The value I find in MFI is when it is used in conjunction with volume. That gives you the Green, Fade, Fake and Squat. As explained in Trading Chaos, this gives information about what is actually happening in the markets.
E.g., last week in March cotton on Wed and Thur there were Fake bars that moved the price up on lower volume. I don't know if they hit a bunch of stops, but on Fri the price shot up for a Fractal hit. The Fri bar is a Squat, which might mean that you can expect a reversal.
Anyway, that is the kind of info I find in the MFI.
As far as I understand, the Five Magic Bullets are not entry points, but signify that the conditions are complete for the end of a wave. You might then be looking for sign to get out.