IFTAUPDATE 2013 Volume 20 Issue 3 page 1
a newsletter for the colleagues of the International Federation of Technical Analysts 2013 Volume 20 Issue 3 IFTA 2013 IN THIS ISSUE Annual General Meeting 1 President’s Report to Colleagues President’s Report to Colleagues Tuesday, October 8, 2013 2 Calendar At-A-Glance 16:00 –17:30 (4:00 pm – 5:30 pm) Dear IFTA Colleagues, that conference. And we are all pretty con- 4 26th Annual IFTA Conference InterContinental Mark Hopkins San Francisco fident that this year’s conference will top One Nob Hill, San Francisco, CA USA 7 Congratulations New MFTAs! “Evolution to Mastery” is the theme for the it. Therefore, I really would like to invite all 7 Congratulations 26th Annual Conference in San Francisco colleagues who can possibly attend and All IFTA colleagues are invited and encouraged New CFTes! to attend. For further information, contact IFTA from October 9–11, 2013. With still some have not yet registered to do so in the staff at [email protected] 8 Congratulations 2013 Award weeks to go, I can already promise you not next few remaining weeks. Winners! only an interesting conference, but also a 9 The Buddhist Trader wonderful event overall. The conference The day before the conference, we will have would like to thank Saleh for his time and 11 Save the Dates! will take place in an exciting city, and the a board meeting and the annual AGM. This the input he has given to the society over 12 Message From the Marketing conference team has selected an excel- year we need to fill six board positions, for the years. Director’s Desk lent hotel. While there, you will have the which we have received seven applications. 13 Member News opportunity to meet old acquaintances The candidates will be portrayed in the In the last few months, we have heard 13 Interview With Robert R. Prechter and make new friends. Roman Bogamazov newsletter. In accordance with its bylaws, some troubling news from Egypt. Since 18 2013 IFTA Board of Director’s has put together a program that is pep- IFTA has formed a nomination committee ESTA is a big society within the IFTA family, Nominations (Term 2014–2016) pered with a lot of good and meaningful comprising Kevin Murphy (president of I would like to express our concern about 20 IFTA Member Societies presentations. My personal highlight will the Australian Society), Victor Hugo (presi- the Eqyptian situation. We wish all of our be the Market Wizards sessions. If you dent of the South African Society), Roberto colleagues there all the best and hope for would like to bring your partner, there will Vargas (IFTA director), and myself. a resolution soon. Next issue: December 2013 be a spouse program. And if possible, you Submission Deadlines should not miss the trip to Napa Valley. I would like to take the opportunity to say Best regards, Education articles: November 15— As you can see, it is a conference, but it goodbye to Saleh Nasser, who is currently send submissions to [email protected] offers so much more. IFTA conferences our education director. Saleh is member of All other content: December 1— send submissions to [email protected] really are opportunities to meet others, the Egyptian Society. He has served IFTA learn, relax, and have a lot of fun. San in different functions for a long time, and Advertise in the UPDATE and reach more than 6,950+ IFTA colleagues worldwide. Francisco already hosted a conference his term is up based on the bylaws. I hope For more information, go to in 1995, and even though 18 years have that he may continue his work in education Rolf Wetzer, Ph.D. www.ifta.org/publications/newsletter/ passed, I still meet people who rave about on a committee level. On behalf of IFTA, I IFTA President IFTAUPDATE 2013 Volume 20 Issue 3 page 2
Calendar At-A-Glance
Ongoing Topic Host Speaker Location Time Contact Monthly Meetings are held monthly in nine cities across Australia. All monthly ATAA Varies Varies – throughout Australia Varies http://www.ataa.com.au/ meetings are free to members. Visitors are welcome to attend. meetings Bookings are not required. Visitors fee is $30. Chapter leaders and their volunteer members serve as ambassadors CSTA (Canada) Chapters: Varies Varies – throughout Canada Varies www.csta.org for the CSTA and plan social and educational events for the area. Montreal, Ottawa, Durham, Events include presentations by industry professionals, and technical Toronto, Oakville, Kitchener, analysis experts, as well as peer learning gatherings. Chapters also Waterloo, Guelph, Cambridge play a vital role in their communities by connecting individuals and & Area, Calgary, Vancouver, promoting technical analysis. Victoria, Winnepeg Monthly meetings are held in London. STA Varies British Bankers Association Varies http://www.sta-uk.org/ Pinners Hall events_meetings.html 105 – 108 Old Broad Street London, UK Presentations from local and international speaker on a STANZ Varies Epsom Community Centre Varies http://www.stanz.co.nz/ comprehensive range of topics (e.g., sharemarket, CFDs, options, 200 – 206 Gillies Ave futures, foreign exchange [forex trading], methodologies, money Auckland, NZ management, psychology). September 26 President's Report to Societies; AGM Agenda Published; Member IFTA NA NA NA [email protected] Societies' Reports to IFTA 26 SAMT Member Dinner Meeting SAMT Outlook Mercati SAMT 2.0 Ristorante l’orologio Begins at [email protected] Via Giovanni Nizzola 2 17:00 26 Zurich Member Chapter SAMT Intelligenter Handel mit Zürich Marriott Hotel Begins at Rohstoffen was sagen uns die Neumühlequai 42, 8006 Zürich 17:00 Märkte 26 CSTA/MTA Joint Seminar CSTA Ralph Acampora, CMT; Westin Harbour Castle Hotel 07:30– http://www.csta.org Note: This chapter meeting qualifies for 10 continuing education (CE) credits. Sylvie Legros, CGA, CFA, CMT; 1 Harbour Square 19:00 Craig Johnson, CMT, CFA; Toronto, ON M5J 2V3 David Keller, CMT October 2 Master of Financial Technical Analysis (MFTA) Session 2 application, IFTA NA NA NA [email protected] outline and fees deadline 5 CFTE Introductory Training TASN TBA 77B Mobolaji Bank Anthony 10:00 [email protected] Way, Behind Ikeja Plaza Ikeja, Lagos 8 IFTA Board of Director’s Meeting IFTA Varies InterContinental Mark 08:30- [email protected] Hopkins Hotel 15:45 San Francisco, CA USA 8 Bloomberg Pre-Conference Seminar IFTA Varies Bloomberg office 09:00- [email protected] Pier 3, Unit 101 14:30 San Francisco, CA USA 8 IFTA Annual General Meeting (Members Only) IFTA Varies InterContinental Mark 16:00- [email protected] Hopkins Hotel 17:30 San Francisco, CA USA IFTAUPDATE 2013 Volume 20 Issue 3 page 3
Calendar (continued)
