IFTAUPDATE 2013 Volume 20 Issue 4 page 1
a newsletter for the colleagues of the International Federation of Technical Analysts IFTA UPDATE is a publication of the International 2013 Volume 20 Issue 4 Federation of Technical Analysts, Inc. (www.ifta.org), a not-for-profit professional IN THIS ISSUE organization incorporated in 1986. International Federation of Technical Analysts 1 President’s Report to Colleagues President’s Report to Colleagues 9707 Key West Avenue, Suite 100 Rockville, MD 20850 USA 2 Congratulations New CFTes! Dear IFTA Colleagues, Email: [email protected] • Phone: +1 240-404-6508 3 Save the Dates! 5 Calendar At-A-Glance I am happy to report that the IFTA confer- about nautical miles, tetrahedral latitude, I wish them a very successful three-year 8 The State of Global Technical ence in San Francisco was a success! We and the orbital angle. I also learned a lot term. As well, we bid farewell to Saleh Analysis had more attendees than in past years from Howard Bandy’s presentation about Nasser and David Furcagj, who retired 13 Defining Requirements for an and the presentations were fascinating. system development. And of course, I from the IFTA board. We thank them for Algorithmic Trading System Plus, San Francisco is a lovely place for a will never forget the performance by Ed their commitment in the past years and 16 Arms Candlevolume conference. I want to thank our host, the Seykota, as I have never seen a financial their contributions for the federation. 19 An Unexpected Encounter of the Third Kind… Technical Security Analysts Association of presentation where the speaker sings his We are grateful that both of them will San Francisco (TSAASF), and our former main messages accompanied by his banjo. continue to volunteer for IFTA on a com- 24 Member News conference director, Roman Bogomazov, mittee level. 26 IFTA Member Societies for organizing such a wonderful event. For the first time ever, we awarded an 27 IFTA Journal Call for Submissions individual for his contribution to IFTA In San Francisco, the IFTA Journal was This time, it was not just the usual three- and to technical analysis as a discipline. distributed to the delegates. Our Journal day conference; we also had an interest- During the conference, Professor Henry director, Aurélia Gerber, has edited the ing preconference and a closing tour of ”Hank” Pruden was given the IFTA Lifetime most voluminous issue that I can think of. Napa Valley. Because the conference Award. For those colleagues who were not in San covered so many different topics, every Francisco, the Journal will be available on Next issue: March 2014 attendee could easily find a favorite Prior to the conference, we held the our website. Also, we have added four Submission Deadlines presentation. My personal pick was the Annual General Meeting (AGM). Our shorter articles to this newsletter. Richard Education articles: February 15— Market Wizard session on Friday. With members reported many interesting Arms and Mario Kfoury have contributed send submissions to [email protected] such an extensive program, you usually things from their societies, and we voted a paper, and we also have a contribution All other content: March 1— send submissions to [email protected] find something that is totally counter to on new directors. We welcome Jeanette from South Africa—Steward Reid’s article your own thinking. For me, that was the Schwarz-Young, Akira Homma, Mohamed on Algorithmic Trading. Finally, we’ve Advertise in the UPDATE and reach more than 6,950+ IFTA colleagues worldwide. amazing presentation on market geom- Ashraf Mahfouz, Dan Valcu, and Gregor published an abstract from a presenta- For more information, go to etry by Scott Hathaway. We all learned Bauer as new directors of the IFTA board. tion that our former IFTA president, Adam www.ifta.org/publications/newsletter/ IFTAUPDATE 2013 Volume 20 Issue 4 page 2
President's Message (continued)
Sorab, presented at the Australian Technical Analysts Association (ATAA) annual meeting.
It is also worth noting that IFTA has started sponsoring webinars. Marketing director Congratulations New CFTes! Dan Valcu has started that project and has already organized two webinars, which were hosted by IFTA’s German society, VTAD. The speakers were Tony Plummer and Philipp Kahler. According to Dan, we will organize these webinars regularly next year. Abdul Razak Bin Abd Kathar (STA) Munish Kumar (ATAA) Muneera Al Dossary David Victor Lipinski (STA) In November, I was invited by the French society to attend its autumn conference. Mohammed Al-Aker (STA) Ley Yee Low (STA) AFATE organized a good conference, with Elliott Wave as the special topic. With that Constantinos Aristophanous (STA) David Marchese (ATAA) experience in mind, I encourage all colleagues to attend the conferences of other member societies. It is a good way to learn and socialize with experts and colleagues. Edgar E. Aviles (ATAA) Gabriele Massaro (STA) Mohamad Shahrizul Nazli bin Bahrudin (STA) Paul McLaren (ATAA) Our next conference will be held in London on 9–11 October 2014, and will be Miroslav Brejla (STA) Adam George McMaster (ATAA) hosted by the Society of Technical Analysts (STA). The conference theme will be “Unravelling the DNA of the Market”. Our new conference director, Deborah Owen, Steven Broom (ATAA) Claus Meyer-Bothling (VTAD) informed us that there will be special rates for very early birds, so I advise you all Robert Dean Chen (CSTA) Mindaugas Miskinis (STA) to check the website soon. Andrew Clough (ATAA) Omar Mohamed Naguib (ESTA) Ainslie Ruth Clubb (ATAA) Alexander Novak (VTAD) Last but not least, I want to thank all of you who took the time to send in material and news from your societies. It is part of IFTA’s purpose to share ideas and infor- Todd Luke Cole (ATAA) Ivaylo Evelinov Pavlov (STA) mation to other colleagues. Thank you very much for your efforts. Charalambos Constantinides (STA) Emanuella Petrou (STA) Benjamin Denney (STA) Charalambos Pissouros (STA) Best wishes for a healthy and prosperous new year! Momen Atef El Shayal (ESTA) Mario Walter Reich (VTAD) Best regards, Kieran Flynn (ATAA) Richard Riccio (ATAA) Doru Dumitru Gavrila Ahmad Hafiz Rusli (STA) Michael Gilligan (STA) Gil Sartena (ATAA) Mohamed Waheed Hammoud (ESTA) Mohd Redza Sazali (STA) Rolf Wetzer, Ph.D. Farid Fadhly Haron (STA) Henry Sidarta (AATI) IFTA President Jitka Havlova Doni Sulistyono (AATI) Marius Daniel Hutcheson Nandesh Suresh Wagle (ATA) Glenn Taufiek Ilahibaks (DCTA) Benjamin Waite, Jr. (ATAA) Wong Sui Cheen, Kelvin (TASS) Ying Wang Jeffrey William Kennedy (STA) Junyang Woon Sameer Khan (STA) Wang Zhangliang IFTAUPDATE 2013 Volume 20 Issue 4 It’s time! page 3 Save the Dates! If you are like most of our clients, you’re busy managing portfo- lios, analysing opportunities, measuring risk or writing reports, Certified Financial Technician (CFTe)—Level I and that is before we even consider those emails or meetings! Date Offered Year-round See our website for further instructions www.ifta.org/certifications/registration/. We understand, and above all else, that’s why we designed Syllabus and Study Guide for exams to be taken through April 30, 2014: Market Analyst to make your life simpler. If you are looking http://ifta.org/public/files/publication-downloads/2014_CFTeI_Syllabus.pdf for a solution that will give you the answers faster, make it
