Documenti di Didattica
Documenti di Professioni
Documenti di Cultura
standard-bearer of Technical Analysis. There was also much work in the In spite of the difficult economic
With this move we were able to background that does not appear environment, the 2009 Chicago
greatly increase professional practices on a web site, a publication or with Conference hosted by the American
and services for our still-growing a visible service. In the past year, for Association of Professional Technical
membership. example, our Treasurer, Peter Pontikis, Analysts (AAPTA) was an great suc-
worked with staff to establish compre- cess due to the tireless engagement
Under the guidance of the hensive and detailed financial report- and dedication of AAPTA. There were
Accreditation Chair, Larry Lovrencic, ing, allowing for accurate planning of too many hands and volunteers in the
the Accreditation and Examinations expenditures and improved member background assuring the success of
experienced an enormous four-fold services. He includes a brief financial the conference to name. If I were to
growth and acceptance on a global review in this issue. try, I am sure I would miss someone
scale. To serve this and the growing or some-many. But you know who you
requirements, registration and exam Additionally, at the annual board are, and IFTA thanks you all. There
delivery was upgraded to the highest meeting held in Chicago in 2009, the were attendees from Europe, the
standards possible. board resolved to have a complete Middle East and Asia, making the 22nd
audit of IFTA finances for 2009. The Annual Conference a truly internation-
Members may have already received results of this audit will be available al networking event with top speakers
the announcement and instructions to all members. Further, in spring and presentations. For those who did
from Linda Berentich. The CFTe of 2009, there was an open call not make it to Chicago, pictures and
Level I exam is now offered globally for names for nomination to the speaker downloads can be found at
via the computer based provider of board. Of the 16 submissions, 10
http://www.ifta2009.com.
academic and professional testing Directorships were nominated to the
IFTA board at the Chicago meeting
programs, Pearson Vue. Exams are And for 2010? The Conference will be
and then elected by the membership.
offered in German, French, English, organized by IFTA and hosted by the
New and re-elected directors include
Spanish, Italian; and very shortly in German society, the VTAD. It will be
Gregor Bauer, Timothy Bradley, Julius
Arabic. (More information and details held in Berlin from October 7th – 9th.
deKempenauer, Elaine Knuth, Regina
can be found in this IFTA Update.) As More details will be announced very
Meani, Peter Pontikis, Antonella
many readers can imagine, this was soon.
Sabatini, Michael Steele, Roberto
an massive project. Perhaps even that
Vargas and Rolf Wetzer.
is an understatement. Yet with a troop We are already getting emails and
of dedicated professional staff and calls from members interested in host-
A significant resolution at the annual
volunteers we launched a compre- board meeting was a change in ing the 2011 IFTA Conference. In the
hensive testing program in multiple the method of organizing IFTA next few weeks a guide to bidding on
languages in over 165 countries. If I Conferences. In today’s world the hosting will be sent out to all member
am not mistaken, the IFTA CFTe Level demands of putting on a professional societies. By early summer we expect
I is the only international accreditation international conference are increas- to announce where the 2011 confer-
program available in over six different ing. This is something only very few ence will be held.
languages. We have very much to be member societies could take upon
proud of. themselves. To assure the continued A recent development for IFTA is that
professionalism for the Annual IFTA since November 2009, Beth Palys
But our work does not stop here. Conference and to allow all members succeeds Ms. Karen Hutchison as
Continued success demands ongo- the same possibility to host a confer- IFTA’s Executive Director. Beth is not
ing review of IFTA resources, and ence if desired, the board agreed to only the President of the Association
how they can be leveraged to best take on the organizational responsi- Management firm working with IFTA,
serve the ongoing and ever changing bility and financial liability of future she brings to us a wealth of experi-
demands of the accreditation pro- IFTA Conferences. As IFTA has both ence of more than 25 years working
gram and needs of the IFTA member- large and small members, some with with volunteer boards in various
ship. Under Adam Sorab’s leader- significant organization and even industries. IFTA will benefit from
ship, for example, the syllabus and their own staff, and others with little Beth’s professionalism and experi-
examinations will be under review for or none, this now means all societies ence, guiding your volunteer board
improvement and updating to assure have an equal possibility to host an to meet the ongoing challenges in
the highest quality. IFTA conference. front of us.
continued on page 16
IFTAUPDATE 2009 Volume 16 Issue 5 page 3
Examinations
The two examinations culminate in
the award of an international pro-
fessional qualification in Technical
Analysis. The exams test not only
technical knowledge, but also ethics
and market understanding.
