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23rd Annual Conference IFTA

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					   23
IFTA          rd Annual Conference

 October 7–9, 2010
                     The Ritz Carlton, Berlin • Berlin, Germany
                                                                                                                    IFTA   23Annual Conference
                                                                                                                                  rd


                                                                                                                     October 7–9, 2010 • The Ritz Carlton, Berlin • Berlin, Germany


Dear Colleagues and Friends of IFTA,
The Annual IFTA Conference, now in its 23rd year, has established itself as the global conference for Technical
Analysis and related subjects. It is the only international conference on Technical Analysis, held in a different
region of the world each year. Now, and after a decade, Die Vereinigung Technischer Analysten Deutschlands
e.V (VTAD) welcomes the return of the Annual IFTA Conference to Germany. As our hosts, the VTAD has
worked closely with IFTA to assure a beautiful venue, extremely interesting, thought provoking speakers and
entertaining cultural programs. And if past performance can be an indicator of future results…we will have the
beautiful weather of early fall in Berlin.

Just a few of the many highlights of the conference are: on day one of the conference
                                                                                           “I have been attending the IFTA conferences since 1996 (Amsterdam). The total
will cover monitoring global money with TA; and the themes of behavioral finance,
                                                                                           experience gained from intense continuing education provided in 3 days by speakers
with Professors Hersh Shefrin and Julie Agnew. Related to this theme, David Furcajg
                                                                                           and lecturers, who are introducing new and reviewing old technical analysis subjects,
will speak on technical trading methods in response to news events. Day two of the
                                                                                           is unmatched from other conferences I have attended over my 44 year career. The
conference will feature TA methods in the energy markets, including the developing
                                                                                           insight gained from interfacing and socializing with other technical analysts from all
carbon, power, spot shipping rates and bio fuels. Delegates have the unique
                                                                                           parts of the globe cannot be measured. The change of venue each year and the local
opportunity to hear from specialist traders in these complex markets, and how they
                                                                                           society’s hosting the annual gala are unmatched.”
apply Technical Analysis to their work.
                                                                                           Michael Steele
As the tools of our industry and methods are becoming even more sophisticated,              Managing Partner, Steele Investment Counsel, LTD
allowing us to capture and quantify more and data from multiple sources,
the traditional tools of analysis may not be sufficient. Out of ever greater data
quantification, visualization technologies are rapidly developing in parallel to help
us structure the growing data and complexity of global markets. Just as simple stock charts representing price      Bernetich, Member Services Manager. And sincere thank you to
and volume were a revolution 120 years ago, we are in the midst of a revolution of not only trading techniques      all our sponsors who help make this very important conference
based on technical algorithmic based rules, but the tools of visual representation of complex markets. Matthias     possible.
Shapiro, an expert in data visualization will speak on new visualization of Market Delivered Data. And for us
in our world, this means better tools and technical analysis and better decision-making. On this note, please       I look forward to seeing many of you in Berlin.
make the decision to sign up for the conference early to enjoy the early bird rates. A special thank you to Dr.
Gregor Bauer and the VTAD, to our Conference Manager and VP of Meetings, Grace Jan, and to Linda                    Sincerely,




                                                                                                                                   Elaine Knuth
                                                                                                                                   IFTA 2010 Conference Chair




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Schedule-at-a-Glance (as of July 2, 2010)                                                                         October 7–9, 2010 • The Ritz Carlton, Berlin • Berlin, Germany




Wednesday, October 6                          Thursday, October 7                            Friday, October 8                                  Saturday, October 9
Pre-Conference                                8:00 – 10:00    Continental Breakfast          8:00 – 10:00    Continental Breakfast              8:00 – 10:00      Continental Breakfast
8:00 – 18:00    Registration                  8:00 – 18:00    Registration                   8:00 – 18:10    Registration                       8:00 – 18:10      Registration
9:00 – 12:00    IFTA CFTe II Exam             8:00 – 18:00    Exhibits Open                  8:00 – 18:10    Exhibits Open                      8:00 – 18:10      Exhibits Open
12:00 – 17:00   Exhibits Setup                9:00 – 11:15    Technical Talkabout            9:00 – 18:10    General Session                    9:00 – 18:10      General Session
16:00 – 18:00   IFTA Annual General           11:15 – 11:45   Break – Visit Exhibitors and   11:00 – 11:30   Break—Visit Exhibitors and         11:00 – 11:30     Break—Visit Exhibitors and
                Meeting open to all members                   Sponsors                                       Sponsors                                             Sponsors
                                              11:45 – 18:00   General Session                12:30 – 13:45   Group Lunch sponsored by           10:00 – 15:00     Optional Guest Tour:
                                                                                                             E.ON Energy Trading                                  Potsdam/Babelsberg Tour
                                              11:00 – 15:00   Optional Guest Tour:
                                                              City Tour of Berlin            13:00 – 17:00   Optional Guest Tour:               12:30 – 13:45     Group Lunch
                                                                                                             Shopping Tour of Berlin
                                              12:45 – 13:45   Group Lunch                                                                       15:45 – 16:10     Break—Visit Exhibitors and
                                                                                             15:45 – 16:10   Break—Visit Exhibitors and                           Sponsors
                                              15:45 – 16:10   Break—Visit Exhibitors and
                                                                                                             Sponsors
                                                              Sponsors                                                                          18:10             Sessions End
                                                                                             18:10           Session Ends—Evening on
                                              18:00           Sessions End                                                                      19:00 – 23:00     Gala Dinner—An Evening of
                                                                                                             your own
                                                                                                                                                                  Entertainment: From Baroque
                                              18:30           Shuttle Buses depart from
                                                                                                                                                                  to Modern at the Meistersaal
                                                              the Hotel Lobby to Opening
                                                              Reception
                                              18:30 – 23:00   Opening Reception at
                                                              Brauhaus Spandau
                                                                                                                    Special Thanks to Our Sponsors
                                                                                                                    (as of June 21, 2010)