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IFTAUPDATE 2013 Volume 20 Issue 4 page 5
Calendar At-A-Glance
Date Topic Host Speaker Location Time Contact Monthly Presentations from local and international speaker on a STANZ (New Varies Epsom Community Centre Varies http://www.stanz.co.nz/ comprehensive range of topics (sharemarket, CFDs, options, Zealand) 200-206 Gillies Ave. futures, foreign exchange (forex trading), methodologies, money Auckland, NZ management, psychology, etc. Monthly Chapter leaders and their volunteer members serve as CSTA Chapters: Varies Varies Varies http://www.csta.org ambassadors for the CSTA and plan social and educational events for the area. Events include presentations by Industry Professionals, Technical Analysis experts and peer learning gatherings. Chapters also play a vital role in their community by connecting individuals and promoting Technical Analysis. January 1 Certified Financial Technician (CFTe) Level II – registration IFTA NA Varies Varies http://www.ifta.org opens for April 16th examination through IFTA website 11 Pring Turner Annual Market Outlook TSAA-SF Joe Turner, Tom Kopas, and Golden Gate University 09:00– Brett Villaume Jim Kopas Room 2202, 536 Mission St. 12:00 ([email protected]) San Francisco, CA USA 11 Tracy Knudsen of Lowry Research TSAA-SF Tracy Knudsen, CMT Bloomberg, Pier 3 14:00– Brett Villaume San Francisco, CA USA 15:30 ([email protected]) 18 Monthly Meeting TASN TBA 77B Mobolaji Bank Anthony 10:00 [email protected] Way, Behind Ikeja Plaza Ikeja. Lagos 23 Harmonic Elliott Wave NTAA Ian Copsey NTAA Seminar Room 18:30– Tel: (81) 3-5847-2231, Fax: (81) 3-5847-2232 3-3 Nihonbashi-kabutoch 20:00 http://www.ntaa.or.jp/ Cho-ku, Tokyo, Japan 103-0026 Email: [email protected] 24 New Year Networking Event NTAA NIHONBASHI PLAZA Building 18:00– Tel: (81) 3-5847-2231, Fax: (81) 3-5847-2232 20:00 http://www.ntaa.or.jp/ Email: [email protected] 25 Committee Meeting TASN TBA 77B Mobolaji Bank Anthony 10:00 [email protected] Way, Behind Ikeja Plaza Ikeja. Lagos February 5 Understanding the Use of the ”Kaisha Shikiho NTAA NTAA Seminar Room 18:30– Tel: (81) 3-5847-2231, Fax: (81) 3-5847-2232 (Japan Company Handbook)” 3-3 Nihonbashi-kabutoch 20:00 http://www.ntaa.or.jp/ Cho-ku, Tokyo, Japan 103-0026 Email: [email protected] 7 Japanese Stock Market Outlook for the New Fiscal Year NTAA Naoyuki Fujihara, CFTe NTAA Seminar Room 18:30– Tel: (81) 3-5847-2231, Fax: (81) 3-5847-2232 2014 3-3 Nihonbashi-kabutoch 20:00 http://www.ntaa.or.jp/ Cho-ku, Tokyo, Japan 103-0026 Email: [email protected] 8 Introductory Technical Analysis Course for New Members TASN Membership Committee 77B Mobolaji Bank Anthony 10:00 [email protected] Way, Behind Ikeja Plaza Ikeja. Lagos 15 Monthly Meeting TASN TBA 77B Mobolaji Bank Anthony 10:00 [email protected] Way, Behind Ikeja Plaza Ikeja. Lagos 15 IFTA Update submission deadline for educational articles IFTA NA NA Varies [email protected], Attn: Aurélia Gerber, (mid-March release) Journal Director 28 Master of Financial Technical Analysis (MFTA) Alternative IFTA NA NA NA http://www.ifta.org Path, Session 1 application deadline. IFTAUPDATE 2013 Volume 20 Issue 4 page 6
Calendar At-A-Glance (continued)
March 1 IFTA Update submission deadline for news content (mid- IFTA NA NA Varies [email protected], March release) 5 Certified Financial Technician (CFTe) Level II—deadline to IFTA NA Varies Varies [email protected] register for April 16th examination 8 CFTe Introductory Class TASN TBA 77B Mobolaji Bank Anthony 10:00 [email protected] Way, Behind Ikeja Plaza Ikeja. Lagos 15 Master of Financial Technical Analysis (MFTA) Session 2 IFTA NA NA NA [email protected] (2013) paper submission deadline 15 Factors Driving the Forex Market and Their Influence on NTAA NTAA Seminar Room 18:30- Tel: (81) 3-5847-2231, Fax: (81) 3-5847-2232 the Stock Market 3-3 Nihonbashi-kabutoch 20:00 http://www.ntaa.or.jp/ Cho-ku, Tokyo, Japan 103-0026 Email: [email protected] 18 John Lewis of Dorsey, Wright & Associates TSAA-SF John Lewis, CMT Golden Gate University TBD Brett Villaume 536 Mission St., San Francisco, CA ([email protected]) 22 Market Analysis Training TASN TBA 77B Mobolaji Bank Anthony 10:00 [email protected] Way, Behind Ikeja Plaza Ikeja. Lagos 29 Conference Committee Meeting TASN TBA 77B Mobolaji Bank Anthony 10:00 [email protected] Way, Behind Ikeja Plaza Ikeja. Lagos April 19 2014 Annual Conference TASN TBA TBA 10:00 [email protected] 16 Certified Financial Technician (CFTe) Level II Examination IFTA NA Varies Varies [email protected]; www.ifta.org May 1 Master of Financial Technical Analysis (MFTA) Session 1 IFTA NA NA NA [email protected] application, outline and fees deadline 15 IFTA Update submission deadline for educational articles IFTA NA NA Varies [email protected], Attn: Aurélia Gerber, (mid-June release) Journal Director 31 IFTA Journal Call for Paper submission deadline IFTA NA NA NA [email protected] June 1 IFTA Update submission deadline for news content IFTA NA NA Varies [email protected], (mid-June release) July 31 Master of Financial Technical Analysis (MFTA) IFTA NA NA NA www.ifta.org Alternative Path, Session 2 application deadline. August 15 IFTA Update submission deadline for educational articles IFTA NA NA Varies [email protected], Attn: Aurélia Gerber, (mid-September release) Journal Director 15 IFTA Journal applicants notification of acceptance/rejection IFTA NA NA NA [email protected] September 1 IFTA Update submission deadline for news content (mid- IFTA NA NA Varies [email protected], September release) October 2 Master of Financial Technical Analysis (MFTA) Session 2 IFTA NA NA NA [email protected] application, outline and fees deadline 8 Certified Financial Technician (CFTe) Level II Examination IFTA NA Varies Varies [email protected]; www.ifta.org 8 IFTA Board of Director’s Meeting IFTA Varies The Waldorf Hilton Hotel, London TBA [email protected] 8 IFTA Annual General Meeting (Members Only) IFTA Varies The Waldorf Hilton Hotel, London TBA 9-11 IFTA 27th Annual Conference: IFTA & STA TBA The Waldorf Hilton Hotel, London Varies [email protected]; www.ifta.org Unravelling the DNA of the Market 15 Master of Financial Technical Analysis (MFTA) Session 1 IFTA NA NA NA [email protected] paper submission deadline November 15 IFTA Update submission deadline for educational articles IFTA NA NA Varies [email protected], Attn: Aurélia Gerber, (mid-December release) Journal Director December 1 IFTA Update submission deadline for news content IFTA NA NA Varies [email protected], (mid-December release) 31 IFTA Journal web publication IFTA NA NA NA http://www.ifta.org publications/journal/ SCAN 1,000 CHARTS IN REAL TIME WITH RADARSCREEN • Monitor multiple markets • Dynamically rank and sort • Get instant custom alerts EXTEND THE POSSIBILITIES WITH EASYLANGUAGE • Create custom strategies and indicators • Lease your custom apps to other traders