Level I: This multiple-choice exam number of different charts covering participate in the process by either:
consists of 120 questions, covering a one specific market (often an equity),
wide range of technical knowledge which must be analyzed as though • Joining an established society in
usually not involving actual experi- for a Fund Manager. Syllabus and another country. Most societies
ence. Previous exams are not avail- required reading list, as well as previ- accept non-resident members. For
able, but a limited number of sample ous exam papers, are available on a list of IFTA societies, please see
questions are sent out with the receipt of application and fees. IFTA Member Societies or IFTA
syllabus and reading list. Developing Societies at http://www.
Prerequisites ifta.org/membership.
Level II: This exam incorporates a Only IFTA Colleagues, who are
number of questions requiring (short) members in good standing of an IFTA • Linking up with other like-minded
essay-type answers which should member society or IFTA developing people, creating a TA Society in
demonstrate both knowledge of, and society, are eligible for this program. your country and applying to IFTA
experience in, using various types of If there is not an IFTA-affiliated TA for Developing Society status.
Technical Analysis; it also provides a Society in your country, you may still
Upcoming CFTe Deadlines
Memorial and John Brooks Our next exam will be held on April
22, 2010. (Please see UPDATED 2010
Memorial Awards Syllabus and Study Guide on page 7.)
Congratulations to the following candidates who received the highest
Please see our website for syllabus,
marks for the CFTe and MFTA certifications in 2008:
reading lists and online registration
Tamer Gamal Eldin Hassan, CFTe at http://www.ifta.org/certifications/
Egyptian Society of Technical Analysts application/. Candidates are encour-
2008 Bronwen Wood Memorial Award aged to review the FAQs, at http://
www.ifta.org/certifications/faq/ and
Francesco Caruso, MFTA CFTe webpage for program details
Società Italiana di Analisi Tecnica and exam prerequisites at http://www.
2008 John Brooks Memorial Award ifta.org/certifications/financial/.
IFTAUPDATE 2009 Volume 16 Issue 5 page 5
The CFTe I candidate is responsible for the material on a definition level. The candidate must understand the terminolo-
gy used in these readings, be able to describe the concepts discussed in these readings, and be able to examine trends.
This exam measures basic, entry-level competence. Candidates should have a working knowledge of the basic tools of
the technician.
CFTe Level I Exam tests the candidate’s knowledge of six basic areas of Technical Analysis:
Listed on the following page are the reading assignments for the CFTe Level I exam. Candidates are responsible for
knowing and understanding the entire list of reading.
Past exams/questions are NOT available for review. Several sample questions are listed here.
Certified Financial Technician (CFTe) Level I: 2010 Syllabus and Reading List continued
1 2 3
Edwards, Robert D. and Magee, John. Murphy, John J. Technical Analysis Pring, Martin J. Technical Analysis
Technical Analysis of Stock Trends, 9th of the Financial Markets. New York Explained, 4th (or current) Edition.
(or current) Edition (2001-2008). Institute of Finance, New York, NY, McGraw Hill Book Company, New
John Magee Inc., Chicago Illinois ©1999, ISBN 0-7352-0066-1 York, NY, ©2001, ISBN 0-07-138193-7
©2001, ISBN 1-57444-292-9
The syllabus is, therefore, designed primarily to ensure that students will gain the necessary skills to pursue their careers
to a more advanced level in a professional manner, and also to provide investors with the knowledge and confidence in
Technical Analysis that will enable them to make better informed trading decisions.
The Syllabus
1 Bar charts. Gaps, islands, key 8 Trend. How to draw correct short, • Rate of change—Welles Wilder’s
reversals. Defining price objectives medium and long-term trendlines. RSI—Stochastics (%K & D)
from gaps and patterns on bar Trend channels. Return lines and • Moving Average Convergence
charts. Arithmetic versus logarith- internal trendlines. Unconventional Divergence (MACD) & MACD
mic scales. but useful trendlines. Acceleration. histogram
Speed lines. Trend characteristics. • Directional Movement Indicator—
2 Moving averages—arithmetic,
Parabolics—Commodity Channel
weighted, and exponential. 9 Consolidation—how and why it
Index
Centred, non-centred and occurs. Breakouts and how to
advanced. Single, double and mul- recognize them.
tiple moving average crossovers. 18 Volume signals and indicators,
Moving envelopes, including 10 Corrections: when and how far. including On-Balance Volume,
Bollinger Bands. Volume Accumulator etc. Open
11 Support and resistance. The vari- interest.
3 Candle charts and candle patterns. ous chart points and facets that
can act as such. 19 Breadth indicators.