                                                                                                                    Platinum Sponsor




                                                                                                                    Gold Sponsor




                                                                                                                    Luncheon Sponsor                              Banner Sponsor




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Schedule (as of July 2, 2010)                                                                                          October 7–9, 2010 • The Ritz Carlton, Berlin • Berlin, Germany




Wednesday, October 6                                            12:45 – 13:45 Group Lunch                                          17:00 – 18:00 Global Sector Rotation with Relative
                                                                                                                                                 Strength
Pre-Conference                                                  13:45 – 14:45 Technical Analysis and Behavioral                                  Tom Dorsey
                                                                              Finance:
                                                                              Not So Simple                                                      Dorsey Wright & Associates
8:00 – 18:00   Registration                                                                                                                      Richmond, VA USA
                                                                              Hersh Shefrin, Ph.D.
9:00 – 12:00   IFTA CFTe II Exam                                              Mario Belotti Chair, Department of Finance           Simple can simply be enough when investing. The
12:00 – 17:00 Exhibits Setup                                                  Santa Clara University’s Leavey School of            irrefutable law of supply and demand moves all prices
                                                                              Business Menlo Park, CA USA                          and applying this simple economic principle to the world
16:00 – 18:00 IFTA Annual General Meeting                                                                                          markets is done through Point & Figure Trend and Relative
                                                                14:45 – 15:45 Cross-Border Equity Flow Indicator (X-EFI)
              open to all members                                                                                                  Strength analysis. The implementation of these time
                                                                              Jeremy Armitage, CFA                                 tested tools comes in the form of guided stock models for
                                                                              Senior Managing Director and Global Head             over 20 countries across the global markets. Learn from
                                                                              of Research, State Street Global Markets
Thursday, October 7                                                           London, United Kingdom
                                                                                                                                   the top down which countries are outperforming, which
                                                                                                                                   stocks within those countries to own and how to identify
8:00 – 10:00   Continental Breakfast                            15:45 – 16:10 Break – Please visit the Exhibitors’ and             when one trend ends and new one emerges, as well as the
                                                                              Sponsors’ tables                                     characteristics of relative strength investing.
8:00 – 18:00   Registration
                                                                16:10 – 17:00 Behavioral Finance and Individual                    18:10             Sessions End
8:00 – 18:00   Exhibits Open                                                  Investors
9:00 – 11:15   Technical Talkabout                                            Professor Julie Agnew, Ph.D.                         18:30             Shuttle buses depart from The Ritz Carlton
                                                                              Associate Professor of Finance and                                     lobby to Opening Reception
11:15 – 11:45 Break – Please visit the Sponsors’ and                          Economics
              Exhibitors’ tables                                                                                                   18:30 – 23:00 Opening Reception at Brauhaus Spandau
                                                                              The College of William & Mary, The Mason
                                                                              School of Business
11:45 – 12:45 Technical Trading in FX Markets After
                                                                              Williamsburg, VA USA
              News Releases                                                                                                        Friday, October 8
              David Furcajg, MFTA, CFTe                         Individual investors are prone to behavioral biases that are
              Technical Strategist/Coach                        observable in their savings, trading and asset allocation          8:00 – 10:00      Continental Breakfast
              Founder, 3rd Wave Consult                         decisions. As the pension landscape in the United States
                                                                changes, more and more individuals are becoming                    8:00 – 18:10      Registration
              Paris, France
                                                                responsible through their company plans for the investment         8:00 – 18:10      Exhibits Open
As a FOREX trader, David Furcajg, MFTA, CFTe                    decisions that will determine whether they have financially
headed a research which enables us to understand the            secure retirements or not. Current statistics estimate that        9:00 – 10:00      Point & Figure Analysis Applied on the
reaction of the FOREX market when confronted with               $4.1 trillion dollars in assets are held in these employer based                     Energy Markets
exogenous disturbances (namely macro economic                   plans and this number continues to grow (EBRI, May 2010).                            Holger Galuschke
publications). Knowing that when it happens, the                Behavioral finance researchers have used the trading and                             E.ON Energy Trading
efficiency of conventional technical analysis tools is          asset allocation records from this group to better understand                        Düsseldorf, Germany
altered. In actual fact, the abrupt modification of the         the psychology of the non-professional investor. This talk will
price structure skews reading of graphs and mathematical        provide a high level overview of the major behavioral finance      The Oil Market is one of the most liquid markets within
indicators. Consequently, David has tried to extract some       findings associated with the analysis of this investor group       the Energy complex. Beside fundamental factors and the
characteristics concerning the reaction of prices affected by   and how plan providers have adapted financial products and         impact of physical delivery on the supply and the demand
an exogenous disturbance from a broad sample of data. His       plan design as a result. Some topics that will be discussed        side, technical implications are an inherent part of this
results allow a better understanding of price movements         include evidence of allocating assets based on past returns        market. Even though, the Point & Figure Analysis has
and to adapt technical analysis to situations when prices       (excessive extrapolation), naïve diversification strategies and    a long tradition within Technical Analysis, it is a niche
react violently.                                                the role of trust in savings decisions.                            method. However, the big advantage of this method is the


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Schedule continued                                                                                                     October 7–9, 2010 • The Ritz Carlton, Berlin • Berlin, Germany