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Education Lounge
The State of Global Technical Analysis and more complex indicators. Real-time data and electronic exchanges encouraged Extract from a presentation given by Adam Sorab, FSTA, CFTe, to ATAA in June 2013 further advances, like the development of techniques for intraday trading and algo- Origins of technical analysis technical analysis ideas on the Dow theory John Murphy – Technical Analysis of the rithmic trading models and usage, as well The precise origins of technical analysis and point and figure charts in the late 19th Futures Market (1986) as high-frequency trading. are unknown. Andrew Lo argues that it century in his now famous “Wall Street Peter Steidlmayer – Markets and Market dates back as far as Babylonian times circa Journal.” There also was the first observ- Logic (1986) The rise of the machines 1500 BC. The first recorded mention of able use of indices, bar charts, and inter- Jack Schwager – Market Wizards (1988) Pre 1970s – Investors used paper charts chart usage to support trading decisions market analysis. WD Gann wrote articles Steve Nison – Japanese Candlestick (e.g., Commodity Research Bureau). is from Homma, a Japanese rice merchant based on his technical analysis approach Charting Techniques (1991) Since then, machines have taken over. from the 18th century. It is important to in the 1920s with the first observable use 1980 – QG was founded and Computrac note that he not only advocated the use of cycles and the Gann theory. Impact of computers System developed on Apple II then IBM PC. of price history to identify trends, but also The Commodore’s PET was launched in 1984 – The Market Mood Monitor was understood the importance of price pat- Some key texts along the way 1977 and came “fully loaded” with 8 KB of released and was eventually renamed terns and the changes in psychology of Some key texts, without being exhaustive, memory. Then, technology helped develop “The Technician“ (further developed under market participants that these patterns include: faster and cheaper processing power, the Equis label to MetaStock 1.0 in 1986). illustrated. Maneshu Homma – San-en Kinsen Hiroku spurning an explosion in technical analysis. 1986 – Teletrac—Charting goes real- (1755) The development of more powerful com- time. Spreadsheets are being widely Rise of capitalism and the growth of Charles MacKay – Extraordinary Delusions, puting led to further developments, such used. Lotus 123 is later superseded by markets the Madness of Crowds (1841) as greater graphical capabilities and more Microsoft Excel. The Industrial Revolution and the invest- Charles Dow – The Wall Street Journal 1987 – Bloomberg ment needed to build North America led (First published 1889) Terminals start to take to significant developments in stock, bond, WD Gann – Truth of Stock Tape (1924) off, also as a trading commodity, and futures markets. New mar- Ralph Nelson Elliott – The Wave Principle (1938) and email platform for kets led to a growth in the investor base via Edwards and Magee – Technical Analysis fixed income market brokers, bucket shops, and stock owner- of Stock Trends (1948) professionals. ship in general. Charles Dow published his IFTAUPDATE 2013 Volume 20 Issue 4 page 9
The State of Global Technical Analysis (continued) Education Lounge
1989 – System Writer Plus. End-of-Day 2000 – Reuters’ Dealing 3000 trading Country Society/Association Member Since (EOD) Programming Script is released and system is released. Australia ATAA Australian Technical Analysts Association Jun-90 allows “Easy Language” to be developed 2000 to 2010 – Entire software industry to make it easy for mechanical trading starts to explode—Omnitrader, Teletrac Austria VTAO Vereinigung Technischer Analysten Österreichs Jan-11 system writers. Also Reuters Release 2000, etc. Neural Networks are superseded Bosnia and SMS Society for Market Studies Dec-09 Dealing 2000 becomes the world’s by Genetic Algos, and high-frequency Herzegovina premier global forex network. trading begins. Canada CSTA Canadian Society of Technical Analysts Jan-86 1990 – Ned Davis Research releases Since 2010 – Quant packages, HFT, Algos Croatia CTAA Croatian Technical Analysis Association Jan-11 “Technalyzer,” a technical analysis package are used extensively. Also NSP-33 is Egypt ESTA Egyptian Society of Technical Analysts May-00 costing £250K. This is a powerful system developed by Omnitrader. The system France AFATE Association Francaise des Analystes Techniques Jun-91 running on a CRAY 2 to model entire incorporates a self-coding package portfolios. Everyone now tries to get on similar to Tradestation. Germany VTAD Vereinigung Technischer Analysten Deutschlands e.V. Jun-92 the bandwaggon (e.g., Reuters [TRIARCH India ATA The Association of Technical Analysts May-09 2000], Teknekron [TIB], Telerate [TTRS], Now, how does the future look? Intelligent Indonesia AATI Asosiasi Analis Teknikal Indonesia Dec-94 Micrognosis [MIPS]). systems that continually react to numerous Italy SIAT Societa Italiana di Analisi Tecnica Dec-86 1991 – Tradestation is released with fundamental and technical market changes Japan NTAA Nippon Technical Analysts Association Jan-86 real-time system testing, and rule-based (i.e., robotic trading systems). trading systems become more mainstream. Lebanon LSTA Lebanese Society of Technical Analysts Aug-10 The first black boxes are released for History of technical analysis societies New Zealand STANZ Society of Technical Analysts New Zealand Jan-11 trading in Tradestation. William Schmidt, In 1968, the Association of Chart and Nigeria TASN Technical Analyst Society, Nigeria Oct-10 Ph.D. releases his peerless rule-based Technical Analysts (ACTA) was created Pakistan STAP Society of Technical Analysts Pakistan Jul-11 trading system, and Neural Nets begin in the U.K., later to become STA. In Romania AATROM Asociatia Analistilor Tehnici din Romania Jan-08 to be used. 1971, the Market Technicians Association 1994 – Personal Automated Trading (MTA) was created