4 Point and figure charts.
Construction, scale, box reversal, 12 Basic elements of Gann Theory. 20 Sentiment indicators and contrary
objective counting. Advantages opinion.
and disadvantages compared to 13 Basic elements of Elliott Wave
other types of chart. Theory. 21 Market Profile™ including
Construction, TPO, Point of
5 Dow Theory. 14 Fibonacci series, fan lines, arcs and control, Value Area, Normal Day,
time zones.
Trend Day, Double Distribution
6 Chart patterns, e. g. triangles,
Day, Neutral Day, Non Trend Day.
flags, pennants, diamonds, broad- 15 Cycles. Amplitude, length, phase,
ening patterns (megaphones), harmonicity, synchronicity, left and
22 Investor psychology - individual
wedges. right translation. Detrending.
and group.
7 Reversal patterns and how to 16 Relative performance and how to
identify/anticipate them. Rounding interpret relative strength charts. 23 Ichimoku Charts, including Turning
tops and bottoms, head and shoul- Line, Standard Line, Span 1 and
ders, spikes, double/triple/multiple 17 Momentum indicators and oscilla- Span 2, Lagging Line, Cloud con-
tops and bottoms. tors including: struction and interpretation.
IFTAUPDATE 2009 Volume 16 Issue 5 page 8
Certified Financial Technician (CFTe) Level II: 2010 Syllabus and Reading List continued
Core Reading
IFTA’s Master of Financial Technical Analysis (MFTA) requires a university-style research paper. It is intended to be a
severe test of professionalism in the global arena. There are two submission dates per year, at the beginning of May and
the beginning of October.
Prerequisites
MFTA is open to all holders of the Certified Financial Technician designation or equivalent (currently CMTA from the
NTAA and Dip.TA from AATA) who are members of IFTA-affiliated Societies (IFTA Colleagues). On receipt of an applica-
tion, confirmation will be sought from the candidate’s local Society that the applicant is a properly accredited and fully
paid-up member or associate member of that Society before further processing takes place.
For those IFTA Colleagues who do not have the formal qualifications outlined above, but who either have other certi-
fication and/or many years experience working as technical analysts, the Accreditation Committee has developed an
“alternate path” by which candidates with substantial academic or practical work in technical analysis can bypass the
requirement for the CFTe.
In general, there are three categories of applicants for the Alternate Path. It is open to IFTA Colleagues who:
• Have technical analysis certification other than CFTe (such as CMT, or STA Diploma) PLUS three years experience as a
technician.
• Have financial certification other than CFTe (such as CFA, CPA, MBA) PLUS five years experience as a technician.
Candidates in these or very similar circumstances may apply for the “Alternate Path,” which is a prequalification proce-
dure. If approved, they may register for the MFTA and send in their research proposals.
More information about our MFTA program is available at www.ifta.org/certifications. Questions should be directed to
admin@ifta.org.
IFTAUPDATE 2009 Volume 16 Issue 5 page 10
The Conference Committee does a will be held in Brisbane. We would be Conference. Audited Accounts and
superb job. Conferences are planned delighted to welcome any IFTA col- the Annual Report were presented
well in advance, and each year is an leagues who would like to attend. in accord with the Corporations Act.
opportunity to further improve next The financial health and membership
year’s conference. AGM and National Elections of the association is good. The AGM
The Annual General Meeting (AGM) also resolved to adopt an updated
The ATAA 2010 National Conference of the ATAA was held in October Constitution.
(the 20th anniversary of the ATAA) immediately following the National
IFTAUPDATE 2009 Volume 16 Issue 5 page 11
ESTA board member, has won the experience) Brian Marber entertained
“Bronwen Wood Memorial Award.” members with anecdotes to do with
He was nominated by IFTA at the TA. This followed a most insightful
22nd Annual IFTA Conference for talk by Dr. Carol Osler (ex New York
being the highest CFTe scorer Fed and visiting academic at Warwick
worldwide. Business School) documenting that
technical analysis works when put
STA (United Kingdom) under the scrutiny of academics. In
The STA Home Study Course© (HSC©),
January 2010, a panel of four profes-
launched in July of this year, is
sional technical analysts from major
proving popular with students from
banks will be talking about their views
around the world. The program has
on currencies, commodities, bonds
been developed to allow students to
prepare for the STA Diploma or IFTA’s and equities, and in February, Robert
CFTe II examination on their own time, Prechter will address the STA.