simplicity on the one side and the clarity of research and        The term “commodities trading” covers a wide range of            Cloud Charts (Ichimoku) are increasingly used on trading
trading output on the other side. In this lecture, the all        different contracts traded on different markets. Coal and        screens around the world and this session will show how to
important Double Top/Bottom concept will be explained,            CO2 are maybe not as popular and not as spectacular              apply them to energy markets. The presentation will look at:
as well as the calculation of price targets, etc. How to          from the technical point of view as for example Oil, but         ƒ The key elements and signals on Cloud Charts
create a trade plan and what specific questions have to be        they open interesting opportunities for extensive analysis       ƒ How to use Clouds as a trading roadmap
answered? The application of Point & Figure Analysis and          and of course also for gains in trading. The CO2 market          ƒ How Cloud Charts compliment other technical analysis
Trading will be shown with the help of the Continuous             is obviously the newest among other commodities and                techniques
Contract of the ICE Oil Future spanning more than 20              has its particularities. Talking about Coal contracts, the       ƒ When Clouds work best and when they don’t
years. Beside examples from the Oil Market, other Energy          Freight should not to be forgotten. In the presentation, Dr.     ƒ Multiple Time Frame Analysis with Clouds
Market commodities will be covered as well.                       Radomski will show the most important facts about the            ƒ Backtesting of Cloud trading strategies
                                                                  contracts and the markets by themselves. He will try to
10:00 – 11:00 Technical Trading Rule Performance—                 show how the technical analysis could be applied on these        17:00 – 18:10 Automated Trading Strategies Design
              A Comparison between the Foreign                    two different markets in order to support price movement                       Philipp Kahler
              Exchange, Equity and Power Market                   detection processes.                                                           Senior Quantitative Analyst, Intalus GmbH
              Philipp Eggert, Ph.D.                                                                                                              Bremen, Germany
              Gazprom Marketing & Trading Limited                 12:30 – 13:45 Group Lunch sponsored by E.ON Energy
              London, United Kingdom                                            Trading                                            There are many pitfalls to avoid when designing an
                                                                                                                                   automated trading strategy: Curve fitting; change of
Electricity is a tradable product since the deregulation of       13:45 – 14:45 UK Gas Market (NBP)                                volatility; indefinable market trends. Philipp Kahler shows
power markets in Europe around 10 to 20 years ago. In                           Murray Radestock                                   you what it takes to design and test a sound strategy and
comparison with equity and foreign exchange markets this                        E.ON Energy Trading                                why his approach will boost your own performance. Don’t
market is rather young and less efficient. Due to the limited                   Düsseldorf, Germany                                get fooled by how technical analysis should work, but
storability, power is tradable over a wide range of delivery      A brief background to the recent underlying fundamentals         combine different aspects of technical analysis to develop
periods ranging from hours to a couple of years ahead. The        and price drivers in the UK Gas Market will be given,            a strategy that will keep to its desired performance over the
resulting price for different delivery periods as a function of   followed by an outline (with examples) of the various            coming years.
time is called forward curve and exhibits unique features.        technical analysis that has been used and can be applied
The normal procedure to find trading rules is to back-test        to this market. At least 50% of the participants in this         18:10             Sessions End – Evening on your own
the strategy over a given test period. However, using a data      market actively use technical analysis. The UK Gas
set more than once creates spurious inferences resulting          Market commenced trading around 1998 and has become
from data snooping. In this presentation, Philipp will apply      progressively more liquid and technical ever since. The          Saturday, October 9
White’s Reality Check to find out whether there exists a          less mature European gas markets (Dutch - TTF, Belgium
superior model in a “universe” of trading models consisting                                                                        8:00 – 10:00      Continental Breakfast
                                                                  -Zeebrugge, German-NCG, French - PEG, Italian - PSV
of filter rules, moving averages, support and resistance          gas markets ) commonly take their lead from the UK               8:00 – 18:10      Registration
and channel break-outs. He will apply White’s Reality             market. The NYMEX Natural Gas (Henry Hub - USA)
Check to equity, foreign exchange and power markets and           and LNG markets, at times, are also having a significant         8:00 – 18:10      Exhibits Open
discuss how the efficiency of these markets influences the        influence on the UK market.
applicability of simple trading rules.                                                                                             9:00 – 10:00      Statistical Evaluation of Classic and
                                                                                                                                                     Candlestick Chart Pattern
                                                                  14:45 – 15:45 Session to be announced                                              Gregor Bauer, Ph.D., CFTe
11:00 – 11:30 Break – Please visit Sponsors’ and
              Exhibitors’ tables                                                                                                                     Independent Portfolio Manager and
                                                                  15:45 – 16:10 Break – Please visit the Sponsors’ and                               Chairman, Vereinigung Technischer
                                                                                Exhibitors’ tables                                                   Analysten Deutschlands (VTAD),
11:30 – 12:30 Technical Analysis of Coal and CO2
              Markets                                             16:10 – 17:00 Cloud Charts and Energy Trading                                      Wiesbaden, Germany
              Blazej Radomski, Ph.D.                                            David Linton, MFTA                                 Based on the extensive research work carried out by
              Markedskraft Deutschland GmbH                                     Chief Executive, Updata plc                        Thomas N. Bulkowski on the real behaviour and
              Berlin, Germany                                                   London, United Kingdom                             performance of classical chart patterns and candlestick

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Schedule continued                                                                                               October 7–9, 2010 • The Ritz Carlton, Berlin • Berlin, Germany




