Kijun.
The last red circle gave the information that the market was bound for resuming its fall:
the doji couldn't reach the Monthly SSA and found resistance on the H4 Cloud SSA.

Conclusion

The projection of a different and relevant timeframe on the one used for the trade
management enables a more complete view of the forces at play in the market.
Chart 25. NZDUSD Daily/Weekly projected.

A projection of a closer time frame (Weekly) on the same Daily chart is not as relevant.
The prices' struggle with the Monthly SSA doesn't appear here and one doesn't understand why the market couldn't pull back towards the Weekly Kijun when it reached thefirst support.

Although this sort of reading could appear a little bit complicated at first sight, onegets rapidly accustomed to it as soon as one masters perfectly the importance of eachline of the system, mainly the Kijun (signal), the Cloud SSB, and the Lagging Span. The
confluence of these major lines from different timeframes is spotted rapidly and gives
the most relevant information needed to successfully trade the market.
Only Ichimoku chart readings allow this system of timeframe projection and enable theanalyst to get this "market feeling" that leads to successful trading.

About the Author

Karen Péloille has an extensive educational background in econometrics applied tofinancial markets. She has been trading for her own account since 2008.
Karen specializes in trading with Ichimoku and teaches principles of this system toprofessional and private traders worldwide. On top of her trading activities, Karen isa technical analyst and adviser for private clients and portfolio managers. You canfind her on her on Twitter at #KarenPeloille.
A complete training video is available on at https://www.prorealcode.com/
ichimoku-trading/.
Chart 26. NZDUSD H4/Monthly projected.

* More information about Ichimoku chart reading can be found in Karen Péloille's book, Trading with
Ichimoku, published in English, French, Italian, and Spanish (summer 2018).

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Sell Relative Strength Index – SRSIBy Howard Wang, Tradesoft
Newton's Law of universal gravitation tells us that gravitation is an interaction between
objects caused by the mass of an object. The level of gravity is related to the mass ofthe object and the distance between the two objects.
The greater the mass of the object, the greater the attraction between them and thefaster the decline will be. When an object falls from a high level, it naturally accelerates
along its decline. After landing, it will rebound strongly and will continue to fall.

SRSI calculation formula as below:
SRSI= {|(C-O/H-L)|1+|(C-O/H-L)|2 + ... + |(C-O/H-L)|n }/ Highest–Lowest n
SRSI < 30, Over Profit Out
SRSI > 70, Over Profit In
If SRSI → 0, Sell Balance Point, -1< SRSI <1This rule is very much in line with the ups and downs of the stock market.
In the stock market, all traders make profits accumulated in order to maximize profits.
The accumulation of profits will eventually trigger a sell-off. The greater the accumulation of profits, the greater the profit-taking power will be, resulting in a sharp drop oreven a crash. This is the phenomenon of market decline that we often see.
The Sell RSI and the law of universal gravitation have similarities and similar concepts
and meanings. More and more profits will trigger sell-off action.
The size of sell-off is related to the size of the profitable space and also to the greed andfear of investors. The higher the stock price rises, the greater the accumulated profits
and the greater the attraction for traders to sell; the stock price will likely experience a
big drop. That is the power of greed and fear.
Therefore, SRSI (Sell Relative Strength Index) is also called the Sell Gravitation Index.
So, simply said, The Sell RSI describes the size of the sell-off strength with the size ofthe profit accumulation

Example 1: NUGT, here we show SRSI compared with RSI. Please take a look at A, B, C, which are buy sellsignals, D buy signal is the same as RSI, and from E to today is hold signal in consolidation

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Sell Relative Strength Index continued

Stock Trade Forecasting: Is It Mass
Psychology or Subject to Efficient
Market Hypothesis
By Prof. Emmanuel Tweneboah Senzu, Tsenzu@fbiresearchedu.org
President, Bastiat Society Ghana (www.fbiresearchedu.org)

Example 2: QQQ, SRSI Buy Sell Signals is in A, B, C, D, E, and better than RSI.

Howard Wang, M.D.
Howard Wang, M.D., Lives in Los Angeles, California. He is thefounder of Tradesoft USA; creator of Profit Taking Theory, Breakout
Candlestick, and Breakout Relative Strength Index (BRSI); and authorof the profit-taking theory book. Howard gave a speech for BRSI at
the IFTA Annual Conference in Tokyo, Japan, in October 2015. He
can be reached at tradesoftus@yahoo.com.