Ongoing Topic Host Speaker Location Time Contact October 9 –11 IFTA 26th Annual Conference, EVOLUTION TO MASTERY: IFTA & TSAASF TBA InterContinental Mark Varies [email protected] Technical Analysis, Systems and Execution Hopkins Hotel www.ifta.org San Francisco, CA USA 9 Certified Financial Technician (CFTe) Level II examination IFTA NA Varies [email protected] 12 Elliott Wave International Seminar Elliott Wave International Varies InterContinental Mark 08:00- [email protected] Hopkins Hotel 10:30 San Francisco, CA USA 15 Master of Financial Technical Analysis (MFTA) Session 1 (2013) paper IFTA NA NA NA [email protected] submission deadline 19 CFTE Candidate Training TASN TBA 77B Mobolaji Bank Anthony [email protected] Way, Behind Ikeja Plaza Ikeja, Lagos 23 Lower risk with higher returns by substituting shares with call options TASS Neil Godwin SCCCI exibition room 19:00– http://www.tass.org.sg/ (near City Hall MRT) 21:00 Singapore 30 2014 IFTA Journal distribution to members IFTA NA NA NA [email protected] November 6 Global Market Outlook Robin Griffiths SAMT Geneva Murray Gunn, Chief Technical Bloomberg, Geneva 17:45 [email protected] Analyst 14 European Market Outlook by Elliott Wave International SAMT Zurich Brian Whitmer Bloomberg, Zurich 17:45 [email protected] European Analyst 15 IFTA Update submission deadline for educational articles IFTA NA NA Varies [email protected] (mid-December release) Attn: Aurélia Gerber 16 Monthly Meeting TASN TBA 77B Mobolaji Bank Anthony [email protected] Way, Behind Ikeja Plaza Ikeja, Lagos 23 Technical Analysis Strategies for Nigeria Capital Market in 2014 InvestData/TASN TBA Ostra Hall, Behind MKO 10:00 [email protected] Garden Ikeja, Lagos December 1 IFTA Update submission deadline for news content IFTA NA NA Varies [email protected], (mid-December release) 3 World Investment Strategy SAMT Zurich Robin Griffiths Bloomberg, Zurich 17:45 [email protected] 4 World Investment Strategy SAMT Lugano Robin Griffiths Bloomberg, Lugano 17:45 [email protected] 5 World Investment Strategy SAMT Geneva Robin Griffiths Bloomberg, Geneva 17:45 [email protected] 14 Board Meeting/TASN Dinner TASN TBA TBA TBA [email protected] 15–31 IFTA Journal Web publication IFTA NA NA NA http://www.ifta.org publications/journal/ 26th Annual IFTA Conference 9-11 October 2013 InterContinental Mark Hopkins Hotel San Francisco, CA USA
Bloomberg international pre-conference event Technical walkabout lead-off session Sessions on trending techniques, innovations in technical analysis, and a live trading session Workshops with industry leaders on system building and the “mental landscape” Panels: industry panel, veteran technical analysts, and market wizards Power hours featuring six speakers per session Elliot Wave International Seminar Social events: opening reception, gala dinner, wine tasting, Napa Valley tour, partner’s program
Register Now at conference.ifta.org/2013 or on site 26th Annual IFTA Conference (continued)
Dear Friends of IFTA,
EVOLUTION TO MASTERY: Technical Amazon bestseller, Visual Guide to Elliott October in San Francisco is one of the best downtown area. You will be within walk- Analysis, Systems and Execution, the 26th Wave Trading, Kennedy’s presentation will times of year, with daytime temperatures ing distance to Union Square, Chinatown, annual IFTA Conference, will take place in start with the basics of the Elliott Wave averaging around 70°F/21°C and evening and the Financial District, and just a short San Francisco, October 9–11, 2013. The Principle and then walk you through prac- temperatures averaging around 54°F/12°C. ride from Fisherman’s Wharf, the Mission IFTA Conference is a unique global event tical trading applications that integrate District, and Golden Gate Park. geared toward professionally employed a variety of popular technical indicators. The magnificent and historic InterCon- technical analysts, fund managers, asset You’ll also learn key rules for managing tinental Mark Hopkins Hotel will be the For those not attending any conference allocators, financial planners, and educa- your entry points and protective stops— San Francisco home for this unique con- sessions, a special partner program will tors, as well as highly experienced private skills critical to your trading success. ference. With a local legacy and grand feature a San Francisco highlights tour on financial market traders/investors. architectural character that make it one Thursday, with a lunch stop at the historic San Francisco is one of the world’s most of the most celebrated luxury hotels in Scoma’s restaurant. This charming restau- IFTA and the local IFTA Society, Technical beloved cities. With its rich culture and San Francisco, the InterContinental Mark rant nestled in the heart of San Francisco’s Security Analysts Association of San stunning scenery, it is no wonder so Hopkins is a landmark Nob Hill destina- Fisherman’s Wharf is one of the city’s most Francisco (TSASSF), have assembled a stel- many visitors have left their hearts in San tion with breathtaking views of the Bay popular attractions, offering wonderful lar portfolio of more than 30 presenters, Francisco. While it may not be the big- Area. The hotel is situated in an upscale views and fine dining. with the purpose of further elevating the gest city in the U.S., it’s certainly one of neighborhood, full of interesting architec- skills of the attendees toward the goal of the most cosmopolitan. On top of that, ture, vintage shops, and leafy green parks. The Wednesday evening Opening Reception “Mastery.“ You will hear presentations from the City by the Bay is the “Golden Gate” The central location provides easy access will take place at the Top of the Mark res- renowned professional practitioners of tech- to one of the most exciting, diverse, and to many of the area’s charming attrac- taurant, located on the 19th floor of the nical analysis from around the globe, with innovative regions anywhere in the world. tions, and is the perfect distance from the InterContinental Mark Hopkins Hotel. It an emphasis on the development of mastery San Francisco is brim- skills of technical systems and execution. ming with activities! You can explore museums, The special pre-conference seminar will unique neighborhoods, be hosted on Tuesday, October 8 at and theatres, all while Bloomberg’s state-of-the-art West Coast taking in spectacular headquarters located at Pier 3 in down- vistas. town San Francisco. This event is free to all conference attendees and includes a Surrounded on three catered lunch. sides by either ocean or bay, San Francisco's On Saturday, October 12, Elliott Wave weather is one of the International senior analyst Jeffrey most difficult to forecast Kennedy will teach you how to spot high- and can change dramati- confidence trade setups using the Elliott cally from neighbor- Wave Principle. Adapted from his no. 1 hood to neighborhood. 26th Annual IFTA Conference Thank You to Our Sponsors (continued) as of September 24, 2013 provides a 360° panoramic view with breath- taking sights of the San Francisco skyline, bay, Platinum and Golden Gate Bridge. The Top of the Mark has hosted numerous celebrities and dignitar- ies and has been a popular destination since opening in 1939.
The Friday Gala Dinner event will be held at the Starlight Room and mixes old-school glam- our with present day pizzazz for the ultimate San Francisco experience 21 stories above the Sir Francis Drake Hotel. In essence, this is Silver where cocktail couture was created, and we are thrilled to offer cocktails from each decade since the inception of the cocktail itself.
To conclude the conference social program, delegates will have an opportunity to explore California’s Napa Valley wines. The optional Saturday tour features two very different wineries—Rutherford Hill and Artesa—and will provide a unique opportunity to compare Media a variety of wine country wines.
The Conference Committee is working hard in conjunction with the local TSAASF Society and IFTA staff to make the conference and your stay in San Francisco an unforgettable experience.
Plan to attend now!
Roman Bogomazov Friends of IFTA 2013 Conference Chair http://conference.ifta.org/2013/ IFTAUPDATE 2013 Volume 20 Issue 3 page 7
Congratulations New MFTAs! Congratulations New CFTes!