pattern, Gregor Bauer will combine the “winning              This will use TFlow™ and DomTracker™ as the method              16:10 – 17:00 Being a Successful DeMark Trader
patterns” in combination with technical indicators to high   of redefining data and then using a variety of divergence                     Trevor Neil
profitability trading-setups.                                based patterns and analysis of the time of day that the                       Founder, Behavioural Economics and
                                                             signals are appearing via Volatility Time Bands and                           Technical Analysis Group (BETA Group)
10:00 – 11:00 Technical Tools to Analyze Risk Appetite,      derivatives of his Stochastic Steps logic. Shaun will                         Royal Tunbridge, Wells Kent, United Kingdom
              Liquidity & Funding                            evaluate benefits of Matlab® and platforms such as CQG®
              David Sneddon                                  in creating in depth analysis.                                  It requires skill to make money using Tom DeMark’s
              Managing Director, Credit Suisse                                                                               techniques. The main thrust of the talk is a discussion of
              London, United Kingdom                         12:30 – 13:45 Group Lunch                                       how to put his techniques together to create a sympathetic,
                                                                                                                             practical and profitable trading style. Trevor will bring in
11:00 – 11:30 Break – Please visit the Sponsors’ and         13:45 – 14:45 Seasonality: The Rhythm of the Market             complimentary DeMark techniques and non-DeMark
              Exhibitors’ tables
                                                                           Dimitri Speck                                     techniques, which can be used together to form a
11:30 – 12:30 Micro Analysis of the Inside Market                          Chief Financial Engineer, Staedel Hanseatic       disciplined trading approach. These are not Tom DeMark’s
              to Create Short Term High Frequency                          Frankfurt, Germany                                approaches, they are Trevor Neil’s and are the result of his
              Variable Volume Day Trading                    “Sell in May”—seasonal patterns belong to the best-             work with Tom and his years of using DeMark’s methods to
              Opportunities                                                                                                  trade the markets.
                                                             known market phenomenon. They seem to be easy, but
              Shaun Downey                                   their treatment requires in depth knowledge. Dimitri
              Technical Analyst, CQG®                        Speck shows the challenges behind seasonality: What             17:00 – 18:10 The Art and Science of Seeing Data:
              Cambridgeshire, United Kingdom                 is seasonality? Why do seasonal patterns exist? When                          An Overview of Data Visualization
                                                                                          and how can they be used                         Techniques and Methods
                                                                                          for trading? Are seasonal                        Matthias Shapiro
                                                                                          charts useful and what                           Interaction Designer, Silverlight
                                                                                          should an investor consider?                     Salt Lake City, UT USA
                                                                                          Advance information: www.
                                                                                          SeasonalCharts.com                 When it comes to understanding information, a visual
                                                                                                                             representation can drastically improve the ability of an
                                                                                         14:45 – 15:45                       audience to consider, explore and understand a data set.
                                                                                                                             Drawing from a number of effective (and ineffective)
                                                                                         Data Visualization—
                                                                                         Methods to Extract Critical         information visualizations, Matthias Shapiro will present
                                                                                         Information From The                an overview of methods, techniques and technologies for
                                                                                         Market                              translating data from raw numbers into a visual format
                                                                                         Eugene Sorenson                     that can increase comprehension and interest with your
                                                                                         Product Manager, Bloomberg          intended audience.
                                                                                         New York, New York USA
                                                                                                                             18:10             Sessions End
                                                                                         The presentation will review
                                                                                         techniques new and old to           19:00 – 23:00 Gala Dinner—An Evening of
                                                                                         organize data into information                    Entertainment: From Baroque to Modern
                                                                                         to facilitate analysis and                        at the Meistersaal
                                                                                         decision making.

                                                                                         15:45 – 16:10
                                                                                         Break – Please visit the
                                                                                         Sponsors’ and Exhibitors’
                                                                                         tables


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Speakers continued                                                                                                     October 7–9, 2010 • The Ritz Carlton, Berlin • Berlin, Germany




Julie Agnew, Ph.D.                               associate at Boston College’s Center for          is available to clients through Global             Technical Analysis and Portfolio
Associate Professor of Finance and               Retirement Research, a TIAA-CREF                  Markets research portal, www.globallink.           Management, e.g., at the University of
Economics and Co-Director of the Center for      Institute Fellow, a member of the Academy         com. He has a B.S. in Computing Science,           Liechtenstein and Frankfurt School of
Interdisciplinary Behavioral Finance Research,   of Behavioral Finance Advisory Board and a        Imperial College, London, holds the CFA            Finance & Management. He has also
The College of William & Mary,                   member of the Virginia Retirement Systems         designation and is member of the UK                authored a book on trading financial
The Mason School of Business                     Defined Contribution Plans Advisory               Society of Investment Professionals.               markets, Praxisratgeber Trading, published
Williamsburg, VA USA                             Committee (DCPAC).                                                                                   in 2005. He contributes articles to various
                                                                                                   Gregor Bauer, Ph.D., CFTe                          renowned financial publications and
                    Julie Agnew, Ph.D. is an     Jeremy Armitage, CFA                              Independent Portfolio Manager and                  appears frequently on various German TV
                    Associate Professor of       Senior Managing Director and                      Chairman, Vereinigung Technischer Analysten        Channels.
                    Finance and Economics        Global Head of Research                           Deutschlands (VTAD)
                    and the Co-Director of       State Street Global Markets                       Wiesbaden, Germany                                 Gregor holds a degree in Economics
                    the Center for               London, United Kingdom                                                                               from the University of Mainz and a
                    Interdisciplinary                                                                                 Gregor Bauer, Ph.D.,            CFTe qualification in technical analysis.
                    Behavioral Finance                                Jeremy Armitage, CFA                            CFTe is an independent          Gregor is a member and Chairman of
                    Research (CIBFR) at the                           is Senior Managing                              Portfolio Manager               the Vereinigung Technischer Analysten
Mason School of Business in the College of                            Director and Global                             working for a range of          Deutschlands (VTAD) and a member of the
William and Mary, USA. She received her                               Head of Research at                             private and institutional       board of directors of IFTA.
Ph.D. in finance from Boston College in                               State Street Global                             investors in Germany.
2001 and her B.A. in economics in 1991                                Markets. His team is                            He is also a Lecturer in
from the College of William and Mary. She                             renowned for their
has worked as an analyst in investment                                research in the fields of
banking for Salomon Brothers in New York         investor behavior and portfolio & risk
City and as an equity research associate for     management, which is regularly published
Vector Securities International in Chicago.      in academic and practitioner journals, such
A former Fulbright Scholar to Singapore,         as the Journal of Financial Economics, The
she has co-authored a book examining             Journal of Portfolio Management and the
strategic business opportunities in              Financial Analysts Journal. Jeremy has been
Indonesia, Singapore and Malaysia.               at the forefront of establishing State Street’s
                                                 research agenda, having been appointed
Dr. Agnew’s research and consulting              Managing Director and Head of State
activities focus on the decision-making          Street Associates in August 2000 and
process in retirement investment planning        promoted to Senior Managing Director in
and the role of financial literacy. She has      September 2006.
published in a variety of academic journals,
including the American Economic Review,          His work is regularly published in prestigious
The Journal of Behavioral Finance and            academic and practitioner journals, such
the Journal of Financial and Quantitative        as the Journal of Financial Economics, The
Analysis. In addition, she has won several       Journal of Portfolio Management and the
nationally competitive research grants           Financial Analysts Journal.
for work examining topics in long term
investing and fund trading by individual         His team’s award-winning analysis is
investors. Currently, she is a research          regularly cited in the financial press and