It is empirically proven that the propensity for the stock market to act as an economic
indicator is highly probable. And there is evidence of the stock market predicting fiveof the last nine recessions in the US economy. Furthermore, there is strong evidence
from the U.S. Department of Commerce and global financial data that indicates thatchanges in the stock market often reflect changes in the real GDP, upon available data,
which was subjected to panel analysis from 1970 to 2005.
This defines the essence and necessity to examine the science and art governing the forecasting of price in the stock market under the two major existing theoretical prepositions.
In the camp of economists, the question of whether stock market fluctuations arerational or not still currently stands. The conclusion of this paper posits a new theoretical position that addresses such confusion and postulates a new scientific direction in
forecasting in the stock market.
According to efficient market hypothesis, the market price of a company’s stock is fully
rational in its valuation, given current information about the company’s business prospects.
This was empirically justified by P. Samuelson (1965) and rested on two foundations:i.

A company listed on the major stock exchange is followed closely by many
professional portfolio managers, and these managers monitor news stories totry to determine a company’s value, with the task of buying stock when theprice falls below its value and selling it when the price rises above its value.

ii.

The price of each stock is set by the equilibrium of supply and demand, which
is defined as the market price and judged by the typical person within themarket, as the stock must be fairly valued.

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Stock Trade Forecasting continued
It was further argued by F. Eugene (1970) that the stock market is informationally efficient:
It reflects all available information about the value of the asset. Stock prices change
when information changes. When good news about the company’s prospects become
public, the value and the stock price rise; when it deteriorates, the value and price bothfall. At any moment in time, the market price is the ‘rational-best-guest’ of the company’svalue based on available information.
The EMH theoretical preposition stands in contrast with J. M. Keynes postulation, whichassumes that the stock market is irrational, and disagrees with the fact that movements
in stock prices are hard to attribute to news, and exemplifies with his famous analogy
to explain the market speculation. A newspaper held “beauty contests” in which thepaper printed the pictures of 100 women and the readers were invited to submit a list of
the five most beautiful. A prize went to the reader whose choice most closely matchedthose of the consensus of the entrants. A naïve person would have simply picked thefive most beautiful women in his eyes. But a slightly more sophisticated strategy would
have been to guess the five women whom other people considered the most beautiful.
So in the end of the process, judging true beauty would be less important to winningthe contests than guessing other people’s opinions. This is his reason for defining thestock investors as those who are good at outguessing mass psychology. He concluded
that, since these stock traders will eventually sell their shares to others, they are moreconcerned about other people’s valuation of a company, mostly defined as perception
rather than the company’s true worth. As a result, he had the conviction that movement
in stock prices often reflect irrational waves of optimism and pessimism, which he called
the “animal spirits” of investors.
It is worth further examining the implications of efficient market hypothesis as a theory
in connection to the realities of the trading floor in the stock market. The underpinningto this hypothesis is that stock prices should follow a random walk. This implies thatchanges in stock prices should be impossible to predict from available information.
According to the theory, the only thing that can move stock prices is news that changes
the market’s perception of the company’s value. But such news must be unpredictable;
otherwise, it wouldn’t really be news. Its proponents point out that it is hard to beat themarket by buying allegedly undervalued stocks and selling allegedly overvalued stocks.
It must be emphasized that statistical tests show that stock prices are random walks, orat least approximately so, which was argued by Mankiw, 2010 (pp. 536) as the reason
why index funds, which buy stocks from all companies in the stock market index, outperform the most actively managed mutual funds run by professional money managers.

I therefore argue that both theoretical position and their prepositions, which define tosome extent the character of the stock-market system, are admitted to be correct but
observed to be measured from a different tangent. While Efficient Market Hypothesis
focuses its theoretical analysis on the market products and its reactions in the market
system to determine the rise and fall of price, the Keynesian stock market speculation
examines the market through the agents’ behaviour in relation to the market system
to determine the rise and fall of price. Both model preposition as an instrument forforecasting hold some element of weakness in the trading experiment, as a result thetheoretical forge of both theories into a unit theoretical discipline, define the contemporary trading art and science that guide the trading profession termed as “TechnicalAnalysis,” which solve to a large extent the confusion found within the economic thinkers. This has address to the higher degree accurateness in the science of forecastingof the stocks trade in it market.