and may be purchased via the STA
Tamer Gamal Eldin Hassan, CFTe January also sees the start of the STA’s
website (www.sta-uk.org/shop).
annual Diploma Course that prepares
ESTA is honored that our member, The highlight for STA at the end of students for the Diploma Exam and
Tamer Gamal Eldin Hassan, CFTe, who 2009 was the society’s Christmas par- IFTA’s CFTe II exam in April. Further
is a candidate in the level 3 ESTA ty where the renowned technical ana- details on these courses can be found
professional program course and an lyst (with over half a century’s market on the website www.sta-uk.org.
AATI (Indonesia)
Election of Directors to the IFTA Board for the Gideon Lapian reported that AATI is
2010–2012 Term engaged in activities to firmly establish
the Society in Indonesia. The Society
Jerry Butrimovitz moved that the proposed slate of Directors be approved. is working to recruit full members and
Veronique Lashinski seconded the motion. Elaine reported that the slate of is hopeful that increasing interest in
10 Directors included the following: Gregor Bauer, VTAD; Timothy Bradley, the CFTe examination will encourage
AAPTA; Julius de Kempenaer, DCTA; Regina Meani, STA; Antonella Sabatini, membership. AATI is interested in
SAMT; Michael Steele, AAPTA; Roberto Vargas, STA; Elaine Knuth, SAMT; hosting a future IFTA Conference in
Peter Pontikis, STANZ; and Rolf Wetzer, SAMT. The motion was approved Indonesia.
unanimously. For a complete list of the 2010 Board of Directors see page 18.
AFATE (France)
Robert Haddad reported that AFATE
lost 30% of its membership in 2009
Member Society Representatives: that IFTA produce an annual report but has regained its previous member-
Robert Grigg, ATAA: Veronique for the Member Societies. Deborah ship numbers. AFATE now has 160
Lashinski, AAPTA; Robert Haddad, Owen seconded, and the motion was members. The Society held six confer-
AFATE; Deborah Owen, STA; approved unanimously. ences, two university seminars and
Shigetoshi Haneda, NTAA; Daniel eight workshops in 2009. Currently,
Stillhart and Bruno Estier, SAMT; Robert Grigg moved that the there are 40 CFTes and four MFTAs in
Gregor Bauer, VTAD; Maurizio Milano, Treasurer’s Report be approved. France.
SIAT; Jerry Butrimovitz, TSAASF; Veronique Lashinski seconded, and the
Gideon Lapian, AATI Report was approved unanimously. ATAA (Australia)
Robert Grigg reported that ATAA
Chairman of the Meeting: Elaine Member Society Reports has a strong Board and about 1100
Knuth, IFTA President members. Membership in ATAA is
AAPTA (United States) open and roughly 39% of members
Finance Committee Veronique Lashinski reported that are fund managers. 400 members have
Report AAPTA has been a proud member been ATAA members for more than
Robert Grigg suggested that IFTA of IFTA since 2004. AAPTA requires ten years. The Association is financially
provide the IFTA financial statements seven years experience before an strong.
and a consolidated annual report to individual can become an AAPTA
the Member Societies, highlighting member. The Board has seven Until recently, ATAA had its own
what has been accomplished over the members and holds monthly meet- Diploma of Technical Analysis. Kaplan
previous twelve months and the plans ing. In addition, the Society has one recently took over this function and
for the future. Specific areas to be brainstorming session per year and dropped one of the two parts of the
addressed in the report include the an annual meeting in the spring. This ATAA education program. ATAA is now
growth in IFTA’s accreditation pro- year, AAPTA was the Host Society for exploring other options for its educa-
gram and membership. Grigg moved the IFTA 2009 Conference. tion program.
IFTAUPDATE 2009 Volume 16 Issue 5 page 16
Treasurer’s Report
Report further to the Accounts as at 30th November 2009 from the Treasurer
For the calendar year 2009 to date, the Committee can report that
IFTA incurred a net operating loss of $11,285.30 against a projected
budgeted loss of $25,805.00. This includes IFTA’s half share of profit
on the U.S. 2009 conference of $17,964.33.
* Developing
page 19
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