Majed Fahad Alamri, STA Julien Camberlin, CFTe, MFTA Viktor Pershikov, MFTA Member of AFATE Member of TSAASF Luca Dal Mas, STA (Association Française des Analystes (Technical Security Analysts Association Techniques–France) of San Francisco–USA) Walid Ebadi, VTAD Technical Strategist, Highwave360 Financial Analyst, InstaForex Maria Eleftheriou, STA [email protected] [email protected] Paris Loizou, STA MFTA Research Paper Title: How to Confirm MFTA Research Paper Title: Application of Elliott Wave Counts with the Fibonacci Strange Internal Patterns of Fibonacci Retracement in Selena Nicholas, STA Attractor Model the Currency Market Graham Pugh, STA Julien Camberlin is a technical strategist working with Viktor Pershikov is a senior financial analyst at InstaForex, Highwave360 (www.highwave360.com), a technical analysis a Russian ECN forex broker. He is the author of the book software that provides a global macro approach to picking Complex Technical Analysis of the Currency Market (Editus the best asset whatever the market direction. As an Elliott pub., 2012). Mr. Pershinov has vast experience in teaching wave specialist, Mr. Camberlin has developed new ideas the strategies of technical analysis based on his own edu- about how markets behave according to Elliott waves, the cational method, aimed at developing the individual views Chaos Theory, and fractals. His studies explain that prices of every trader. He believes that an individual approach are not stopped by Fibonacci ratios but are rather attracted to trading is the priority. Mr. Pershikov has been trading by them and vibrate in their direction, according to the frac- on the foreign exchange market for more than five years, tal model. This allows for a better understanding of Elliott with a focus on long-term assets trading on forex. He is a wave formation and the ability to perform it. member of TSAASF and has done much to promote modern technical analysis in Russia. Mr. Camberlin is also a business developer at Highwave360. The Highwave360 method involves investing in an asset knowing the global environment, and not only a specific graphic configuration or mathematical indicator, thus initiat- ing a position in the wake of institutional investors in order to enhance the probability of success and optimizing the risk/reward ratio.
Mr. Camberlin is also member of Mensa. IFTAUPDATE 2013 Volume 20 Issue 3 page 8
Congratulations 2013 Award Winners!
John Brooks Memorial Award Bronwen Wood Award This award is given to the person who has written the best MFTA research paper for the year. This award is presented to the candidate who had the best Certified Financial Technician (CFTe) diploma paper for the year. Yoshinobu Sakai, MFTA, CFTe Vice Manager, Markets and International Division, Gifu Shinkin Bank, Japan Jean-Francois Owczarczak, CFTe Management Joint Trust SA, Geneva, Switzerland Yoshinobu Sakai is vice manager at the Markets and International Division In 2003, after five years in investment banking at Paribas and Deutsche of the Gifu Shinkin Bank. After working as an FX dealer for seven years, Bank in London, Jean-François Owczarczak joined Management Joint he currently manages the bank’s foreign currency assets and liabilities. Trust SA, Geneva, a company founded by his father and active since 1969 He also provides training for sales representatives, develops accounting in providing market advisory services to institutional investors. Today, Mr. policies and procedures, manages operating systems, and provides Owczarczak acts as chief investment officer and head of business devel- analysis of financial markets. Mr. Sakai graduated from the University of opment for the company. He holds a master's degree in business from Toyama (Faculty of Economics). the University of St Gallen (lic. Oec. HSG 1997) as well as the CFTe certi- fication (Certified Financial Technician). He is also a member of the Swiss and UK IFTA In Memory of John Brooks Member Societies. His activities as an institutional advisor to large corporations in John Brooks was a highly respected technical securities analyst who worked at a number of prominent Switzerland, France, Germany, and the UK lead him to focus on subjects such as diverse Wall Street firms, including Edwards & Hanley and Robinson Humphrey, and at Lowry Research, where he FX exposure, interest rate refinancing, commodities, and equity markets. Since September served as senior vice president and senior analyst. During his long and distinguished career, Mr. Brooks 2012, Mr. Owczarczak has also been leading the launch of Management Joint Trust's was the co-founder and past president of the Market Technicians Association (MTA) and was one of the first recipients of the Chartered Market Technician (CMT) designation in the United States. In 1985, he new platform, FinGraphs (www.fingraphs.com). Simple and didactic, the FinGraphs co-founded the International Federation of Technical Analysts (IFTA) and served as chairman from 1996 platform focuses on the essentials (i.e., investment horizons, trends, price targets, and to 1998. As the long-time chairman of the Market Technicians Association Educational Foundation, Mr. risk indications) in order to bring a unique decision-making tool to a large audience of Brooks was instrumental in establishing accredited college-level courses in technical securities analysis investors and traders. at many universities. He was also a co-founder of the American Association of Professional Technical Analysts (AAPTA) and served on its board of directors. John authored the highly regarded book, Mastering Technical Analysis, published by McGraw-Hill in 2005. His many awards include the prestigious Market In Memory of Bronwen Wood Technicians Association Award for Outstanding Contribution to the Field of Technical Analysis and the Bronwen Wood was one of the founding board members of IFTA’s Society of Technical Analysts (STA). Technical Securities Analysts Association of San Francisco’s Lifetime Award for Outstanding Achievement She was instrumental in developing both the CFTe Diploma Examination and the preparatory courses in Technical Analysis. In recognition of his support of technical securities analysis throughout the world, for the examination. She wrote and graded all papers in the early years. Ms. Wood was a great technical Mr. Brooks was also named a fellow of the British Society of Technical Analysts (STA). analyst, 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 a Past winners of the award: fellow of the STA in 1993. Ms. Wood was also a long-standing member of the IFTA board in various 2011 Stephan A. Belser, CFTe, MFTA capacities. Through this connection, she was respected worldwide as an outstanding technical analyst 2010 Mohamed Elaasar, MFTA and an expert in the teaching of technical analysis. 2009 Pavlos Theodoulos Ioannou, MFTA, CFTe 2008 Francesco Caruso, MFTA Past winners of the award: 2011 Muhamad Makky Dandytra, CFTe 2010 Manasi Kumbhat, CFTe 2009 Hisham Abdullah A. AlQuohi, CFTe 2008 Tamar Gamal Eldin Hassan, CFTe IFTAUPDATE 2013 Volume 20 Issue 3 page 9
Education Lounge
The Buddhist Trader tackles the markets according to their conditioning, their inherited beliefs and by Mario Kfoury, CFTe, Executive Committee Member, Lebanese Society of Technical Analysts (LSTA), Beirut, Lebanon expectations. The stock market teaches us lessons in thresholds of greed, fear, I had just finished presenting my exam is a three-legged stool: strategy, money transition, every culture has its own val- hope, regret, modesty, and humility. All and was heading back home from that management, and psychology. If anything, ues, rituals, paradigms, and traditions, and these emotions run parallel to our basic busy airport. It has been seven years now academics are just starting to acknowl- whoever is transiting from one country to instincts, with the forces of libido and that I’ve been trading—years of study, edge the efficiency of technical analysis another will have a shift of perception that mortido or the impulses of life and death experiments, and sleepless nights in the through the development of behavioral can either be “beneficial“ constructive at play. While I was going through the stock markets. It was a hell of a quest, of finance by studying the relation and preva- or “detrimental” destructive to his self- book I had just found, I realized that this self-discovery, of money lost and found, lence of psychology and financial markets, constructed ego and identity if he is not was what I missed in my preparation and of knowledge about the dynamics that and I knew something was missing in my willing to question himself. education as a trader, and as a human move our world. But who said that fortune preparation and education to become the being as well. The cashier was in her mid- comes overnight or that providence opens trader I intended to