in the United States. Saudi Arabia SSTA Saudi Society of Technical Analysts Apr-08 Systems (PATS) starts for floor traders In 1978, the Nippon Technical Analysts Scandinavia STAF Scandinaviens Tekniska Analytikers Förening Jan-86 but is quickly adapted to be a technical Association (NTAA) was created. In 1984, Singapore TASS Technical Analysts Society Singapore Oct-02 analysis package. the International Federation of Technical South Africa TASSA Technical Analysts’ Society of Southern Africa Dec-07 1995 – Nirvana Systems’ first Automatic Analysts (IFTA) was established as a not- Spain IEATEC Instituto Español de Analistas Tecnicos y Cuantitativos Oct-13 Reasoning Machine (ARM) trading system for-profit organisation to support the work is released. of its members: the global community Switzerland SAMT Swiss Association of Market Technicians Jan-86 1997 – Neuroshell Trader was released of technical analysts and their national The Netherlands DCTA Dutch Commission of Technical Analysis Jun-87 by Ward Systems. associations. In 1990, the Australian Tunisia ATAT Association Tunisienne des Analystes Technique Jul-13 1999 – RadarScreen was released—a Association of Technical Analysts (ATAA) United Kingdom STA Society of Technical Analysts Jan-86 spreadsheet type ranking and alert was created. And the community is still system. Black-box systems are now being growing. United States AAPTA American Association of Professional Technical Analysts Apr-06 widely marketed. USA TSAASF Technical Security Analysts Association of San Francisco Jan-06 IFTAUPDATE 2013 Volume 20 Issue 4 page 10
The State of Global Technical Analysis (continued) Education Lounge
Growing academic acceptance GROSSMAN, S.J., et al., 1980. On the BROCK, W., J. LAKONISHOK and B. FERNANDEZ-RODRIGUEZ, F., C. There is growing academic accep- Impossibility of Informationally Efficient LEBARON, 1992. Simple Technical Trading GONZALEZ-MARTEL and S., 2000. On tance, as demonstrated in the article Markets. The American Economic Review. Rules and the Stochastic Properties of the profitability of technical trading Stock Returns. The Journal of Finance. rules based on artificial neural networks: “Head & Shoulders above the Rest? The BROWN, D.P. and R.H. JENNINGS, Evidence from… Economics Letters. Performance of Institutional Portfolio 1989. On Technical Analysis. Review of TAYLOR, M.P. and H. ALLEN, 1992. The Managers who use Technical Analysis,” Financial Studies. use of technical analysis in the foreign LEE, C.M.C. and B. SWAMINATHAN, published by the Department of Finance exchange market. Journal of International 2000. Price Momentum and Trading and Center for Institutional Investment FRANKEL, J.A., K.A. FROOT and M.P. Money and Finance. Volume. The Journal of Finance. Management, School of Business, PAGE, 1990. Chartists, Fundamentalists, and Trading in the Foreign Exchange LO, A.W., et al., 2000. Foundations University at Albany, New York – Smith, BLUME, L., D. EASLEY and M. O’HARA Market. The American Economic Review. of Technical Analysis: Computational Faugère and Wang - January 2013. , 1994. Market Statistics and Technical Analysis: The Role of Volume. The Journal Algorithms, Statistical Inference, and NEFTCI, S.N., 1991. Naive Trading of Finance. Empirical. The Journal of Finance. Important academic papers on technical Rules in Financial Markets and Wiener- analysis might also include: KolmogorovPrediction Theory: A Study NEELY, C.J. and P. WELLER, 2001. LEBARON, B.D. and M.P. PAGE, 1994. of “Technical Analysis.” The Journal of Technical analysis and central bank Technical trading rule profitability and Business. intervention. Journal of International foreign exchange interventin. Money and Finance. Global data on technical analysis coverage and growing academic acceptance NEELY, C.J., P. WELLER and R. DITTMAR, KAVAJECZ, K.A., E.R. ODDERS-WHITE Technical analysis coverage is steadily increasing globally. 1996. Is technical analysis in the foreign and O. JOURNALS, 2003. Technical exchange market profitable?: a genetic Analysis and Liquidity Provision. Review programming approach. of Financial Studies.
NEELY C., 1997. Technical Analysis CESARI, R. and D. CREMONINI, 2003. Layman’s Guide Benchmarking, portfolio insurance and technical analysis: a Monte Carlo NEELY, C., 1997. In: The Foreign Exchange comparison of dynamic. Journal of Market: A Layman’s Guide. Economic Dynamics and Control.
LUI, Y.H. and D. MOLE, 1998. The use of PARK, C.H. and S.H. IRWIN, 2004. The fundamental and technical analyses by Profitability of Technical Analysis: A Review. foreign exchange dealers: Hong Kong AgMAS Project Research Report No. evidence. Journal of International Money and Finance. Growing regulatory acceptance The Federal Reserve Bank of New York NEELY, C.J., 1998. Technical Analysis and also conceded in its Economic Policy the Profitability of US Foreign Exchange Review, July 2000, using technical analysis Intervention. Federal Reserve Bank of for its intraday exchange rate monitoring. St. Louis Review. IFTAUPDATE 2013 Volume 20 Issue 4 page 11
The State of Global Technical Analysis (continued) Education Lounge
Global survey of technical analysts In a global survey of technical analysts, one could notice the discrepancy between the usefulness and significance of technical analysis for investment decisions and the low but growing coverage or use by media and regulators.
Most popular techniques Global data on actual technical analysis usage This same survey also classified the techniques used by analysts into most and least popular. According to Paul Ciana at Bloomberg, these are the primary analyses used by Bloomberg clients for displaying price information: Most Popular Techniques Least Popular Techniques
1. DiscretionaryTA 9. Systematic TA 1. Gann 49% use only line charts The most popular technical indicators are : 2. Trends/Patterns 10. Elliott Wave 2. Elliott Wave 27% use bar charts 1. RSI 3. MAV/MACD 11. Cycle Theory 3. Point & Figure 22% use candlestick charts 2. MACD 4. RSI 12. Tom DeMark 4. Market Profile 3% use semi-log scaled charts 3. Bollinger 5. Stochastics 13. Point & Figure 5. Cycle Theory 35% only use daily charts 4. Time & Sales 6. Candlesticks 14. lchimoku 6. lchimoku 65% use intraday charting 5. DMI 7. Relative strength/ 15. Bollinger Bands 7. Tom DeMark (growing in recent years) 6. Ichimoku lntermarket 8. Stochastics 7. Value at Time 8. Fibonacci 9. Volume IFTAUPDATE 2013 Volume 20 Issue 4 page 12
The State of Global Technical Analysis (continued) Education Lounge
The following tables and figure illustrate chart and indica- Table 1.3 shows a comparison of regional chart type prefer- Table 1.4 compares regional indicator preference to all indi- tor preferences across the world. ences to world preferences. cator preferences.
