Interesting uses of the Melody ADX

Currently, my trading lessons are centered around a few things, including preserving profits, always using stops etc. but one of the things we are learning about is the Bob Iaccino propietary indicator...the Melody ADX.

The EUR/USD looks very appetizing here, but the Melody on the 4 Hour chart looks very overbought (60+). Since the 4 Hour chart is the chart for all of BI's recommended trade breakouts or breakdowns, we would need a little unwinding. Iaccino also said there may be a trade here if we do get the unwinding.

The Daily chart, on the other hand, has plenty of upside showing. The Melody is very low (clicking on the charts give you a clearer view):