be… The bookshelves at the airport gift shop 30s, natural and very well-mannered. its door on the first corner? were attractive, promising a new adven- Her smile also revealed very soft eyes The voice on the public address system ture on every page. One book in particu- reflecting goodness in life. Once the book Preparing to be a trader is like prepar- was announcing the next boarding flight, lar caught my attention—The Buddhist was paid for, I found a quiet place in the ing to be a fighter; it requires not only and I had 30 minutes to kill. I was always Trader, by Mercedes Oestermann Van airport and started reading. The table physical toughness, but also mental and interested in airports, having studied Essen. I was taught that there are three of contents introduced subjects rarely psychological toughness, flexibility, and aviation. I think of the plane as the micro- levels in the financial markets: gambling, tackled by trading and investment books, wisdom. It takes many attributes to suc- scope of this planet—through its window materialism, and spirituality. Every group striking awakening titles for every chap- ceed in life… I have learned a lot from one can see the hustle and bustle going ter, a very well-structured books on technical analysis. I learned that on underneath, all the activity in search course in trading psy- the chart is the heartbeat of this world; of something undefinable, ungraspable chology. Clearly and con- that there are identifiable trends and pat- that may or may not be. People travel- cisely explained, lessons terns among people and markets; and that ing through an airport’s hubs and and practical exam- human behavior, although unpredictable, gates go without notice. ples and is recurrent. But I also learned that trading Through a reality IFTAUPDATE 2013 Volume 20 Issue 3 page 10 The Buddist Trader (continued) IFTA2014 exercises on how our conditioning creates The book takes you into the marvelous 27th Annual Conference our beliefs and psychological biases and worlds of Buddhism and trading, up to the 9–11 October 2014 how this affects our trading; how to over- next level, into the realm of higher percep- come the need to be right all the time, to tion and the apprehension of dealing with unlock the self-defeating and self-destruc- the reality of this world and the markets. tive behavior ingrained in our subcon- There are three tenets to successful trad- scious mind; how to tame the instincts, ing: You need to be prepared technically, ego, and behaviors we fall into when faced psychologically, and financially. Just like with the same situations; how to embrace the Delphic Oracle, Mercedes Oestermann and accept uncertainty, to be disciplined Van Essen takes us on a trip of introspec- and stop blaming others, the markets, or tion and self-discovery in a very practical some conspiracy theory; and how to make way in order to control our impulses and a sound decision and take responsibility emotions and “know ourselves.” We will for it afterwards. And finally, there were benefit immensely both in trading and on many techniques presented for staying the personal development level once we in the zone. By dissecting and explaining engage in that task. the dynamics of the human psyche and offering advice and a method to train and The plane was ready to board, with people tame the trader’s mind, the author’s words moving around as if something was miss- are invaluable, as they are coming from ing. We all live in a psychosomatic world; an actual trader and trading psychology a world of ideas. A very old man once coach. said to me, “Appreciate the gift of Life if you were non-mindful, you would receive There is a discrepancy in our minds contributions from where you expected between what should happen and what least.” I was grateful for providence in dis- actually occurs in the market, and this is covering that book on my path that day, as the essential difference between technical well as to the author for her contribution, and fundamental analysis. In trading, we honesty, generosity, and clarity along the must learn to overcome our biases and pages, which brings the crowning jewel to ego by embracing uncertainty, discipline, preparing our very special craft. And so a and humility and achieving serenity; this is new journey began… what separates the realists from the opti- mists or pessimists. The author offers and Namaste and happy and safe trading. depicts strategies that would help achieve this by training us to see the world with a The Buddhist Trader by Mercedes Oestermann Van Essen detached objective eye, providing sound http://www.throughhappiness.com/products/ and practical advice from her perspective TheBuddhistTrader/ as a trader and trading psychology coach. IFTAUPDATE 2013 Volume 20 Issue 3 page 11
Save the Dates! Certified Financial Technician (CFTe)—Level I Date Offered Year-round See our website for further instructions www.ifta.org/certifications/registration/. Download Syllabus and Study Guide: ifta.org/public/files/publication-downloads/2013-CFTeI_Syllabus.pdf
Certified Financial Technician (CFTe)—Level II Date 9 October 2013 16 April 2014 Registration deadline Closed 7 March 2014 Register at www.ifta.org/register/cfte2.php Download Syllabus and Study Guide at: ifta.org/public/files/publication-downloads/2013-CFTeII_Syllabus.pdf For more information on the CFTe program, visit http://www.ifta.org/certifications
Master of Financial Technical Analysis (MFTA) Market Technicians Association’s MFTA Alternative Path Pre-Application deadline 28 February 2014 31 July 2014 Application/outline deadline (if approved) 2 May 2014 2 October 2014 Paper submission deadline 15 October 2014 15 March 2015 annual 2014 (Session 1) Register at www.ifta.org/register/mfta_alt_session1.php/ (Session 2) Register at www.ifta.org/register/mfta_alt_session2.php/ symposium MFTA Regular Path April 2 - 3, 2014 Application/outline deadline 2 October 2014 2 May 2014 Paper submission deadline 15 March 2015 15 October 2014 Learn more at http://symposium.mta.org at Convene , 730 Third Ave, New York City (Session 1) Register at www.ifta.org/register/mfta_session1.php/ (Session 2) Register at www.ifta.org/register/mfta_session2.php/ For more information about the MFTA program, visit www.ifta.org/certifications/master-of-financial-technical-analysis-mfta-program/ IFTAUPDATE 2013 Volume 20 Issue 3 page 12
Message From the Marketing Director’s Desk PICTURE
Dear IFTA members, PERFECT Part of the new IFTA strategy will be to Sign up for our webinar mailing list by Perfect your trade strategies with charting communicate high-quality content to its emailing [email protected] on Bloomberg. CHART
International-Federation-Technical- New York +1 212 318 2000 Concurrently, IFTA is adopting social media Analysts-IFTA-4283027 London +44 20 7330 7500 technology, including Twitter, Facebook, Tokyo +81 3 3201 8900 and LinkedIn, as an important delivery IFTA’s success depends on you. We São Paulo +55 11 3048 4500 Dubai +971 4 373 9400 channel for our content going forward. appreciate your interest, cooperation,
and valuable feedback. ©2011 Bloomberg Finance L.P. All rights reserved. 44756261 0711 As such, we invite all of you to join our webinar mailing lists and social media Dan Valcu, CFTe communities to stay up to date on the IFTA Marketing Director latest IFTA news: [email protected] IFTAUPDATE 2013 Volume 20 Issue 3 page 13
Member News Interview With Robert R. Prechter
SAMT (Switzerland) Ron William, Vice President recorded an album, now on CD. In 1975, Trinity, the London School of Economics, The Swiss Technical Analysis and Head of the Geneva Mr. Prechter began his financial career by Georgia Tech and MIT. In 2008 and 2010, Journal–Summer 2013 Edition chapter of SAMT, hosted an joining Merrill Lynch’s Market Analysis the Georgia legislature invited him to tes- We are pleased to interview in July 2013 with Department under the tutelage of Robert tify before its Joint Economic Committee announce the second Robert R. Prechter, President J. Farrell and in 1976 began writing Elliott regarding the state’s real estate and eco- edition of The Swiss of Elliott Wave International wave analysis of the financial markets. In nomic crises. In 2009, EWI’s book-publishing Technical Analysis 1979, Mr. Prechter founded Elliott Wave division, New Classics Library, published Journal. In each issue, Please click here to review the MTA 2013 International (EWI) and began publishing Lewis Little’s The Theory of Elementary we hope to include a Award, Robert Prechter acceptance speech monthly market analysis under the mast- Waves, which postulates a purely physi- book review, articles head, “The Elliott Wave Theorist.” cal, and thus rational, theory of subatomic written by Swiss Mr. Prechter was a guest speaker at the physics. Mr. Prechter’s articles on the Association of Market Technicians 2013 