DislikedWell indeed Mike your chart looks better than mine in terms of TC, but I wouldn't have taken it anyway. The reasons are: there is divergence, on Friday we had a tail to the up side and then long bearish candle right to the 21. That candle was a sign, it has engulfed seven bullish candles. Signal on MACD was marginal and on the opening of the week, plus price didin't close above resistance price level 1.5400. For me there was no real indication to go long except MACD signal.
I have decided to bring my two cents on this point, because that's the next stage of learning process. First when we start using Phillip's system we mainly trade RT and RB, as they are very easy to spot. Then when we feel enough pain from these losses we begin taking every TC the MACD shows us, presuming that trend is a friend. And it is really so!!! But... now I clearly see that there are periods of trend and consolidation, we all know about it, but do we really see it? Only lately I have started to recognize when there is really momentum and it would most probably continue. In the above example if there was a big bullish candle closing above 1.5400 level I wouldn't even think twice, I would go with the trend. Let the emotions (candles) guide us, and it will keep us out of many bad trades.Ignored
Raymond