Table 1.1 gives an overview on the chart types over a recent six-year period.
The figure shows a breakdown of world indicator preference.
Table 1.5 displays regional indicator preferences to total indicator preference.
Table 1.2 gives an overview on the chart types for a selection of world regions.
Technical analysis today Today, technical analysis is central to all professional trad- key technical phenomena, such as behavioural finance the approach were misplaced and that there is increased ing activity. It is adopted by producers, consumers, market (just an academic euphemism for technical analysis) and use of technicals in financial papers and broadcasting. So makers, fund managers, retail investors, and central banks. momentum investing (just a another term for following technical analysis is now mainstream (ironically, it is mac- Technical analysis received academic acceptance of several trends). Media now admit that their misgivings concerning roeconomics that is currently being questioned!). IFTAUPDATE 2013 Volume 20 Issue 4 page 13 Education Lounge Defining Requirements for an Algorithmic Trading System Algorithmic trading systems make trading decisions, submit market orders, and manage orders after submission. by Stuart Reid
An algorithmic trading system has three risen significantly since the early 2000s. Nonfunctional requirements 4. Reliability – measures the accuracy and high-level functional requirements: make This progress has given rise to a subset of Whether initiating a software engineering dependability of a system to produce trading decisions, submit market orders, high-performance, low-latency algorith- project to build a new algorithmic trad- correct outputs for the inputs received. and manage orders after submission. Yet mic trading systems called high-frequency ing system or initiating a sourcing and Because bugs in algorithmic trading an algorithmic trading system that satisfies trading systems. Currently, a debate over selection exercise to buy an algorithmic systems could result in financial losses these three requirements may still fail to the market impact of these systems is trading system, the following eight non- and fines, algorithmic trading systems meet expectations. This is because algo- being waged. Some industry players sup- functional requirements should be taken should be reliable. rithmic trading systems are also subject to port algorithmic trading, and others cite into consideration: 5. Auditability – measures the ease with strict nonfunctional requirements, which are the flash crash as an indication that finan- 1. Scalability – measures the ability to which the system can be audited. Because often overlooked at the onset of a software cial markets are becoming increasingly continue performing under an expanding of increasing regulatory pressure on engineering project or a system sourcing unstable. This changes how algorithmic workload. An algorithmic trading system algorithmic trading systems to comply and selection exercise. Trying to satisfy trading system architectures should be should be scalable when it comes to with new laws and standards, they should nonfunctional requirements ex post facto designed and implemented. adding additional data feeds, the number be auditable from both from a financial can become very costly. This article sug- of markets and instruments traded, the and IT point of view. gests relevant nonfunctional requirements System architectures number of supported trading strategies, 6. Security – measures the safety of a to consider when building an algorithmic There is still no consensus regarding what and the number of concurrent users. system against criminal activity such as trading system or buying one off the shelf. a system’s architecture is. This article 2. Performance – measures the amount terrorism, theft, or espionage. Trading It also articulates the responsibility of an defines a system’s architecture as “the of work accomplished as compared strategies are proprietary and represent algorithmic trading system’s architecture infrastructure within which application with the time and resources required valuable intellectual property; as such, in satisfying those requirements. components that satisfy functional require- to do that work. An algorithmic trading the algorithmic trading system should ments can be specified, deployed, and system should be able to process data ensure their confidentiality and integrity. Algorithmic trading executed.” Functional requirements are efficiently and accurately. It should also Large orders should also be obfuscated Algorithmic trading is often used by buy- the expected functions of the system (e.g., maintain a high network throughput. to avoid market impact and ensure side trading institutions as a means of make trading decisions) and its compo- 3. Modifiability – measures the ease with anonymity. reducing costs, remaining anonymous, nents. Nonfunctional requirements are which changes to the system can be 7. Fault tolerance – measures the ability of improving productivity, executing trades measures through which the quality of made. An algorithmic trading system a system to continue operating properly faster and more consistently, and reduc- the system can be measured (e.g., make should be modifiable when it comes to after a fault or failure. This is similar to ing the risk of significant market impact. millions of trading decisions per second trading strategies, financial reporting, reliability, except that the algorithmic Because of these benefits, the quantity [performance] and log the audit trail for rules for data pre-processing, and trading system should continue to of securities traded algorithmically has all trading decisions made [auditability]). message queue structures. be reliable even after a fault. This is IFTAUPDATE 2013 Volume 20 Issue 4 page 14
Defining requirements for an algorithmic trading system (continued) Education Lounge
required in order to mitigate the risk of financial losses. 8. Interoperability – measures the ease with which the system is able to operate with a diverse range of related systems. This is important for an algorithmic trading system, which may be required to interface with order management systems, portfolio management systems, risk management systems, accounting systems, and even banking systems.
Even if an algorithmic trading system satis- fies its functional requirements, that system will not meet expectations unless it also satisfies its nonfunctional requirements. As an example, consider an algorithmic trading system that makes great trading decisions but is completely inoperable with satisfy requirements can be constrained. constrain the system in other ways (e.g., Where nonfunctional requirements are the organization’s risk management and Real-world constraints often include: infrastructure limitations). often universal, constraints are mostly accounting systems. The cost of satisfying 3. Regulatory constraints – regulatory localized. Therefore, constraints on the the interoperability nonfunctional require- 1. Organizational constraints – could include constraints vary among different algorithmic trading system should be ana- ment may be significant, and if the repair budget, resourcing, system dependency, countries and sometimes even within lyzed on a case-by-case basis. were conducted poorly, this could impact vendor lock-ins, governance, and other countries where state laws exist. the performance, scalability, or even profit- constraints. Such constraints should be Additional regulations governing A study by MIT open press identified ability of the algorithmic trading system. identified in advance and proactively specific exchanges and securities physical locations where the network managed to ensure the successful will also constrain the algorithmic latency for algorithmic trading systems Architectural constraints implementation of the algorithmic trading system where applicable. is minimized. These are indicated by the In a perfect world, the person or organi- trading system. Some regulations and standards worth blue dots on the diagram. The larger red zation building or buying an algorithmic 2. Geographic constraints – the physical taking a look at include the SEC’s rules circles show the locations of large inter- trading system would have a complete list locality of the algorithmic trading system regarding system compliance and national securities exchanges. Network of clearly articulated functional and non- will impact its performance. When high integrity (SCI), the EMEA guidelines constraints have a large impact on the functional requirements. They would also performance is a strict requirement, an for algorithmic trading systems, the performance of algorithmic trading sys- have enough time and resources to build option is to co-locate the algorithmic ISO 9000 algorithmic trading standards tems, especially high-frequency trading a system that satisfies those requirements. trading system with the exchange. (AT9000), and the international financial systems. However, in the real world, the ability to However, the decision to co-locate may reporting standards (IFRS). IFTAUPDATE 2013 Volume 20 Issue 4 page 15
Defining requirements for an algorithmic trading system (continued) Education Lounge
Additional requirements Cliff D and Northorp L, The global financial In addition to functional and nonfunctional markets: an ultra large scale systems per- requirements, there are also access and spective, the future of computer trading integration requirements. Access require- in financial markets review, 2012 ments define the way in which end-users (e.g., traders, system administrators, audi- Avellaneda M, Algorithmic and high fre- tors) interact with the algorithmic trad- quency trading: an overview, New York ing system. Integration requirements University & Finance Concepts LLC, 2011 specify how the algorithmic trading sys- tem must interact with external systems Wissner-Gross, A and Freer, C. Relativistic (e.g., exchanges, brokerages, banks). statistical arbitrage, Massachusetts PICTURE These interactions are mostly controlled Institute of Technology, American Physical by standard protocols such as FIX, FAST, Society, 2011 FIXatdl, XML, and SWIFT, or application programming interfaces (APIs) such as the Tellefsen Consulting Group, Algorithmic PERFECT Bloomberg Open API. Trading Trends and Drivers, 2005 Perfect your trade strategies with charting on Bloomberg. CHART
©2011 Bloomberg Finance L.P. All rights reserved. 44756261 0711 Bibliography Solms F, What is software architecture?, University of Pretoria, 2013 IFTAUPDATE 2013 Volume 20 Issue 4 page 16 Education Lounge
Arms Candlevolume by Richard W. Arms, Jr.