MTA Symposium in New York, USA Mr. Prechter served as a member of Shakespeare authorship question have been (SAMT) members, articles submitted the board of the Market Technicians published in four journals and newsletters. from our IFTA colleagues, and inter- “How will the next few years be charac- Association (MTA) for nine years and as He is a member of the Shakespeare Oxford views with leading technical analysts. terized? Inflation, Deflation or Both?” MTA’s president in 1990–1991. He cur- Society, the Shakespeare Fellowship and rently serves on the advisory board of the the Triple Nine Society. The Journal is essential reading for MTA Educational Foundation. Over the academics, students, and practitioners years, Mr. Prechter expanded his business Ron William: The Market Technicians of technical analysis in all arenas. It and now employs a staff of analysts who Association recognized you as the recipi- contains a wealth of resource material apply the Wave Principle to all major mar- ent for their 2013 Annual Award at their and is an excellent reference for anyone kets around the world. A decade ago, Mr. 40th Anniversary Gala Dinner. How did you interested in technical analysis. Prechter created the Socionomics Institute, feel being nominated for your life-long Ron William and Robert Prechter at the which is dedicated to explaining socio- outstanding contribution to the develop- Socionomic Conference, Atlanta, April 2012 This Journal is a resource for our SAMT nomics, and he funds the Socionomics ment of technical analysis? members, with information on pro- Foundation, which supports academic grammes and courses in our three Robert Prechter was born research in the field. His book,Elliott Wave Robert Prechter: Humble and proud at regions, as well as information about in 1949. He attended Yale Principle, has been translated into a dozen the same time. membership and our Swiss partner University on a full scholar- languages, and Conquer the Crash was a societies. ship and received a B.A. in New York Times best-seller. RW: Looking back in time, what intuitively psychology in 1971. He was attracted you to the study of financial To read the Summer 2013 edition, a professional musician for Mr. Prechter has made presentations on markets early on in your career? click here. four years, and in 1973-1974 his band socionomic theory at Oxford, Cambridge, IFTAUPDATE 2013 Volume 20 Issue 3 page 14
Interview With Robert R. Pechter (continued)
RP: It was a combination of things. That’s when the finance and mass psychol- and thinking about the big change I had It was a department full of stars: Bob I must have had some interest in money, ogy interests merged. On the side, I was felt in popular music around 1965–1966. Farrell, Dick McCabe, Phil Roth, Steve because as a kid I used to search out rare passionate about pop music. In college, I That was the day I had the socionomic Shobin and Bob Nurock are among the coins back when it was a viable hobby. At did a study connecting social trends and insight: Waves don’t just describe stock names people would know. My first men- a young age I mowed lawns, sold snow pop music lyrics. This third interest, which market action; stock market action coor- tor in the department, Ilona DeVito, was a cones with my brother from our driveway, I thought was unconnected, eventually dinates with all kinds of social trends. The Hungarian countess; the New York Times and worked at a grocery store after I got merged with the others. motivation behind the parallel changes recently interviewed me about her. my driver’s license. But earning money was in the character of social expression had just a means to an end. I took my teenage RW: How much realization did you have of to be something fundamental. I decided Bob graciously invited me to the MTA’s savings at age 18 and went to Europe with the vast ambitions that lay ahead? that waves of social mood would tie all first annual conference in 1976, which my best friend for seven weeks. This is these trends together and explain them, got me involved with the organization. I back when Europe on $10 a day was pos- RP: None. I was always driven but perhaps too. Compatibly, if the market is a pat- guess my most memorable experience sible. Now it’s $20 an hour. not always realistically. In my early 20s, I terned hierarchical fractal as R.N. Elliott was in 1978, when the department held wrote songs and co-produced a record described, then its fluc- a year-long stock picking In college, I had album. I wrote a spy novel and got an tuations must arise endog- contest. That year was made “fluctuations only lukewarm agent. In each case, there were good pos- enously from human inter- for an Elliott guy. The Dow must arise interest in my sibilities. Things changed when I decided action, not from news. So, bottomed on March 1 at a endogenously studies, but each my passion was to be a technician. That’s financial, economic and 61.8% retracement of the from human time a course on when I got really focused. I had discovered political events don’t cause 1974–1976 rally, rose in five interaction, not mass psychology things I wanted people to know about: first mood changes; they result waves into September, and from news. So, financial, eco- became available the Elliott wave model, then socionomics. from mood changes. then plummeted. I bought nomic and politi- I got excited and all my stocks near the low cal events don’t couldn’t wait to RW: What type of influence did your back- RW: How did you progress and sold out in September. cause mood take it. It happened ground in psychology and music have in to working with Bob Farrell, changes; they twice, and both developing your interdisciplinary thinking at Merrill Lynch’s market The autumn collapse put result from mood times the course of the markets? analysis department in New everyone else near break- changes” was canceled. So York? What were the most even, so I won by a good I did some read- RP: Psychology underlies all financial mar- memorable experiences? margin. It wasn’t so much stock picking ing on my own. At the time, my dad sub- kets. Markets, no matter how different, but wave analysis. Luckily, I didn’t have to scribed to Richard Russell’s Dow Theory move up and down for the same reasons. RP: After an unsuccessful job-seeking try to do it again! Letters, which intrigued me. The world of I know people who have changed from tour of four major firms in New York, I Dow averages, the advance-decline line being fundamentalists to technicians asked my Merrill Lynch broker if his firm RW: During those early years, how accessi- and contrary opinion was mysterious at but none who converted the other way employed technicians. He said they had a ble was literature on Ralph Nelson Elliott’s first, but the approach made sense as soon around. I never had to do that. I was a whole department of them. Upon calling, Wave Theory*? as I understood it. I read dozens of books technician from the get-go. he found out that their junior man was on markets. Eventually I figured out that quitting. Thirty people had applied for the RP: It was virtually unavailable. I learned movements in aggregate financial pricing Music didn’t figure in until early 1976. I job. Bob Farrell took a chance on me, and the basics by reading Russell’s and Frost’s are psychologically motivated. was looking at a wall chart of the Dow I’ll always be grateful. analyses in Dow Theory Letters in the early IFTAUPDATE 2013 Volume 20 Issue 3 page 15
Interview With Robert R. Pechter (continued)
1970s. I got hold of some third-hand writ- RW: The Elliott Wave Theorist, which is We also have a stable of Knowing the degree ings. In 1976, Steve Shobin gave me a still the flagship of your firm’s wide range analysts who cover spe- and wave structure of fifth-generation Xerox copy of Bolton’s of market reports, has been in publication cialty services—currencies, a move has allowed me book. Then I went on a quest to find since 1979. Can you describe its evolu- interest rates, energy mar- at times to predict the Elliott’s original books. I found them on tion over these past 34 years and what kets, metals, and commod- levels of indicators—for microfilm in the New York Public Library your vision is for the future of Elliott Wave ities—from long term to example, in late 2008, and paid for print copies. I found cop- International? around the clock. We also early 2009. ies of his market letters at the copyright have a Flash service, where office in Washington. Then I met with the RP: My wife and I started the business we make market calls for traders. We are Another thing I would assert is that quan- publisher of Financial World magazine together. I remember telling her that I in the process of refining a computerized tification of indicators is a path to failure. and got permission to reprint Elliott’s wanted to keep it just the two