References
Eugene, F. (1965), “The Behaviour of stock market prices.” Journal of Business. 38:34-105
Samuelson, P. (1965), “The Proof that properly anticipated prices fluctuate randomly”.
Industrial Management Review. 6: 41-49
Eugene, F. (1970), “Efficient Capital Markets; A review of theory and empirical work.
Journal of Finance. 25(2): 383-417
Mankiw, G. N. (2010) Macroeconomics (7th ed.) ISBN-13:978-1-4292-1887-0; WorthPublishers, 41 Madison, Avenue, New York, NY.
Emmanuel Tweneboah Senzu, Ph.D.
Emmanuel Tweneboah Senzu, Ph.D., is a professor of economics
and investment banking with Frederic Bastiat Institute and Cape
Coast Technical University, Ghana. He is an economic research
fellow to the African School of Economics, Republic of Benin, witha deep theoretical interest in investment banking focused on thearea of technical analytics in the use of indicators efficiency andeffectiveness examinations.

Distinguish Yourself with the
CEWA Designation
In an exclusive arrangement with IFTA, Elliott Wave
International now offers the Certified Elliott Wave
Analyst (CEWA) designation for the most serious
Elliott wave professionals, analysts and traders.
Soon the CEWA program will become therecognized standard for Elliott wave analysts.
Your CEWA designation confirms you have proved
yourself skilled in the practical application of the
Elliott Wave Principle, one of the most recognized
forms of technical analysis, and gives you theopportunity to distinguish yourself in your career.
Certified Elliott Wave Analysts may display their
CEWA designation to potential employers andprospective clients.

Get Started. Visit Elliottwave.com/wave/CEWA“Is it just me, or has Wilson gained some confidence since he became a CEWA?”IFTAUPDATE 2018 Volume 25 Issue 2

page 2744

The New STA Home Study Course
By Luise Kliem, FSTA, STA Chief Examiner and HSC Editor

Balance professional development and yourpersonal life with our new Home Study Course©
In February 2018 the STA launched the new Home Study
Course, HSC 2©. This is an exciting upgrade to the hugely
successful HSC© which has been a number of years indevelopment. The STA’s aim was simple - to give you thebest product on the technical analysis market, not justin course content or the number of experts involved inits development, but also with the administrative andcontinuous student support you receive.
For the past few years we have been tirelessly working on
an updated HSC 2© product and all the hard work andcommitment has resulted in the launch of an industryleading home study course that is already being recognised
as head and shoulders above anything else available.
What’s new in HSC 2?:• How one encounters, engages and manages within theheightened uncertainty and ambiguity that defines
risk roles. New industry experts involved indevelopment• More interactive• Improved Q&A• 40% more units created to cover increased range of
topics (IFTA syllabus compliant)• Gann unit now more practical and user friendly;
additional Elliott Wave theory coverage• Interactive questions for each unit using Exambuilder
STA Diploma Part 1 exam software• New modules: Risk & Trading systems, BehaviouralFinance, Ichimoku Kinko Yyo• Additional techniques taught: Renko, Kagi, Three-line
break charts and much more
• More revision and exam preparation

The new HSC 2© course costs £1,195.00 and can bepurchased from www.sta-uk.org
The STA Home Study Course© (HSC) is perfect for students
who wish to learn at their own pace rather than in aclassroom, due to either time or geographical constraints.
Anyone who is not able to, or does not wish to, travel to
London to attend the STA Diploma Part 1 and 2 courses willfind the HSC an excellent alternative.
Although website based, it is fully downloadable and may be
used online or offline by PC, Mac, iPad or Android machines.
For more details click here or contact the STA office on+44 (0) 207 125 0038 or info@sta-uk.org

It is truly a delight to be able to say that,at long last, the new edition of the STA’s
proprietary Home Study Course© (HSC) is
now available. To make this happen, muchtime has been spent, and a Herculean
effort made by some very dedicated
STA members, and so we are extremely
pleased that this complex project has now
been completed. We have also been very
encouraged by the hugely positive feedback we received when our Chairman Axel
Rudolph presented the new HSC ‘prototype’ to our colleagues at the October
2017 IFTA conference in Milan.
Our LSE autumn and spring courses
remain immensely popular and for somestudents there is simply no substitutefor the immediacy that face-to-face sessions with lecturers can provide. They also
enjoy the stimulating classroom atmosphere that these courses give them. But
for others, the convenience of learning attheir own pace, or of not having to travel,
makes e-learning with the HSC the preferred option. With the first HSC alreadyvery popular, both in the UK and overseas,
this new STA course is likely to spark considerable interest.