The history of technical analysis involves generated by the buying and selling of Chart 1 the quest for depicting information in an items, be they stocks commodities, debt understandable and informative way. Each instruments, or anything else with a trad- improvement has helped the analyst to ing market. better see what is happening, with the goal of making better trading or investment First, there were line charts that connected decisions. All the other indicators we use the end of the day data, day to day, and are merely mathematical applications of gave an impression of how prices were six very basic pieces of information. When changing. Chart 1 shows recent trading of the market closes for the day we are left Google stock. The charts that follow, cour- with only these data: tesy of StockCharts.com, will all look at the Opening price same timeframe for the same stock, using Closing price the various methods being discussed. Volume High for the day Then, there were bar charts, where each Low for the day day was represented by a vertical line, Change from the prior day indicating the high and low for the day. It Chart 2 included more information—the trading Of course, these data can be augmented range for the day. by looking at shorter timeframes, such as hours or minutes, or generalized by look- That was soon improved upon by adding ing at longer timeframes, such as weeks, the opening and the closing prices as tick months, or years. But there is no other marks on the vertical line. In Chart 2, the information available except the six items tiny line to the left of each daily bar is the enumerated above. So any method of opening for the day, and the line to the charting is only an attempt to depict this right is the close. Each improvement was limited information as clearly as possible. an attempt to better inform the observer as to what prices were doing, and much Throughout the history of markets, men more importantly, to allow one to try have tried to visually depict the numbers to forecast future prices based on past IFTAUPDATE 2013 Volume 20 Issue 4 page 17
Arms Candlevolume (continued) Education Lounge performance. Comparing where the two the same timeframe, but using the new lines were carried the additional informa- methodology. tion as to whether or not the stock closed Chart 3 higher than it opened, and by comparing To understand the new method of chart- one bar with the next, it was also possible ing called Arms Candlevolume, pre- to see whether the stock showed a gain or sented in this article, one should look at a loss for the day. the Equivolume system in depth. But for now, be aware of a few important changes In the quest for more information, and that were brought about by this advance: therefore better market decisions, volume 1) It allowed one to look at both price and was added as a histogram across the bot- volume in a single entry ; 2) It abandoned tom of the chart. It allowed the trader or time on the X-axis, replacing it with vol- investor to see how much interest there ume, enabling the analyst to measure was in each move as it developed. The accumulated volume laterally on the chart; thought was that days with more volume 3) It produced boxes that reflected how were probably more important, with a big- easy or hard it was for prices to change; ger public interest in the activity. 4) It included, in a single posting, the advantages of bar charts and the volume These were the tools of the technical ana- histogram, thereby revealing an entirely lyst for many years, and they were used new approach, which allowed the study of with great success by some of the legends each entry as a price move with a particular Chart 4 of the technique, such as Richard Wyckoff. volume characteristic. Each change in the methodology was intended to add more data to the chart, In the meantime, though, some analysts in order to facilitate decision-making. were using an ancient Japanese charting method called Candlesticks. These charts In 1972, Equivolume was unveiled in my emphasized the importance of the open- book Profits in Volume(since republished ing and closing prices rather than just the by Marketplace books) as a model of tech- high and low. A Candlestick chart inserted nical analysis. The technique moved vol- a box over the vertical line indicating the ume off the lower margin and included high and low. A filled box signified a day in it in the price posting. To do this, each which the close was lower than the open- bar was expanded laterally to become a ing, while an unfilled box meant that the box instead of a line, with the width of close was higher than the opening that day. each box representing the volume on Chart 5 is a Candlestick chart of the same that day. In Chart 4 we see Google for stock over the same time period (Google). IFTAUPDATE 2013 Volume 20 Issue 4 page 18
Arms Candlevolume (continued) Education Lounge
What could be more logical, then, than to combine the two methods to gain the advantages of both? This was attempted Chart 5 by various charting services, but in a way that lost the value of Equivolume boxes by eliminating them. But Arms Candlevolume charts accomplish what we are looking for. So, to differentiate, we are calling these “Arms Candlevolume Charts.” They retain the Equivolume box but superimpose the data and display of Candlestick charts. The candlestick method is placed inside the Equivolume posting. Unlike the regular candlestick chart, though, the posting is expanded laterally based on the volume, as in the Equivolume system.
Now we have, for the first time, all of the six available pieces of data included on a single chart in a clear, understandable, Chart 6 and interpretable manner. In addition, the Point and Figure charting methodology, which allows one to establish probable moves, is replaced by volume width mea- surement, as explained in my various books on Equivolume. So we have, in a single system, the ability to apply all the informa- tion that we have garnered from multiple charts in the past.