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Speakers continued                                                                                                 October 7–9, 2010 • The Ritz Carlton, Berlin • Berlin, Germany




Tom Dorsey                                   Shaun Downey                                     Fx for I-Traders.com Shaun is the author of        David Furcajg, MFTA, CFTe
Dorsey Wright & Associates                   Technical Analyst                                Trading Time, New Methods in Technical             Technical Strategist/Coach
Richmond, VA USA                             CQG                                              Analysis, an in-depth step-by-step book that       Founder, 3rd Wave Consult
                                             Cambridgeshire, United Kingdom                   highlights studies he has created on trade         Paris, France
                   Tom Dorsey started                             Shaun Downey started        timing trades and risk management, back
                   Dorsey Wright &                                with Rudolf Wolff           stress testing, statistical analysis and                                David Furcajg, MFTA,
                   Associates, an                                 Commodity Brokers,          optimization.                                                           CFTe, Msc in
                   independent and                                trading and brokering                                                                               Economics and AFATE
                   privately owned                                Soft Commodities, Oil       Philipp Eggert, Ph.D.                                                   Vice Chairman, is a
                   registered investment                          and LME. From there,        Senior Analyst                                                          professional technical
                   advisory firm. Concepts                        he went to the Bond         London, United Kingdom                                                  strategist. He founded
                   of Relative Strength is                        desk of Fulton Prebon.                                                                              3rd Wave Consult
the cornerstone of the investment process.   Shaun then joined Reuters, Ltd. to help                              Philipp Eggert holds a                              (www.3rdwaveconsult.
Tom Dorsey is the author of numerous         design and launch Globex platform. He                                Ph.D. in Theoretical           com), a financial training and advising
books including Point & Figure Charting:     spent the last 17 years as a technical analyst                       Physics and joined the         company, in July 2008. David was first a
The Essential Application for Forecasting    at CQG (www.cqg.com) teaching,                                       financial industry in the      bond strategist prior to working as a
Methodology. He appears regularly on         consulting, and promoting technical                                  beginning of 2006. He          technical analyst (stocks and global macro)
Bloomberg Television, and CNBC. He           analysis and system creation around the                              started his career at          within different companies in Paris and
has a degree in Business Administration      world, as well as his role as Chief Market                           d-fine (one of the             London. During these experiences, he
and Economics from Virginia                  Analyst for Social Fx network Currensee.                             leading risk                   developed his own trading models on stocks,
Commonwealth University.                     com and writer of daily technical reports on                         management                     bonds, index and FOREX. His main focus
                                                                                                                  consultancies in               is trading the FOREX market on an intraday
                                                                                                                  Europe) working on             basis using its methodology which combines
                                                                                                                  forecasting, valuation         quantitative and technical tools.
                                                                                                                  and risk management
                                                                                                                  projects. In summer            Holger Galuschke
                                                                                                                  2008, he joined                E.ON Energy Trading
                                                                                                                  Vattenfall Energy              Düsseldorf, Germany
                                                                                                                  Trading in Hamburg.
                                                                                                                  Since then he is                                   Holger Galuschke
                                                                                                                  developing technical                               worked with Technical
                                                                                                                  and quantitative trading                           Analysis for almost 30
                                                                                                                  rules which he applies                             years and was engaged
                                                                                                                  mainly on the German                               in the classical financial
                                                                                                                  power forward curve.                               markets, like Equites,
                                                                                                                  One of his main                                    FX and Bonds, for quite
                                                                                                                  interests is to                                    a long time. In 2008, he
                                                                                                                  understand why and             took the opportunity to change into the
                                                                                                                  how technical trading is       Energy Trading business. At E.ON Energy
                                                                                                                  working in different           Trading, he is responsible for the Technical
                                                                                                                  markets. In October            Research of the Oil, Gas, Power, Coal and
                                                                                                                  2010, he will start at         Carbon Markets as well as for Freight rates.
                                                                                                                  Gazprom in London.             In his daily work he uses classical indicators

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Speakers continued                                                                                                   October 7–9, 2010 • The Ritz Carlton, Berlin • Berlin, Germany




and lines. Beside those tools he uses          the last two years and will be available as an   Sunday, Shares Magazine and the Investors
Fibonacci Retracements and Targets and the     English edition by the end of the year. At       Chronicle. He is also a well-known analyst of
concept of Contraction and Expansion. The      Intalus he is responsible for the in house       European energy markets.
second method he is intensively using is       training of institutional traders and the
Point & Figure Analysis, where he collected    development of custom made algorithmic           David is author of Cloud Charts, published
a lot of experience over the last years.       trading strategies.                              in March 2010. He is a member of the
                                                                                                UK Society of Technical Analysis (STA)
Philipp Kahler                                 David Linton, MFTA                               where he teaches the Ichimoku technique
Senior Quantitative Analyst                    Chief Executive                                  as part of the STA Diploma Course and is
Intalus GmbH                                   Updata plc                                       a holder of the MSTA designation. He is
Bremen, Germany                                London, United Kingdom                           a member of the Association of American
                                                                                                Professional Technical Analysts (AAPTA)
                    Philipp Kahler is a                           David Linton founded          and was awarded the Master Financial
                    senior quantitative                           Updata plc in 1991.           Technical Analyst (MFTA) qualification by
                    analyst at Intalus. He                        Professional traders and      the International Federation of Technical
                    was born in Austria and                       analysts now use Updata       Analysts (IFTA) for his paper on the
                    studied electrical                            technical analysis in         Optimisation of Trailing Stop-Losses in 2008.
                    engineering before                            over forty countries
                    joining a large German                        around the world.             Trevor Neil
                    Bank. He developed                            David is a well-known         Founder
fully automated trading strategies for their   commentator on financial markets in the          Behavioural Economics and Technical Analysis
prop. trading department. His book about       UK. He has appeared on BBC television,           Group (BETA Group)
how to design winning trading strategies has   ITN News, Bloomberg and CNBC finance             Royal Tunbridge, Wells Kent, United Kingdom
been among the top sellers in Germany for      channels and has written for The Mail on
                                                                                                                     Trevor Neil started his
                                                                                                                     career as a commodities
                                                                                                                     trader at Merrill Lynch
                                                                                                                     in the mid 1970s. He
                                                                                                                     became interested in
                                                                                                                     technical analysis as it
                                                                                                                     moved from graph paper
                                                                                                                     to the computer, and
                                                                                                witnessed the birth of many indicators like
                                                                                                the RSI, MACD and Stochastic that have
                                                                                                become so popular today. After working in
                                                                                                several City institutions as a broker, analyst
                                                                                                and fund manager, he worked on the Bund
                                                                                                floor at LIFFE giving technical analysis
                                                                                                support to a group of arbitragers. In 2000 he
                                                                                                became head of technical analysis at
                                                                                                Bloomberg where he was responsible for
                                                                                                training and technical analysis software
                                                                                                development. He was one of those