The first version of the Home Study
Course© (launched in 2009 and updated
as necessary) was a great success,with examiners seeing very impressive
Diploma pass rates—at least equallingthose achieved by other students, and on
occasion even surpassing them. But timecame to reflect more precisely the evergrowing interest in a wider field of topics
such as TA-based money management
techniques and behavioural finance, as
well as an enlarged IFTA syllabus. There
was also a need to make delivery as flexible as possible. So now this exceptional
technical analysis e-learning course has
been considerably expanded and is website based, although remains fully downloadable. It may be used online or offlineon PC, Mac, iPad or Android machines.

Course Structure

The new edition of the course, which covers both the Part 1 and the Part 2 Diploma
exam syllabi, offers 15 subject teachingunits written specifically for it by leading
market technicians.
The units are presented using text and,of course, a good deal of graphicalIFTAUPDATE 2018 Volume 25 Issue 2

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The New STA Home Study Course continued

information. In total, the 15 units contain more than 350 images and close to100,000 words, all of which suggests a
rather mighty tome. However, the information is presented in ‘digestible’ sections!
Each unit includes exercises to self-testunderstanding and progress. These exercises provide access to a store of multiple
choice questions and answers in ‘Exambuilder’, thus offering the additional benefit of practice in the Part 1 exam ‘MCQ’
format. In addition, a short trial exam isavailable, to give students some practicalexperience of ‘how the exam works’. At
the end of the course, students will further
benefit from an exam preparation module,with particular attention here paid to thePart 2 exam. There is also access to past
Part 2 exam papers.
Each unit is introduced by a video
résumé and contains an animated focus
chart with voiceover. The face in the videos and the voice on the animated chart
voiceovers are those of Dominic Frisby.
He was our choice because, as a financial writer, actor and voiceover artist, he
has exactly the right (and rather unusual)combination of knowledge and presentational skills for this project. He is, incidentally, also a highly original comedian. That
latter skill was not required on this occasion, although it was, of course, greatly
appreciated by those who attended the
STA Dinner in 2013, at which he was ourguest speaker!

Our Authors

Many of the highly respected contributors to the first version of HSC are still
represented, having revised and updated
their original work. The foremost authority
on point and figure charting, Jeremy duPlessis, has again contributed a brilliant
module on that topic, and much-praised
units on candlestick charts (Adam Sorab),
Dow (Michael Smyrk), moving averages(George MacLean), indicators (Elizabeth
Miller) and cycles (John Cameron) still
form a core part of the HSC. Replacement
units, with particular focus on practical application, have been written on
Gann Theory (George MacLean), Market
Profile® (Dan Gramza) and the Elliott
Wave Principle (Murray Gunn). Additional
units, not available in the first HSC, cover
Ichimoku (David Linton), market psychology, trading plans and money management (Julian McCree), managing risk andconstructing a quantitative trading system(Malcolm Pryor) and behavioural finance(Steven Goldstein).
As chief examiner, I made some additions
to the original foundation, chart types andcandle units to arrive at full coverage ofboth the Part 1 and the Part 2 exam syllabi. I also provided an additional ‘exam
prep’ module. This offers guidance on themultiple-choice Part 1 exam and detailed
advice on Part 2: what examiners look for,time management, chart annotation andadvice on the different ways of structuring
the answer to the crucial Question 1. An

additional download, on general technical analysis report writing, was provided
by Anne Whitby. Her advice will be particularly useful at the post-Diploma stage
for those aiming to publish professional
reports, although much of what she says
will also help with the report writing
aspect of Question 1.
For further information visit ‘Browse
Courses’ on the STA website.

Authors' Profiles

John Cameron, FSTAJohn is a Fellow of the STA
and a former STA Board
Member. His long careerin technical analysis andteaching has included apivotal role in setting up the
STA’s education programme and for morethan a decade he held the position of Headof Education and Chief Examiner. John continues to be involved in the STA Diploma marking
process.

Jeremy du Plessis,
BComm, BEng (Hons),
FSTA

Jeremy, whose company
Indexia Research produced
one of the first PC-based
charting systems, is a Fellowof the STA. He is an acclaimed designer oftechnical analysis software (he designed theaward winning Updata software), a leading
authority on point and figure charting and theauthor of ‘The definitive Guide to Point andFigure’ and ‘21st Century Point and Figure’. Heteaches regularly on the STA Diploma course.