The interpretation of these charts is per- haps obvious to IFTA members who are professionals. In addition, an in depth analysis is beyond the scope of this brief article. A book is already in the works and will soon be available that will show how to put this methodology to work. IFTAUPDATE 2013 Volume 20 Issue 4 page 19 Education Lounge
An Unexpected Encounter of the Third Kind… by Mario Kfoury, CFTe, Board Member, Lebanese Scociety of Technical Analysts (LSTA), Beirut, Lebanon
It all started on a winter afternoon. It was trader?” Something in my mind clicked; a new resolution: to know everything I raining cats and dogs outside. The wind my intuition was pointing to something can about my newly encountered foe and was gusting with bursts of hail, while familiar, some sort of déja-vu, might be learn to dance his dance no matter the thunder and lightning were splitting the his features or physiognomy, my memory cost or time. sky, unleashing nature’s wrath as it was was telling me otherwise. believed a long time ago. I was lucky to “So how is the market treating you nowa- fears of being excluded and of missing out. have made it to that neon sign adver- “How did you guess?” I reacted, trying days?” he pursued. “Well, you know what There are three kinds of people attracted tising my favorite American-style café to hide my surprise. “From your books,” they say,” I retorted with a little nervous to it: the gamblers, the materialists, and the unsoaked, walking swiftly along the city’s he pointed his finger to the new books I tick in my face, as if revealing my secret, spirituals; this whole world is driven by an wall, sheltering me from the havoc above, had just purchased from the local book- “Sometimes you win, sometimes you lose, existential question, the eternal search for my umbrella torn to pieces by the might store: The profit magic of stock transaction sometimes you laugh, sometimes you cry.” meanings in an endless loop of simulation of the wind. From my traveling backpack, I timing, by J.M.Hurst, and Martin Pring’s “Hmm, you sound as if life is a 50/50 strive. and stimulation. So which kind are you?” was unpacking my two laptops and mobile Trading systems explained. “Yes, indeed. I thought you wanted to make a living from phone, through which I enter and exit the Everywhere and nowhere are my homes, the markets. How can you survive if there is I could hear my heartbeat. Holy moly, I markets, when I noticed a man sitting and that’s the beauty of the craft—it pro- such a high element of chance?” He went thought, is this guy for real or out of some across the place looking at me, scrutiniz- cures total freedom and independency on, “Can I ask you a personal question?” story? And the name! Must be for some- ing me with a smile while sipping his cup for those who are willing to walk the talk.” “Sure, go ahead!” I thought in my mind; thing…either given or earned! “So what do of tea. My computers were booted and “huh, make my day whoever you think you we do in the face of this eternal, unsolv- ready to go as the rain drops were build- It was a time when I had just made and are.” “Why do you trade? Why did you pick able, ungraspable search or quest as you ing a wall of haze on the glass windows, lost 140 grand trading information and this challenging and dangerous craft?” call them?” I snapped back. He responded, drawing shapes that were leaving the visi- reports, such as balance sheets, P/E ratios, “As a market participant, Mario, you have tors reflective. PEG, EPS, 52 weeks highs and lows, from “Well, as I told you, it procures indepen- to transcend, tame your ego. I don’t know financial sections of popular websites… dency and freedom!” how much study or experience you have in “Hello, I am Mario,” I pitched at him. “Well thinking the market was a generous bene- this field, but the most important aspect of hello Mario, you can call me Pythagoras,” factor and that whoever had a few dol- “While this is in part true, it is only the life, and trading in particular, is of psycho- he said with a smile. “Pythagoras! You must lars to lend could take it back fructified, surface of it. What draws us to the market logical and spiritual dimensions. No one be Greek then,” I hit back with a playful multiplied by at least two or three. Having is collective psychology, we know without will succeed in the long run if not in tune wink. “Let’s just say I come from a long lin- discovered the ruthless, unforgiving nature knowing that there is something in that and harmony with universal laws. Let’s have eage of Greek descendants,” he answered of the market’s reality and coming from market beyond the financial and material a tea, how do you like your drink?” “It's with a twist “And you are…an itinerant a context of fighting sports, I had made gains and losses, and then there are the okay, I’ll get it, how would you like yours?” IFTAUPDATE 2013 Volume 20 Issue 4 page 20
An Unexpected Encounter of the 3rd kind… (continued) Education Lounge
As I returned from the bar, holding two measure,” I asked dumbfounded. “All our top, in a desert, or down in a valley when prepared technically, financially, and psy- glasses of steaming tea, he was flipping fears are those of mortals, yet our desires they then come to the city to herald about chologically. Give back a share of what through the pages of my books. As soon of immortals,” he carried on. “Beauty is it and claim it as the ultimate truth, if they you have been rewarded; never trade as he was holding the cup in his hand, he proportion and moderation. People give were unable to find it in the first place above the means of your retribution. The took a sip of it and followed, “Contrary to different names to the same principles, amongst their people, amid the daily con- cardinal sin in life and trading is pride; what many believe, technical analysis is an then try to interpret and apply them in cerns, business, and preoccupations of the only conviction worth having is having ancient discipline, long before Elliott, Da an infinite variety of ways, creating con- life in the city? And why would they veil it no convictions. You have to accept and Vinci, and Fibonacci, there was a Greek flict and misunderstanding,” he said. “If in some secret, cryptic message, riddle, embrace uncertainty. Having convictions philosopher mathematician who discov- we observed this world, nature, and the or mystery if their intention truly was to closes your senses, affects your percep- ered the magic of squares and numbers, universe, we cannot miss underlying active benefit all human kind? It might be that tion, and makes you biased in life. All you golden proportions, and founded a religion laws from which everything is inspired, truth is so simple, yet to hide it and com- need is the Golden Rule and the Golden based on nature’s laws and metempsycho- namely, the law of Karma, from which the plicate it, they would draw and seduce the Number. But most important, never lose sis (day and night, awakening and sleep Golden Rule is deduced—the principle of weak, curious, and discontent in life and your head,” he said. “The measure of a being fractals in the bigger cycle of life consensual reciprocity. Technical analysis bring some attention to themselves and man is inversely proportional to the size and death). In today’s world, running at can show us this way. Through the ages, their philosophy. You trade instruments in of his ego…” the speed of light, fundamental analysis mystics, philosophers, gurus, so-called the market and roles in life, but the ulti- has become obsolete; you need technical messengers, and prophets fasted, mused, mate commodity is love; everything else is On that day there was a Golden Rule, a analysis to keep up with the new pace of searched, and came up with systems of replacement; every excess, compensation. gold trade, a Golden Number, and the paradigm shifts and dynamic changes that beliefs, or what they called ‘truths,’ to Not the kind of exclusive, possessive love never-ending flow of time. …I had made have occurred since the telecommunication live and achieve self-realization and ful- experienced between two individuals (this $10,000 dollars setting up a Fibonacci level revolution. Fundamental analysts are like fillment in this world. From Egypt to India, kind of love balances our anima/animus, confirmed by all the signals of the Ichimoku existentialists, spending their time look- Greece, China, Japan, and North and feminine versus masculine proportions on cloud with a 1 to 3 risk/reward ratio, but ing for the whys of things, while technical South Americas, philosophers, thinkers, the narcissistic level), but rather the type most importantly, I had opened my eyes analysts are concerned with the hows: how gurus, so-called messengers, and proph- of love that binds us to the human fam- to a new dimension… to enter and exit the market. Technical ets dwelled hard and proposed for us The ily, to creation; it is experienced as one- analysis is a more accurate and leading Way. From the principles of Hermetism, ness or empathy and compassion. There discipline. “The chart is your treasure map, Kama Sutraism, Poly to Monotheism, is an ongoing battle waged in the stock study the chart.” Communism to Capitalism, left or right, market, where every support, resistance, I wish to thank the Lebanese Society of success or happiness, pleasure or pain, and trend line are frontlines where buyers Technical Analysts (LSTA), for giving me He put the books down. I felt as if time love or hate…There is so much wisdom and sellers confront. This whole economic the opportunity to learn and develop the was suspended. “What you are reading in this world, yet people choose evil out system is dependent on a vicious cycle of skills and discipline of technical analy- is very bright; however, you need to add of ignorance, chauvinism, dogmatism, production and consumption and a barrel sis, to its actual president, founder, and to it a metaphysical measure of ethical narrow-mindedness, and ideologies. But of oil among competing nations. There is introducer to Lebanon, as well as my dimension. Otherwise your endeavor will what is the merit of a monk, rabbi, priest, an analogy between trading and martial first instructor, Mr. Gregoire Azar and be devoid and dull in this vast and infi- sheikh, or prophet who finds ‘the truth’ arts: today’s traders are modern warriors to Pythagoras, Avramis Despotis, and nite universe.” “And how do I add this when secluded and isolated on a mountain and modern samurais. You need to be Andreas Thalassinos. THE DATESAVE 27TH Annual Conference
9–11 October 2014 The Waldorf Hilton Hotel, London Unravelling the DNA of the Market
The Society of Technical Analysts would like to invite you to IFTA 2014 in London ■ London is an accessible, convenient and efficient traveldestination for North America and Asia as well as Europe. ■ London is a cosmopolitan, vibrant and bustling city. Having hosted the Olympics in 2012, the celebratory atmosphere is set to last! ■ The title of the conference “Unravelling the DNA of the market” will allow us to explore some of the underlying causes of market behaviour.
