Hedging is a strategy where you buy AND sell the same currency. Because of NFA rulings, a broker in the United States cannot allow you to do this, but brokers in many other countries will allow you to do this.
When a currency is in the middle of a consolidation range (even on small time frames), enter a trade to buy AND a trade to sell. Set your limits a little before the outer edge of the consolidation. Be sure to account for the spread and difference between a bid and ask chart when setting your limits.
Time the entrances for each direction so the pip spreads are cancelled out. Thus you have a completely zero hedge until one of them limits out.
Enter in the middle, one order selling, one order buying, set the limits for each to just inside the recent consolidation, get paid as it swings both ways.
If you enter at the edge, you may only take a loss as the market decides to leave the consolidation. If you enter in the middle, you will most certainly capture something. At most you risk only 1/2 of the consolidation range. If the market leaves the consolidation range after you enter, your loss would only be the difference between your limit for one trade and the stop loss of the other.