Steven Goldstein, MBA

Steven is a performancecoach and organisational
development consultant specialising in financial market
risk businesses. Prior to hiscurrent career he worked formore than 20 years as a rates and FX trader,holding senior trading positions at American
Express Bank, Commerzbank and Credit
Suisse. Steven teaches behavioural financeon the STA Diploma course.

Daniel Gramza, BSc Eng,
MBA

Daniel is Presidentof Gramza CapitalManagement, Inc. He is atrader, consultant, advisor
to hedge funds, developerof equity and derivative securities and coinventor of two issued security patents. He
has authored numerous publications anddevelops and presents courses on essential
mental techniques for traders, behaviouralJapanese candle analysis, Market Profile®,
technical analysis, options and option trading strategies.

Murray Gunn, MA (Hons),
MSTA

Murray is an independent
trader who also contribu tes a na l y si s to Elliot t
Wave International’s www.
elliottwave.com and www.
deflation.com. He was previously Head ofTechnical Analysis at HSBC and a fund manager and trader for the Abu Dhabi Investment
Authority and Standard Life Investments. A
published author in technical analysis, he hasserved on the Board of the STA and teaches
on the STA Diploma course.

IFTAUPDATE 2018 Volume 25 Issue 2

page 29

The New STA Home Study Course continued
Luise Kliem, BA (Hons),
FSTA

Luise is a Fellow of the STA.
Her 20 -year City career
included commodity broking
and the positions of SeniorTechnical Analyst (Directorof Global Securities Research & Economics) at
Merrill Lynch and Head of Technical Analysis
at Commerzbank Securities. Since 2001 she
has taken on consultancies, working with theCredit Suisse TA team for several years. She
has taught on the STA Diploma course, hasbeen an examiner for 10 years and has held
the position of STA Chief Examiner since 2013.

David Linton, BSc Eng,MFTADavid is founder and CEO of
Updata, and a well-known
commentator on the technical analysis of financial
markets. He is a member of
AAPTA (American Association of Professional
Technical Analysts) and holds IFTA’s MFTA
designation. David is the author of ‘Cloud
Charts – Trading Success with the Ichimoku
Technique’ and teaches Ichimoku on the STA
Diploma course.

George MacLean, BSc,
MSTA

Before taking up a position
as training consultant at
Linedata Services, George
spent 12 years at Standard
and Poor’s MMS, where he
was a director of European technical analysis. He holds IFTA’s MFTA designation and is
the author of the book ‘Fibonacci and Gann
Applications in Financial Markets’. George
teaches Gann theory on the STA Diploma
Course.

Julian McCree, BSc(Hons), MSTA

Julian is an energy trading
and investment professionalwith 20 years’ experience in
a complex risk environment.
He is derivatives manager
at Genesis Energy (Auckland, New Zealand).
Previously Julian was senior portfolio manager
at Infinity Capital (London), senior proprietary
trader at Erste Bank (London and Vienna) anda proprietary trader at Manro Haydan.

Elizabeth Miller, BA,
MSc, MSTA

Elizabeth has been a commodities research manager
at Mars Inc. since 2007,
providing applied macroand behavioural economic
insights for the ‘raws’ procurement teams.
She previously held senior technical analyst
positions at Redtower Asset Management,
Deutsche Bank, Bank of America and MMS
International. She has been a lecturer on the
STA Diploma Course and an examiner for the
STA Diploma and IFTA CFTe II examinations.

Malcolm Pryor, MA(Oxon), MSTA

Malcolm is a private trader
and investor, a trading coachand also the author of several books on trading. His
book ‘The Financial Spread
Betting Handbook’ is a best seller and is now
in its third edition. He holds the rank of PremierGrand Master at bridge. Malcolm has beenteaching the risk and trading systems session
on the STA Diploma Course for several years.

Michael Smyrk, FSTA

Michael is a Fellow of the
STA . Now working as aconsultant, he began touse chart analysis when
trading in commodity markets in 1965, and has been
expanding his technical analysis horizons eversince. Many years of involvement in technicalanalysis education have included managing
the MFTA programme for IFTA, teaching on the
STA Diploma course and working as examiner
both for IFTA and the STA. He continues to be
involved in the STA Diploma marking process.

Adam Sorab, BSc, FSTA

Adam, a Fellow of the STA,
has been working in financial markets since 1984. Hespent 13 years as Head ofTechnical Research at CQS
and is now a Partner andHead of Investor Relations & Sales at Lodbrok
Capital LLP. He is also an independent member of the BUPA pension fund investment committee. He was Chairman of the STA from 1998
to 2008, during which time he was the driving
force behind the first STA Home Study Course.
He was also President of IFTA from 2010-13.