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Speakers continued                                                                                               October 7–9, 2010 • The Ritz Carlton, Berlin • Berlin, Germany




responsible for the development and          offering a selection of seminars worldwide     Blazej Radomski, Ph.D.                              Successful visualizations efficiently generate
promotion of DeMark functionality on the     for market professionals to attend. BETA       Markedskraft Deutschland GmbH                       insight and new understanding.
Bloomberg terminal. He moved to South        Group works closely with Reuters, NYSE         Berlin, Germany
Africa and formed and managed a hedge        Euronext, and many of the best in the                                                              Matthias is a contributor to CNN and
fund based there, trading using the          business. He speaks at conferences and                                Blazej Radomski,             interaction designer with Veracity
techniques of Tom DeMark. Trevor             comments on T, has written many articles                              Ph.D. is active in the       Solutions, working with Silverlight
founded the Behavioural Economics and        on market timing techniques and skills and                            energy sector as a           development technologies (the capabilities
Technical Analysis Group (BETA Group) to     is an Associate Editor of The Technical                               market analyst. He is        of this technology can be see at www.
offer skill enhancement days to banks &      Analyst magazine.                                                     working for the              freestockcharts.com).
financial institutions in-house as well as                                                                         German branch of
                                                            Murray Radestock                                       Markedskraft since           Hersh Shefrin, Ph.D.
                                                            E.ON Energy Trading                                    2008. His daily duties       Mario Belotti Chair, Department of Finance
                                                            Berlin, Germany                 are covering the analysis of German Power           Santa Clara University’s Leavey School of
                                                                                            prices on both, spot and forward markets, as        Business, Menlo Park, CA USA
                                                                                            well as the contributing fundamentals. He is
                                                                                            also responsible for the technical analysis of                         Hersh Shefrin, Ph.D.
                                                                                            the Power, Oil, Coal, Freight and Carbon                               holds the Mario Belotti
                                                                                            markets at Markedskraft. Previously, he was                            Chair in the Department
                                                                                            employed as a research and teaching                                    of Finance at Santa
                                                                                            assistant at the European University                                   Clara University’s Leavey
                                                                                            “Viadrina” in Frankfurt an der Oder and at                             School of Business.
                                                                                            the University of Applied Sciences –                                   Professor Shefrin is a
                                                            Murray Radestock is a           Hochschule der Sparkasse-Finanzgruppe in                               pioneer of behavioral
                                                            member of the STA and has       Bonn. He studied business and finance and           finance and is among the top 15 theorists to
                                                            been involved in the energy     received his doctoral degree at the                 have influenced empirical work in
                                                            industry for over 20 years.     European University “Viadrina.”                     microeonomics and behavioral finance. In
                                                            He currently trades UK Gas                                                          1999, Professor Shefrin’s book, Beyond
                                                            for the trading arm of Eon,     Matthias Shapiro                                    Greed and Fear: Understanding Behavioral
                                                            one of the largest vertically   Interaction Designer                                Finance and the Psychology of Investing, was
                                                            integrated utilities in         Veracity Solutions                                  published by Harvard Business School Press.
                                                            Europe. Since coming to         Salt Lake City, UT USA                              This is now a standard work in the field.
                                                            Europe in 2000 he has been
                                                            involved in Gas Risk and                             Matthias Shapiro is            In the 1970s and 1980s Professor Shefrin’s
                                                            Portfolio Optimisation,                              contributor to Beautiful       co-authored papers in behavioral economics
                                                            trading UK Gas and Nordic                            Visualization: Looking         with Richard Thaler were the first to
                                                            Power . Prior to this he was                         at Data Through the            propose a psychological and neurological
                                                            the Trading Manager for a                            Eyes of Experts by Julia       based theory of self-control. Professor
                                                            Victorian power producer                             Steele and Noah                Shefrin completed his Ph.D. at the London
                                                            and LPG Supply and                                   Iliinsky. Visualization is     School of Economics in the economics
                                                            Trading Manager for Shell                            the graphic                    of uncertainty; he earned a Master of
                                                            in Australia.                   presentation of data portrayals meant to            Mathematics from the University of
                                                                                            reveal complex information at a glance.             Waterloo and a B.S. (Honors) in economics


