I don't use much of it now. It requires a lot of waiting and I'm more of a scalper. However I keep a lookout for the "lazy w" and "lazy m" patterns which occur more often than the others. They are still powerful patterns ( and similar to other methods in that it's a general trend consolidation flag and continuation breakout pattern)and one doesn't need to use the exact indicators as CJ's method to trade off of them. I mention CJ Booth patterns when I come across them in my journal.
It's a great method for a newcomer to trading to start off practicing with and not get caught up in something that doesn't work from the beginning.
Afranco I was in CJ's room for a long time. I agree with Cloudy, you could wait hours and hours for a setup and since he only trades 6E it was in the middle of the night for me.
Are you sure it is the same Charles that offers a trading course? I never heard him ever say he would do that.
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Sorry I missed this thread update and your question. Yes, that is his email. That's an interesting question. I hadn't kept in touch with CJBooth for over a year now. Here's what I think.
IF CJ is still profitable and his methods are still working for him. You will make money following his calls if he lets you follow them initially in the mentorship. We all made money when we followed CJ during his free room. I would think it highly likely you made back your initial investment fee for his mentorship soon. What was the breakthrough for me following CJ's room was following someone who had actual live profitable trades even if we had to wait hours for a setup. (sometimes it was better, so a setup maybe within 20 minutes if 6e is moving well) So the breakthrough believing it was possible and experiencing it was a big step in my trading education journey and I think it would be for many others. There are too many trading rooms and vendor methods that are full of it and just trading sim and showing bogus backtesting results. CJ has a decent teaching style and voice. Of course there are other live traders who host trading rooms who are profitable traders at least in the room. A lot of CJ's ideas in his method was also similar to NexGen's materials. Especially use of the trigger lines, the Ichimoku clouds, and the MACDbb. I'm surprised he now has this mentoring offer too. He had kind of said he wouldn't do something like a vendor. But I guess it's reasonable to expect he would want to be compensated for his time now.
I think you can talk with him so he can explain what he's offering before buying anything so, I will no say if you should go for it or not, depends on your trading style, if you like what he has done in the past, ask him to explain you what he is doing.
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Surprised to see the charts on the site are using one of RJay's renko type bars. The last time I was in the room, he was using OHLC bars which I doubt is easy to read price action especially of individual price bars. It looks like the basic idea of the original method though. Using a higher time frame to hang on to trend, then looking for a "W" or "M". Which is basically the same as an overall positive or negative hidden divergence. And also the same as Al Brook's H2 type entry in a trend continuation mode which could also be a "breakout-pullback" in the right context. So it doesn't matter with specific indicators, any set of indicators can do just that one only has to recognize the overall setup in the price action. I had thought he traded for a few years, not since 2004 as the new "about" blurb says but maybe my memory is foggy. Nice looking website. From the looks of it I'd say anyone could still follow the original method (2nd manual, https://futures.io/attachments/45150d1312192537 ) on the futures.io (formerly BMT) thread and learn to do well.
Last edited by Cloudy; March 5th, 2013 at 03:25 PM.