Anne Whitby, BA (Hons),
FSTA

Anne, a Fellow of the STA,
has been a technical analyst
for more than 40 years. She
started her career at Chart
Analysis Ltd, where she wasManaging Director from 1986-95, and subsequently set up a technical analysis department at 4CAST Ltd. She has also spent sometime in investment banking, working with theCredit Suisse TA team in 1999-2000. While
STA Chairman (1995-98) Anne establishedthe first formal STA teaching courses at SouthBank University.

IFTAUPDATE 2018 Volume 25 Issue 2

page 30

Member NewsBSG (Ghana)

From our empirical studies on developing
economies in Africa, we can deduce thatthe majority of the population (about 97%)
has a narrow understanding of investmentbanking and technological advancement,
and 62% see no relevance of investment
as a product for economic growth. Thisis affecting the quality of our efforts in
Ghana to make a meaningful impact in the
short-term, especially in the discipline oftechnological advancement in investmentbanking in the area of technical analysis
and its related theoretical applications.
After the formal training of the executives
to lead investment banking education of
the BSG in 2017, there has been major
hindrance to our progress as follows:
1. The majority of people, including inboth public and private sectors in
the financial industry in Ghana, lacka theoretical understanding of thisdiscipline; therefore, it is assumed to
be a high-risk venture that requires
critical attention.
2. The passion for acquiring knowledge
in this area of discipline in order toadvance skills is quite low, such thatsome of our newly inducted members
are victim to having the attitude of only
being interested in the reward of trading
but not making the effort to sharpen
their trading skills.

3. In most African countries, especiallyin Ghana, there is no efficient trading
platform that has a designated physicaloffice in the country where people could
direct their grievances with regard tochallenges on the trading-platform;
virtual platform-trading is seen as ahigh risk to investors’ funds without
knowing the stakeholders behind suchbrokerage firms. Currently, Ghana
lacks a regulatory statute concerning
virtual investment in the instance of afraudulent agent, unlike a developed
economy.
These are the three major factors detracting from our effort to build a quality trading team and network to tap into the virginmarket of this nature; however, 1 and 2 aregradually being corrected. As presidentof this chapter, I am happy to report thaton June 15, 2018, about 20 new members
will be inducted into the society, bringing
the total membership to 52.
We have therefore structured the membership data into two categories:
1. The Student Chapter
2. Workers Chapter
The Student Chapter comprises all theundergraduate and graduate students
who have developed a passion for this discipline and chose to join the society, while

the Workers Chapter consist of all public
and private workers who have developed
passion in investment and trading techniques through technical analysis.
We feel strongly that entering into 2019,a more robust group of society members
will be available with deep interest in technical trading and analysis. However, we
would like to indicate to the IFTA community that our center is ready to assist quality brokerage platforms that are willing towork in West Africa to have their offices in
Ghana, well established to channel retailtraders onto such platforms. Finally, we
will be glad to work with any of the philanthropist trainers because we admit that
we could not import a veteran trainer intechnical analysis at full cost to Ghana toassist in capacity-building, but could only
contribute to part of his/her cost in a willing spirit to help us.
Prof. Emmanuel Tweneboah Senzu
President, Bastiat Society Ghana (BSG)
Tsenzu@fbiresearchedu.org
https://ww.fbiresearchedu.org

SAMT (Switzerland)Th e Sw i s s A s so cia t io n of M a r ket
Technicians (SAMT) celebrated their educational media channel launch, in local
partnership with Dukascopy TV.
Ron William, vice president and head of
the Geneva Chapter, will be hosting key
coverage on behalf of SAMT, featuring
educational topics, interviews with market experts, and latest news for society
members and industry colleagues.
Tune into to SAMT's debut interviews with
Martin Pring, of Pring Turner Capital, andBruno Estier, former FX TA at JP Morgan,with much more to follow. Ongoing information will be available via the IFTA
Update newsletter and SAMT's website.