                                                                                                                                                                                                 10
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Speakers continued                                                                                                    October 7–9, 2010 • The Ritz Carlton, Berlin • Berlin, Germany




and mathematics from the University of            provision of technical analysis education      the financial markets. Prior to joining             Dimitri Speck
Manitoba. For more information his website        within Credit Suisse, and for clients.         Bloomberg, he worked in the market data             Chief Financial Engineer
is: http://www.scu.edu/business/finance/                                                         group at Cantor Fitzgerald, LP, where               Staedel Hanseatic
faculty/shefrin.cfm                               David is a previous winner of the Extel        his focus was designing financial software
                                                  European Fixed Income survey, and a            products. Previously he had worked at                                    Dimitri Speck is Chief
David Sneddon                                     runner-up in the Euromoney European            CQG, bringing his knowledge of financial                                 Financial Engineer of
Managing Director                                 Fixed Income survey. He joined Credit          markets into the financial software industry.                            the quantitative asset
Credit Suisse                                     Suisse in 1994, having worked previously for                                                                            manager Staedel
London, United Kingdom                            Investment Research of Cambridge Ltd and       Earlier in his career, Eugene launched a                                 Hanseatic. He designed
                                                  Ernst & Young.                                 Commodity Trading Advisory firm, where                                   Stay-C, an active
                      David Sneddon is a                                                         he devised technical charting tools to                                   commodity index
                      Managing Director of        David holds a degree in Mathematics from       trade financial and commodity futures.                                   calculated and published
                      Credit Suisse in the        the University of Newcastle-upon-Tyne, and     He began his financial industry career in           by the German exchange Deutsche BÜrse.
                      Investment Banking          is a former board member of the UK Society     1988 at Braddis Associates, Inc., where             Speck has written a book about statistical
                      division, based in          of Technical Analysts.                         he was involved in supporting a variety             patterns in the gold market and is the
                      London. He is Head of                                                      of functions from portfolio analysis and            publisher of www.seasonalcharts.com, which
                      Global Technical            Eugene Sorenson                                trading to fund administration.                     offers precise and free seasonal charts.
                      Analysis, and is            Product Manager, Launchpad 2010
responsible for overseeing the entire technical   Bloomberg                                      He holds a B.A. in Economics from the
analysis product, covering the Fixed Income,      New York, NY USA                               University of California at San Diego. He
FX, Equity and Commodity markets. He is                                                          is active in Trips for Kids Metro NY.
directly responsible for the Fixed Income and                         Eugene Sorenson is a
Equity research product, as well as for the                           product manager and
                                                                      oversees Launchpad
                                                                      2010, an advanced
                                                                      desktop interface for
                                                                      the BLOOMBERG
                                                                      PROFESSIONAL®
                                                                      service. Launchpad
                                                  2010 is designed to give financial services
                                                  professionals a faster, more comprehensive
                                                  and customizable look at the markets.

                                                  Eugene joined the company in 2006.
                                                  He has spearheaded the development
                                                  of new applications producing major
                                                  improvements in Bloomberg’s charting
                                                  platform and creation of new visual
                                                  representations of the market that organize
                                                  data into information.

                                                  He has extensive experience in developing
                                                  applications for analyzing and trading in

                                                                                                                                                                                                     11
                                                                                                                    IFTA    23Annual Conference
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Special Events                                                                                                          October 7–9, 2010 • The Ritz Carlton, Berlin • Berlin, Germany




Opening Reception at Brauhaus Spandau                             Guest Tours
Thursday, October 7                                               Thursday, October 7

                      18:30 – 23:00                               City Tour of Berlin 11:00 – 14:00
                      Buses depart from the Ritz Carlton
                      lobby at 18:30.                             This tour leads from the hotel through the city centre of
                                                                  Berlin with stops of your own choice. You will see the
                      Experience German beer at its best          location of the Berlin Wall, Bradenburger Tor/Pariser
                      at the Brahaus Spandau. Enjoy the           Platz, Mauergedenkstatte, Holocause-Mahmal, Reichstag
                      first evening mingling with new and         (Parliament building), Botschaftsviertel (embassy district),
                      old friends while dining and drinking       Alexanderplatz, Checkpoint-Charlie, East-Side Gallery,
                      German’s finest!                            City West and much, much more!

                                                                  Friday, October 8
Gala Dinner—An Evening of Entertainment:
From Baroque to Modern at the Meistersaal                         Shopping Tour of Berlin 13:00 – 17:00

Saturday, October 9                                               Starting from the hotel to the old East Berlin, you will
                                                                  spend the afternoon touring five areas: Galeries Lafayette
19:00 – 23:00                                                     where French fashion, delicious food and art de vivre are
The Meistersaal is a 5-10 minute walk from The Ritz Carlton.      offered; department store in Quartier 206; Dussmann das
                                                                  KulturKaufhaus, the culture warehouse where it is Berlin’s
What a way to end the Conference by walking through all           most renowned literature and media shopping centre;
musical genres through the ages at the famous Meistersaal         KaDeWe, the biggest department store of the European
while enjoying dinner with your friends.                          continent; and Fasanenstrabe und Anna von Griesheim,
                                                                  a nationally famous designer who is opening her private
For 100 years, the Meistersaal has been a location in the         studio.
heart of Berlin that, like so few others in this city, embodies
the powerful tension between tradition and modernity.             Saturday, October 9
Whether it be Kurt Tucholsky, David Bowie, Udo
Lindenberg, U2 or Herbert Grönemeyer—a wide range of              Potsdam/Babelsberg Tour 10:00 – 15:00
major artists have played this venue to draw inspiration from
its unique atmosphere.                                            This tour leads from the hotel to Potsdam crossing the
                                                                  Glienicker Brucke. Stops include Schloss Cecilienhof,
                                                                  where the 1945 Potsdam Conference took place; the
                                                                  “Verbotene Stadt” (the “Forbidden Town”); Kolonie
                                                                  Alexandrowka, Schloss Sansouci; Baroque City Center and
                                                                  Hollandisches Viertel (Dutch Quarter). This tour includes a
                                                                  one-hour lunch break at Zurn Fliegenden Hollander (The
                                                                  Flying Dutchman) before returning to the hotel.




                                                                                                                                                                                         12
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Hotel and Travel Information                                                                           October 7–9, 2010 • The Ritz Carlton, Berlin • Berlin, Germany




The Ritz-Carlton, Berlin
Potsdamer Platz 3
Berlin, Germany

Phone         49 30 33 77 77

Online        http://www.ritzcarlton.com/en/
              Properties/Berlin/Reservations/Default.
              htm?nr=1%26ng=1%26gc=x0sx0sa

Reference     Group Code: x0sx0sa

Hotel Reservations Deadline
             Monday September 20, 2010

Room Rate € 205 – single (bed & breakfast)
          € 235 – double - 2 guests (bed & breakfast)

Room rate includes full breakfast daily in the main restaurant.