Headline speakers Marcus du Sautoy, OBE Alexander Elder
Conference Secretariat [email protected] Visit the website now to register your interest conference.ifta.org/2014 26th Annual IFTA Conference 9-11 October 2013 • San Francisco, CA USA
Highlights
IFTAUPDATE 2013 Volume 20 Issue 4 page 24
Member News
The Australian Technical sense of motivation for the year ahead. Liaison)
Member News (continued) they relate to technical analysis, new takes Society of Technical Analysts on old methods, and the previous day’s (United Kingdom) events. There are no restrictions, other than 2014 promises to be an exciting year for that topics must relate to technical analysis. the Society of Technical Analysts (STA), as it hosts the 27th Annual IFTA Conference on Egyptian Society of Technical 9–11 October 2014, at the Waldorf Hilton, Analysts (Egypt) London. Headline speakers include Marcus In November, the Egyptian Society of de Sautoy OBE (the Simonyi Professor for Technical Analysts (ESTA) held two ESTA the Public Understanding of Science and a days. ESTA days are attended by profes- professor of Mathematics at the University sionals with market experience, in addi- of Oxford). To receive updates and infor- tion to those who want to learn more mation on how to book at the early book- about technical analysis. On November ing rate please visit http://conference.ifta. 11, there was a panel discussion with org/2014/. prominent market professionals as well as the vice chairman/dean of the faculty of STA is continuing to videotape its talks. Economics and Political Science in Cairo Members unable to attend the meet- University. On November 23, Mahmoud ings in London can benefit from watch- Akl, CFTe, CETA gave a presentation ing the speakers’ presentations online. Market Technicians Association’s on “KAGI as a tool for simple trading”. Recent speakers include Brian Whitmer, ESTA is always keen on encouraging Elliott Wave International, Linda Bradford speakers who wish to present inno- Raschke, and Simon Maelzer. vative ideas with their colleagues. If you live in Cairo or are visiting and have STA’s annual dinner held in October was annual 2014 a topic worth presenting, please contact once again a resounding success. Comedian our IFTA liaison, [email protected] and MoneyWeek commentator, Dominic Frisby, was this year’s guest speaker. symposium Instituto Español de Analistas April 2 - 3, 2014 Technicos y Cuantitativos (Spain) The end of October saw the start of the In October, IEATEC was accepted as 2013–2014 taught courses, with over 30 Learn more at http://symposium.mta.org at Convene , 730 Third Ave, New York City a new developing member of IFTA. students enrolling in the Diploma I Course. Welcome IEATEC! This will be followed in January by the STA Diploma II Course. For more information Technical Analyst Society, on our taught courses, our Home Study Nigeria Course, or the Diploma I and II exams, In October, the Technical Analyst Society, whether in London or overseas, please Nigeria (TASN) was awarded full member contact the STA office [email protected] status. Congratulations TASN! or visit our website, www.sta-uk.org IFTAUPDATE 2013 Volume 20 Issue 4 page 26
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 Pacific 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, Conference Director 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 Gregor Bauer, Ph.D., CFTe NIGERIA—TASN Technical Analysts Society, Nigeria www.tasnigeria.org Email: [email protected] NETHERLANDS—DCTA Dutch Commission of Technical Analysis Exam Management Director Jeanette Schwarz-Young, CFP®, CMT, M.S. 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 Accreditation Director Roberto Vargas, CFTe (TSAASF) Email: [email protected] SAUDI ARABIA—SSTA* Saudi Society of Technical Analysts www.saudi-sta.org SCANDINAVIA—STAF Skandinaviens Tekniska Analytikers Förening www.staf.nu Marketing and Membership Director Dan Valcu, CFTe (AATROM) Email: [email protected] SINGAPORE—TASS Technical Analysts Society (Singapore) www.tass.org.sg SPAIN—IEATEC* Indtituto Español de Anakistas Tecnicos y Cuantitativos www.ieatec.es Secretary Maurizio Milano (SIAT) SOUTH AFRICA—TASSA Technical Analysts Society of Southern Africa www.tassa.org.za Email: [email protected] SWITZERLAND—SAMT Swiss Association of Market Technicians www.samt-org.ch Strategic Development Director Robert Grigg (ATAA) TUNISIA—ATAT* Association Tusisienne des Analystes Technique Email: [email protected] UNITED KINGDOM—STA Society of Technical Analysts Ltd. www.sta-uk.org Online Development Director Roman Bogomazov (TSAASF) USA—TSAASF Technical Securities Analysts Association www.tsaasf.org Email: [email protected] USA—AAPTA American Association of Professional Technical Analysts www.aapta.org Journal and Newsletter Director Aurélia Gerber, MBA, CFA (SAMT) Email: [email protected] * Developing Website Content Director Akihiro Niimi, MFTA (NTAA) 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 September Education articles: August 15—send submissions to [email protected] Director of Editorial Services Lynne Agoston All other content: September—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 December Education articles: November 15 All other content: December 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/ IFTAJournalUPDATE Call 2013 for Volume Submissions 20 Issue & Rate4 Card pagepage 27 1
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