IFTAUPDATE 2018 Volume 25 Issue 2

page 31

Member News continued

STA (United Kingdom)2018 has been a busy time for the STA,
with the launch of our new Home Study
Course, 50th party celebrations, exams,
and the Diploma Part 2 course.
The new STA Home Study Course is perfect for students who wish to learn at theirown pace rather than in a classroom, due
to either time or geographical constraints.
This new version of the course, which covers the syllabi for both the Part 1 and Part
2 examinations, offers 15 subject teaching units written by leading market technicians. Each unit includes exercises toself-test progress. In addition, the course
offers an exam preparation module and aset of past Part 2 exam papers, as well asa supplement containing advice on technical analysis report writing. Although website based, it is fully downloadable andmay be used online or offline by PC, Mac,
iPad, or Android machines.
Overseas students can sit for the examin their local country if a suitable venue
can be found. For full details visit https://www.sta-uk.org/education/courses/homestudy-course/. Also, see more details on
pages 27 through 29.
The next STA Part 1 exam will be held on
2 July 2018, and the next Part 2 exam will
be held on 25 October 2018.
This year, the STA turns 50, and we are
excited to be celebrating this milestone

with a party at London’s Living Room on
London’s trendy South Bank on 7 June
2018. Starting at 6:30 pm, the evening
will include live entertainment, drinks,and canapes. The global IFTA community is very welcome to attend and celebrate with us! Tickets cost £50 and covers entry for two people. Contact us at
info@sta-uk.org for more details.
On 5 July 2018, the STA will once again
enter a team for the JPMorgan Corporate
Challenge, paying the entry fee for the
first 20 members who sign up as TeamSTA. The 5.6 km route is suitable for individuals of all abilities and will raise money
for the STA’s official charity beneficiary,
Cancer Research UK. To keep up to datewith the STA and its events, follow us on
twitter @STA_ORG or like our Facebook
page.

Congratulations New MFTAs!
Akram El Sherbini, CETA, MFTA

MFTA Research Paper Title: Linear Momentum and Performance
Indicators
Akram El Sherbini, CETA, MFTA, holds a B.Sc. in physics from theAmerican University in Cairo. He has been involved in financial markets
since 2007. Prior to freelancing, he was a technical analyst at Synergy
Capital Markets and a team leader at Candle Egypt. His focus is on creating new technical indicators as well as developing unified trading systems for equity and FX markets.
Akram is also a member in the Egyptian Society of Technical Analysts (ESTA).

Gema Merdeka Goeyardi, CFTe, MFTA

MFTA Research Paper Title: The Mercury Retrograde Cycle Impact toDetermine Gold Bullish Trend Period
Gema Merdeka Goeyardi, CFTe, MFTA, is the founder of Astronacci Time
Forecast method and the EYE OF FUTURE, an analysis method that combines astrology and Fibonacci to define accurate time for a trend reversal.
His phenomenal TIME analysis on Jakarta Composite Index (JCI) hit 4,100 on 25 July 2011,
and was published in FORBES magazine. As the new rising star in Asia, he has four years ofexperience as an astrotechnical analyst in UOBKayHian Securities for an institutional fundand retail investor. Gema received a world record MURI (Indonesia World Record Museum)award as an inventor of an astrology and Fibonacci trading method in Asia. Trading wise,
within a five-year period (2012–2017), Gema has successfully turned USD $2,000 into morethan USD $4 million in Gold, trading with his Astronacci method. As an active market analyst
contributor in business TV, he inspires market participants to think about how to define atime reversal with financial astrology to increase the probability of the price action analysis.

IFTAUPDATE 2018 Volume 25 Issue 2

page 32

IFTA Board of Directors Nomination FormIFTA is an international organization established to advance the interests of the global
community of technical analysis societies. IFTA is managed by a board of directors, which
is elected by the member societies at the Annual General Meeting, normally conducted at
the time of IFTA’s Annual Conference. In selecting a slate of candidates for the IFTA boardof directors, IFTA seeks to have the management resources, global representation, diversity,
expertise and experience needed to advance its mission.
IFTA is now requesting nominations from individuals to serve on the board of directors for
the October 2018–October 2021 term. IFTA estimates that seven board vacancies will befilled at the 2018 Annual General Meeting in Kuala Lumpur. Nominees must be willing toserve as a member or chair of a key IFTA committee and/or assist the committees and theboard in ongoing work as needed.
Board members serve without payment for their work on the IFTA board of directors. Service
on the IFTA board demands a high level of responsibility and a serious commitment tosupport IFTA’s mission; it also provides personal and professional rewards to its members.
Nominations from all interested persons are welcome. The deadline to submit nominations
is August 24, 2018.
The nomination procedure is simple:

Nomination Form: IFTA Board of Directors
Name of Nominee
Firm
Address
City

State

Postal Code

Phone

Fax

Email

Country

Member in Good Standing of (Name of IFTA Member Society):
Nominated by

1 Any member in good standing of an IFTA member society may be nominated or may
nominate him/herself.

Persons seconding this nomination (must be members in good standing of an IFTA member society). Twoseconders required.