of us. Little expert system that we’re just now begin- Market prices form a fractal, and as soon articles from 1939. In the end, I published did I know we would end up with nearly ning to employ in making market calls. as you apply quantitative parameters, you all of Elliott’s books, articles and avail- 100 people! The Theorist has changed We’ll report on the results soon. blind yourself to everything outside those able market letters as well as in that I don’t analyze all parameters. Patterns have only relative the Elliott wave market com- the markets every month I also formed the Socionomics Institute quantities, not absolute ones. mentary by Hamilton Bolton, as I used to. I write on (SI), which publishes The Socionomist and Charles Collins, A.J. Frost and them only when I have organizes annual conferences. You can RW: What is the best method of using Richard Russell. Now every- something to say. This has find SI at www.socionomics.net. As for risk management in the application of the one has access. actually made my analy- the future, I am working on a collection of Elliott wave model? sis better. Markets don’t studies in socionomics and plan to write RW: What was the main say something important a more complete book on Elliott waves. RP: Jeff Kennedy and our education spe- purpose behind writing every month, at least not cialist, Wayne Gorman, have just finished The Elliott Wave Principle with to me. I also have the flex- RW: How do you suggest the Elliott wave a book for the Wiley-Bloomberg Financial A. J. Frost? ibility to talk about the big model is best used—in isolation or in tan- Series called the Visual Guide to Elliott picture and socionomic dem with cycles or specific market timing Wave Trading. They discuss in detail how RP: I started writing a book theory. indicators? they go about entering, exiting and man- on the Wave Principle and aging risk in trades prompted by Elliott found out that Frost was We have so much talent RP: I have always employed indicators. wave analysis. Most of them are trades doing the same thing, so here now. Steve Hochberg Whether using them helps or hurts wave they actually made. They also discuss their I wrote him and suggested and Pete Kendall cover analysis is open to debate. My view is that errors and how to avoid them. Those inter- collaborating. He agreed and sent me the markets monthly and short term they help in all cases except when read- ested in this topic should go there. what he had. I melded the two and turned in the U.S., while Brian Whitmer, Mark ings are surpassing historic extremes. it into a book. When it was published in Galaseiwski and Chris Carolan cover RW: In your book Conquer the Crash, you November 1978, I started schlepping Europe and Asia, and Jeff Kennedy covers One thing I would state unequivocally is accurately forecasted the credit crisis, books around New York in a shopping commodities. These guys are so good at that you can’t employ indicators effec- the real estate and stock market bubbles. bag, pitching it to buyers at bookstores analysis and writing that if I were outside tively without understanding the degree What is your view of the current markets with financial sections. Three of them car- the firm and could read only six people, of the wave in progress. That’s what tells and what do you believe would serve as ried it. It started as a shoestring operation. I would choose them. you how extreme the indicators will get. the best strategy to preserve capital? IFTAUPDATE 2013 Volume 20 Issue 3 page 16
Interview With Robert R. Pechter (continued)
RP: I didn’t anticipate the commodity bub- RP: The Kondratieff cycle has continued to Freddie Mac, Ginnie Mae and the student move sideways or down, and it loses popu- bles, but everything otherwise looks to be operate since it was first proposed. That’s loan programs. Government has pushed larity when they rise. I suspect that rela- on track. I’m bearish across the board for a pretty good sign of something real. Each credit on people like a heroin dealer in tionship will never change. stocks, bonds, real estate, commodities cycle has differences, which the Elliott the ghetto. It is the main reason debt and precious metals. The true top in stocks wave model helps explain and anticipate. has expanded to unsustainable levels. RW: What do you recommend the next was in 2000. The top in real estate was in The low in 1896, for instance, was mild, Government can only continue to make generation of technicians strive toward in 2006. The top in commodities was in 2008. fitting the Supercycle-degree third wave things worse and cannot stop the inevi- order to ensure fur- The top in metals was in 2011. advance in progress at the time. The cur- table outcome. ther success within rent peaking process is of one degree the industry? “Credit is already It’s been 13 years of rotating tops, and the larger than that of 1929, so the mania for RW: How would you describe the study contracting in inflationary forces have done all they can investments has been longer-lived, and the of socionomics, and what level of impor- RP: Stop resorting Europe, Japan to get prices to hold up. But they’re failing. upcoming low should be commensurately tance does it have in today’s economic and to external-cause is deeply into Credit is already contracting in Europe, more devastating financially, economically politically uncertain landscape? thinking when per- deflation, China Japan is deeply into deflation, China is and socially than that of 1932. forming financial is on the brink on the brink of a credit crisis, and interest RP: Socionomics is the study of how waves analysis. It can’t of a credit crisis, and interest rates rates have begun to rise around the world. RW: What key indications are you antici- of social mood influence the character of work and doesn’t have begun to pating for the endgame of the current social actions in every area—from macro- work, because the rise around the I think deflation is going to crush the secular bear market in stocks? economic trends to political decisions to theory of causality world.” prices for all investments globally. Many trends in music, entertainment and popu- behind it is false; banks and insurance companies will fail, RP: The end will come when debtors lar culture. Socionomics is always impor- it’s backwards. and pension funds will fold. The only thing default, the global financial obsession tant, but it is especially so when social Economic and polit- that will gain in value is cash. At some disappears, and people mood is at extremes. It ical trends and even central-bank actions point in the crisis it will pay to switch to swear off financial assets has been at a positive lag the market; they don’t lead it. Pure gold and property. for the rest of their lives. extreme for much of the technicians are rare. Be one. past 15 years. Deflation is still the most contrary opinion RW: Can government pol- RW: On a personal note, what other pas- in the financial universe by a huge margin, icy help in reducing poten- RW: In your opinion, to sions do you enjoy in life? as I demonstrated at the MTA symposium tial deflationary pressures what extent has “the uni- in April. I think the world will be a strikingly ahead? versal applicability of tech- RP: My weekends over the past 15 years different place in just a few years, and nical analysis” grown over have been devoted to reading the plays, almost no one is properly prepared for it. RP: Government has been the years? poems and stories of the Elizabethan era the biggest proximate for a book I’m writing. I like the camara- RW: How would you compare the cause of the problem. It RP: People’s beliefs about derie at our company and enjoy seeing Kondratieff cycle’s winter phase that fostered debt expansion financial causality change people find their niches. Talking to my some believe we are currently experienc- by creating the Federal along with the trends in market forecasting buddies is still fun, as ing to the historic depression period of Reserve System, the social mood. Technical they are the only ones who know what the the 1930s...? FDIC, the Federal Home analysis always gains in life is like. If I can squeeze in a swim at the Loan Banks, Fannie Mae, popularity when markets end of the day, that’s the tops. IFTAUPDATE 2013 Volume 20 Issue 3 page 17
Interview With Robert R. Pechter (continued) It’s time! RW: I also understand that you are an avid reader of Shakespearean literature as a If you are like most of our clients, you’re busy managing portfo- member of the Shakespeare Oxford Society and the Shakespeare Fellowship. May I lios, analysing opportunities, measuring risk or writing reports, ask, if Shakespeare were alive today and were to write a play about the experiences and that is before we even consider those emails or meetings! of the financial market what type of play would it be?