Experience The Ritz-Carlton, Berlin—an unforgettable 5-star hotel just steps from Potsdamer
Platz. Featuring exceptional accommodations and impeccable service, guests at The Ritz-
Carlton hotel in Berlin can indulge in the peaceful solitude of La Prairie Boutique Spa or
enjoy an exceptional meal at one of the hotel’s four distinctive restaurants. And the city’s world-
class museums, Reichstag, and upscale shopping are all within walking distance from the Ritz.

Air           Fly into Tegel International Airport (TXL) in
              Berlin, Germany. The hotel is located about
              20 minutes from the airport.




                                                                                                                                                                        13
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Registration Form                                                                                                                            October 7–9, 2010 • The Ritz Carlton, Berlin • Berlin, Germany




Register by Monday, August 2 to receive the Early Bird discount!

Three Easy Ways to Register                                            3 Participant Full Conference Registration                                            7 IFTA Member Society
By Email         admin@ifta.org or fill out the PDF form and click                                                                                           (IFTA member society(s) you belong to)
                                                                       Fees US Dollars    By August 2         After August 2              Onsite
                 the SUBMIT below
                                                                                                                                                               ARGENTINA – AAAT                       NETHERLANDS – DCTA
By Mail          IFTA                                                  IFTA Member             $1400                $1580                   $1800              AUSTRALIA – ATAA                       NEW ZEALAND – STANZ
                 9707 Key West Avenue, Suite 100                       Non-Member              $1580                $1760                   $1980              BOSNIA & HERZEGOVINA–SMS               ROMANIA – AATROM
                 Rockville, MD 20850 USA                                                                                                                       CANADA – CSTA                          RUSSIA – RSTA
                                                                       Events
By Fax           +1 (301) 990-9771                                                                                                                             CZECH REPUBLIC – CNATA                 SAUDI ARABIA – SSTA
                                                                       The Reception and Gala Dinner are included in your participant regis-                   EGYPT – ESTA                           SCANDINAVIA – STAF
                                                                       tration fee. Please check below if you plan on attending these events.                  FRANCE – AFATE                         SINGAPORE – TASS
1 Participant (please type or print)                                   Reception (Thursday, October 7)                              Yes      No                GERMANY – VTAD                         SOUTH AFRICA – TASSA
                                                                       Gala Dinner (Saturday, October 9)                            Yes      No                INDIA – ATA                            SPAIN – AEAT
   Pr.       Dr.     Mr.     Mrs.     Ms.       Miss                                                                                                           INDONESIA – AATI                       SWITZERLAND – SAMT
                                                                                                                                                               ITALY – SIAT                           UNITED KINGDOM – STA
                                                                       4 One-Day Registration                                                                  JAPAN – NTAA                           UNITED ARAB EMIRATES – MEA-MA
Last Name / Family Name                                                                                                                                        JORDAN – JTAS                          USA – TSAASF
                                                                       Fees US Dollars       Thursday             Friday         Saturday includes             KUWAIT – KWTAA                         USA – AAPTA
                                                                                         includes reception                         gala dinner
First Name                                                             IFTA Member              $500                $450                   $500              8 Payment
                                                                       Non-Member               $600                $500                   $600
                                                                                                                                                             Email to               Linda Bernetich, admin@ifta.org
First Name On Badge                                                                                                                                          Fax to                 IFTA +1 (301) 990-9771
                                                                       5 Guest Registration                (For more details, please refer to the website)
                                                                                                                                                             Mail payment to        IFTA
                                                                                                                                                                                    9707 Key West Avenue, Suite 100
Institution / Company                                                  Last Name/Family Name
                                                                                                                                                                                    Rockville, MD 20850 USA
                                                                                                                                                             Bank Transfer          US Dollars payable to IFTA
                                                                       First Name                             Badge Name
Street Address                                                                                                                                               Copy of the bank transfer must be sent with the registration form.
                                                                                                                                                             On the bank transfer order, PLEASE DO NOT forget to mention IFTA
                                                                       Email                                                                                 2010 in the bank details and give the name of the person you are paying for.
City                                    State                                                                                                                Please include $20 US for bank fees.
                                                                       Special Dietary Requirement:    Vegetarian        Other
                                                                         Require special accommodations to participate (attach description)                  Credit Card       Visa    MasterCard       American Express
Country                                 Postal Code
                                                                                                                                                               Check enclosed (made payable to IFTA)
                                                                       Fees US Dollars   Before August 2       After August 2              Onsite              Bank Transfer HSBC Bank USA, N.A. to the account of:
Phone                                   Fax                            Guest                                                                                   International Federation of Technical Analysts, Inc.
                                                                                                $420                  $420                    $420             200-C East Middle Lane, Rockville, Maryland 20850 USA
                                                                                                                                                               Account # 457001933 – Swift Code MRMDUS33 – ABA # 021001088
Email
                                                                       Events
                                                                       The Reception, Gala Dinner and Tours are included in your guest reg-
                                                                                                                                                             Name On Card
                                                                       istration fee. Please check below if you plan on attending these events.
Special Dietary Requirement:         Vegetarian        Other
                                                                       Reception (Thursday, October 7)                                      Yes       No     Card Number                            Expiration Date     Security Code
  Require special accommodations to participate (attach description)
                                                                       Gala Dinner (Saturday, October 9)                                    Yes       No
                                                                       City Tour of Berlin (Thursday, October 7)                            Yes       No
                                                                                                                                                             Signature
                                                                       Shopping Tour of Berlin (Friday, October 8)                          Yes       No
2 Qualification                                                        Potsdam/Babelsberg Tour (Saturday, October 9)                        Yes       No
                                                                                                                                                             Cancellation Policy
(Please check your corresponding technical analysis qualification.)                                                                                          Cancellations up to August 2, 2010: reimbursement of 50% of the
   CFTe          MFTA      STA      CMT         Not applicable         6 Fees Total                                                $0.00                     fees paid. After August 2, 2010: no refund.

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