2 Nominations must be seconded by two members in good standing of an IFTA member
society.

1)
Name 		

Society2)
Name 		

Society

3 The nominee must have the support of the board of directors of a local member society,preferably his or or her own Society.
4 Each nominee must submit the following to IFTA Headquarters no later than August 24,
2018.
a Completed Nomination Formb Completed IFTA Member Society Endorsementc Summary or Curriculum Vitae (CV)5 All nomination materials should be sent by email or postal mail to:
International Federation of Technical Analysts
Phone: (240) 404-6508
9707 Key West Avenue, Suite 100
Fax:(301) 990-9771
Rockville, Maryland 20850 USA
Email: admin@ifta.org
Nominations will be announced to the membership in early September. Voting will take placeat the IFTA Annual General Meeting on October 25, 2018. If you have questions concerning
this matter or would like a nominating form, please contact IFTA Admin at admin@ifta.org.

Nominee must have the support of the board of his/her IFTA member society. A completed IFTA Member
Society Endorsement (below) must accompany this Nomination Form. A summary of the nominee’s professional credentials and background must accompany this application.
Nominations deadline: August 24, 2018.
IFTA Member Society Endorsement

Name of Nominee		Name of IFTA Member Society

and has the support of the society’s board of directors to run for a position on the IFTA board of directors.

Signature of Society Officer 		

Date

IFTAUPDATE 2018 Volume 25 Issue 2

IFTA Member Societies
AUSTRALIA—ATAA Australian Technical Analysts Association www.ataa.asn.au
CANADA—CSTA Canadian Society of Technical Analysts www.csta.org
EGYPT—ESTA Egyptian Society of Technical Analysts www.estaegypt.org
FRANCE—AFATE Association Française des Analystes Techniques www.afate.com
GERMANY—VTAD Vereinigung der Technischer Analysten Deutschlands e.V. www.vtad.de
GHANA—BSG* Bastiat Society Ghana https://bastiatghana.org
HONG KONG—FTAA Financial Technical Analysts Association www.ftaa.org.hk
INDIA—ATA Association of Technical Analysts www.ataindia.in
INDIA—ATMA* Association of Technical Market Analysts www.atma.ac
INDONESIA—AATI Asosiasi Analis Teknikal Indonesia
ITALY—SIAT Società Italiana di Analisi Tecnica www.siat.org
JAPAN—NTAA Nippon Technical Analysts Association www.ntaa.org.jp
LEBANON—LSTA Lebanese Society of Technical Analysts www.lstalebanon.com
MALAYSIA—MATA Malaysia Malaysian Association of Technical Analysts www.malaysianchartist.com
NEW ZEALAND—STANZ Society of Technical Analysts of New Zealand www.stanz.co.nz
NIGERIA—TASN Technical Analysts Society, Nigeria www.tasnigeria.org
ROMANIA—AATROM Asociatia Analistilor Tehnici din Romania www.aatrom.org
SCANDINAVIA—STAF Skandinaviens Tekniska Analytikers Förening www.staf.nu
SINGAPORE—TASS Technical Analysts Society (Singapore) www.tass.org.sg
SOUTH AFRICA—TASSA Technical Analysts Society of Southern Africa www.tassa.org.za
SPAIN—IEATEC Instituto Español de Analistsas Técnicos y Cuantitativos www.ieatec.es
SWITZERLAND—SAMT Swiss Association of Market Technicians www.samt-org.ch
UNITED KINGDOM—STA Society of Technical Analysts Ltd. www.sta-uk.org
USA—TSAASF Technical Securities Analysts Association www.tsaasf.org
USA—AAPTA American Association of Professional Technical Analysts www.aapta.com

page 33

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

Marketing and Webinar Director Tom Hicks (STA)
tom.hicks@live.co.uk

IFTA Update Schedule

Staff

The IFTA Update is the quarterly electronic newsletter of the International Federation of TechnicalAnalysts, reaching more than 7,000+ IFTA colleagues worldwide. The Update is an efficient andcost-effective way to communicate with IFTA’s member societies and colleagues.

PUBLICATION SCHEDULE
September Issue

All content due August 15

December Issue

All content due November 15

March Issue

All content due February 15

June Issue

All content due May 15

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

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

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