RP: The markets would start out As You Like It, morph to A Midsummer Night’s We understand, and above all else, that’s why we designed Dream, go through The Tempest and end with the bloody massacres of Titus Market Analyst to make your life simpler. If you are looking Andronicus. As investors acted out A Comedy of Errors, the misanthropic Timon of for a solution that will give you the answers faster, make it Athens would be in the wings, mumbling, “Each one will pay, Measure for Measure.” easier to communicate those answers or just give you access References: to the newest break-throughs, you have to invest the time to *RN. Elliott’s Masterworks; R.N. Elliott’s Market Letters; The Elliott Wave Writings of examine Market Analyst. A.J. Frost and Richard Russell; The Complete Elliott Wave Writings of Hamilton Bolton. Market Analyst is simply the most powerful, user friendly, For additional information about Robert Prechter, CMT in-depth software product available to market participants today. go to www.robertprechter.com and Elliott Wave International, Isn’t it time that you saw the benefitsfor yourself? go to www.elliottwave.com Come and see us at our booth, let us know what’s important To learn about the Socionomics Institute, to you, and we’ll show you how Market Analyst can give you the Socionomic Theory, and the new DVD “Robert Prechter at Oxford, Cambridge and Trinity,” answers you need - fast! go to www.socionomics.net
The world’s few deflationists: www.deflation.com
To contact the author of this interview: portfolio managers Ron William, CMT, MSTA technical analysts [email protected], fundamental analysts www.ronwilliam.com risk managers All content may not be copied without the express permission private traders of The Swiss Association of Market Technicians (SAMT), which reserves all rights. Re-use of any of the content for any purpose educators is strictly prohibited. © The Swiss Association of Market Technicians, 2013. All rights mav7.com/ifta are reserved. IFTAUPDATE 2013 Volume 20 Issue 3 page 18
2013 IFTA Board of Director’s Nominations (Term 2014–2016)
Seven nominations were received for Mohamed Ashraf Dr. Gregor Bauer, as a member of the Execution Committee, six open positions on the IFTA board of Mahfouz, MFTA, Ph.D., CFTe and in his capacity as exam management directors by the nominations deadline. CFTe, CETA Wiesbaden, Germany director, he oversees exam administra- The election of directors will be held at Cairo, Egypt Vereinigung Technischer tion and is responsible for structuring the the Annual General Meeting (AGM) on Egyptian Society of Analysten Deutschlands exams. For further information, please Tuesday, October 8, 2013, from 16:00 Technical Analysts (ESTA) e.V. (VTAD) visit: www.drbauer-consult.de or follow Nominated by: VTAD to 17:30, in the form of a proportional Nominated by: ESTA him on Facebook. Current Board Member: Yes Current Board Member: No vote, by which each Full Member Society endorses the name of the Member Society Mohamed Ashraf Mahfouz is the chief Dr. Gregor Bauer works as an indepen- David Furcajg, on the written ballot and then selects its technical analyst for CI Capital, the wholly- dent asset manager for private clients CFTe, MFTA preferred candidates, up to the number of owned investment bank of the Commercial and companies in Germany. He is also Deuil la Barre, France positions to be filled. The chair will appoint International Bank (CIB), Egypt’s largest the president of the German Association Association Francaise tellers who will examine the written bal- private-sector commercial bank. Prior to of Technical Analysts www.VTAD.de. Dr. des Analystes Techniques lots and apply the proportional voting in this he was the head of the technical analy- Bauer has authored two books on techni- (AFATE) Nominated by: AFATE Article III, Section 5(d) of the IFTA bylaws sis desk for Dynamic Securities Brokerage cal analysis and covers a regular technical Current Board Member: Yes to establish a final count for each candi- Company, a CI Capital member. outlook on German TV. He also writes date; candidates will be assigned to posi- articles on a regular basis for leading David Furcajg is a professional techni- tions and allocated longer terms based on He currently serves as a board member financial newspapers. He is specialized in cal strategist. He started his career as a vote count or, if the count is not conclu- and vice president of the Middle East applying advanced candlestick techniques market economist prior to working as a sive, by their order on the written ballot. and Africa region for IFTA. He also serves in combination with traditional western technical analyst with different companies as a board member and an Education techniques. Dr. Bauer holds lectures in in Paris and London. He then founded If you would like to contact any of the Committee member for ESTA. portfolio management and technical analy- 3rd Wave Consult, a financial training and candidates, please email the IFTA staff sis at various elite universities in Germany advisory company, in 2008. Mr. Furcajg is at [email protected], and we will be glad to Mr. Mahfouz graduated from the Faculty and Liechtenstein and runs seminars and also a lecturer in technical analysis at the facilitate your communication. of Economics and Political Science, Cairo workshops on technical analysis for insti- University of Paris–Dauphine and Sciences University. He is a Certified Financial tutional investors. Po–Paris. He holds a Msc in Economics Nominations were received from the Technician (CFTe) and a Certified ESTA and the CFTe and MFTA qualifications in following: Technical Analyst (CETA), and he holds Together with a partner, he successfully technical analysis. He is also the AFATE a Master of Financial Technical Analysis runs a computer-based, medium-term vice chairman and serves as membership (MFTA) from IFTA. ETF trading system, which is now also director for IFTA. open to institutional investors. Dr. Bauer serves on the board of directors of IFTA IFTAUPDATE 2013 Volume 20 Issue 3 page 19
Akira Homma, CFA, Maurizio Milano for Every Kind of Market, published by in Romania. He has also authored four CIIA, CMA, CFTe, Milano, Italy John Wiley & Son in 2007. Ms. Schwarz- books about technical analysis and strat- CMT, FRM Societa Italiana di Analisi Young has been a Wall Street professional egies. He is and has been a contributor Tecnica (SIAT) Tokyo, Japan since 1981, when she began her profes- to various technical analysis magazines Nippon Technical Analysts Nominated by: SIAT sional career with Thomson McKinnon Current Board Member: (e.g., Technical Analysis of Stocks and Association (NTAA) Securities. Under the guidance of Jack Yes Commodities Magazine, Traders Magazine) Nominated by: NTAA Solomon, she honed her skills as a techni- Current Board Member: Yes and is credited with bringing Heikin-ashi Maurizio Milano is head of the Technical cal analyst. She placed third in the globe in Akira Homma’s career in investment Analysis Department of Banca Sella Group, The National Investment Challenge in the charting to the western world in 2003– management includes Asian and global an Italian private bank. Prior to this, he Pro Options Division. Her career includes 2004. His latest book, Heikin-Ashi: How fund management at Lombard Odier worked as an FX dealer for five years. Mr. portfolio management, syndication, option to Trade Without Japanese Candlestick International Portfolio Management and Milano is a journalist; his interviews appear strategist, hedger, operations principal, Patterns, a world premiere, is written for Gesindex. On the sell side, he served regularly in the Italian financial mediaIl bond principal, pit trader, and general everybody who needs simple techniques to as equity analyst and subsequently as Sole24Ore, Class-CNBC, RadioRai1, Radio market trader. She worked for the New highlight the trend, reduce the noise, and quantitative analyst at Kokusai Securities Classica, and the international FX Trader York Board of Trade, where she produced, alert about possible reversals. In addition, (presently Mitsubishi UFJ Morgan Stanley Magazine. Mr. Milano serves on the board wrote, and aired two daily market reports this book is a guide for easily translating Securities). At Dow Jones Japan, he served of directors of SIAT. He served as an IFTA covering the financials, currencies, and candlestick patterns. Before joining the as senior quantitative analyst providing board member from 2008–2011 and as softs (Frozen Concentrated Orange Juice, technical analysis field, Mr. Valcu worked quantitative and technical analysis for insti- IFTA Vice-President of Europe from 2010– Sugar, Cocoa, Coffee and Cotton). She all over the world as an IT consultant in tutional investors. Currently, he is respon- 2011, and currently serves as secretary. has been a frequent guest on FOX, CNBC, sible for global business development, He holds a degree in economics from the Bloomberg, Yorba TV, CNN and others. banking and insurance. including fund sourcing/structuring, due University of Turin, where he was a con- Ms. Schwarz-Young is a member of ICE, diligence, and product marketing, as well tract professor of technical analysis from COMEX, CHICAGO STOCK EXCHANGE, An active promoter of technical analysis, Mr. as global financial market research and 2005–2009. NASDAQ OMX and NYSE-LIFFE. She is Valcu serves on the board of IFTA as mar- quantitative modeling, at a Tokyo-based also a member of the Adelphi University keting director. He holds the professional securities firm. Ms. Jeanette President’s Advisory Council. designation of Certified Financial Technician Schwarz-Young, (CFTe) and is an associate member of the Mr. Homma received his MBA from IESE CFP®, CMT, M.S. Dan Valcu, CFTe Society of Technical Analysts (UK). Business School. He holds the qualifica- Weehawken, NJ USA Constanta, Romania American Association of Asociatia Analistilor tions of Chartered Financial Analyst (CFA), Mr. Valcu holds a master’s degree in Certified International Investment Analyst Professional Technical Tehnici din Romania computer sciences from the Polytechnic (CIIA), Chartered Member of the Securities Analysts (AAPTA) (AATROM). Nominated by: AAPTA Nominated by: AATROM. Institute in Bucharest. He is also the presi- Analysts Association of Japan (CMA), Current Board Member: No Current Board Member: Certified Financial Technician (CFTe), dent and one of the founders of AATROM. Yes Chartered Market Technician (CMT), and Jeanette Schwarz-Young is the author of More information about Heikin-Ashi can be GARP-certified Financial Risk Manager the Option Queen Letter, a weekly news- Dan Valcu is an independent trader and found on his website and blog at http:// (FRM). He is a board member and chief letter issued and published every Sunday, founder of the first company specialized www.educofin.com and https://heikinashi. international officer (IFTA liaison) of NTAA. and The Options Doctor: Option Strategies in technical analysis education and training wordpress.com, respectively. IFTAUPDATE 2013 Volume 20 Issue 3 page 20
IFTA Member Societies Board of Directors
AUSTRALIA—ATAA Australian Technical Analysts Association www.ataa.com.au President Rolf Wetzer, Ph.D. (SAMT) AUSTRIA—VTAO* Vereinigung Technischer Analysten Österreichs www.vtao.at Email: [email protected] BOSNIA and HERZEGOVINA—SMS* Society for Market Studies trzisnestudije.org Vice-President—the Americas William Chin, MBA (CSTA) CANADA—CSTA Canadian Society of Technical Analysts www.csta.org Email: [email protected] CROATIA- CTAA* Croatian Technical Analysis Association www.huta-ctaa.hr Vice-President—Asia Akira Homma, CFA, CIIA, CFTe, FRM, CMA, CMT (NTAA) EGYPT—ESTA Egyptian Society of Technical Analysts www.estaegypt.org Email: [email protected] FRANCE—AFATE Association Française des Analystes Techniques www.afate.com Vice-President—Europe Deborah Owen, FSTA, CFTe (STA) GERMANY—VTAD Vereinigung der Technischer Analysten Deutschlands e.V. www.vtad.de Email: [email protected] INDIA—ATA The Asociation of Technical Analysis www.taindia.org Vice-President—Middle East, Africa Mohamed Ashraf Mohfauz, MFTA, CFTe, CETA (ESTA) INDONESIA—AATI Asosiasi Analis Teknikal Indonesia Email: [email protected] ITALY—SIAT Società Italiana di Analisi Tecnica www.siat.org Treasurer Ralf Böckel, CFA (VTAD) JAPAN—NTAA Nippon Technical Analysts Association www.ntaa.org.jp Email: [email protected] LEBANON—LSTA* Lebanese Society of Technical Analysts Education Director Saleh Nasser, CMT (ESTA) NIGERIA—STAN* Society for Technical Analysts, Nigeria Email: [email protected] NETHERLANDS—DCTA Dutch Commission of Technical Analysis Accreditation Director Roberto Vargas, CFTe (TSAASF) NEW ZEALAND—STANZ Society of Technical Analysts of New Zealand www.stanz.co.nz Email: [email protected] PAKISTAN—STAP* Society of Technical Analysts Pakistan www.stap.com.pk/index.html ROMANIA—AATROM Asociatia Analistilor Tehnici din Romania www.aatrom.org Marketing Director Dan Valcu, CFTe (AATROM) Email: [email protected] SAUDI ARABIA—SSTA* Saudi Society of Technical Analysts www.saudi-sta.org SCANDINAVIA—STAF Skandinaviens Tekniska Analytikers Förening www.staf.nu Secretary Maurizio Milano (SIAT) Email: [email protected] SINGAPORE—TASS Technical Analysts Society (Singapore) www.tass.org.sg SOUTH AFRICA—TASSA Technical Analysts Society of Southern Africa www.tassa.org.za Development Director Robert Grigg (ATAA) SWITZERLAND—SAMT Swiss Association of Market Technicians www.samt-org.ch Email: [email protected] TUNISIA—ATAT* Association Tusisienne des Analystes Technique Conference Director Roman Bogomazov (TSAASF) UNITED KINGDOM—STA Society of Technical Analysts Ltd. www.sta-uk.org Email: [email protected] USA—TSAASF Technical Securities Analysts Association www.tsaasf.org Journal Director Aurélia Gerber, MBA, CFA (SAMT) USA—AAPTA American Association of Professional Technical Analysts www.aapta.org Email: [email protected] * Developing Website Content Director Akihiro Niimi, MFTA (NTAA) Email: [email protected] Membership Director David Furcajg, CFTe, MFTA (AFATE) Email: [email protected] IFTA Update Schedule STAFF IFTA Update is the quarterly electronic newsletter of the International Federation of Technical Executive Director Beth W. Palys, FASAE, CAE Analysts, reaching more than 6,950+ IFTA colleagues worldwide. The Update is an efficient Vice President, Meetings Grace L. Jan, CAE, CMP and cost-effective way to communicate with IFTA’s member societies and colleagues. Senior Member Services Manager Linda Bernetich Marketing Manager Julie Hill PUBLICATION SCHEDULE Senior Graphic Designer Jon Benjamin Accounting Dawn Rosenfeld December Education articles: November 15—send submissions to [email protected] Director of Editorial Services Lynne Agoston All other content: December 1—send submissions to [email protected] March Issue Education articles: February 15 All other content: March 1 IFTA HEADQUARTERS June Issue Education articles: May 15 All other content: June 1 International Federation of Technical Analysts Phone: +1 240-404-6508 September Education articles: August 15 All other content: September 1 9707 Key West Avenue, Suite 100 Fax: +1 301-990-9771 For more information and to advertise, visit our website: Rockville, MD 20850 USA Email: [email protected] http://www.ifta.org/publications/newsletter/