This has been dealt with so many times on BP...
There are those in favour and those against...
True hedging, however, is buying and selling
unrelated assets so that they have little correlation
and if directional bias on one proves flawed then
the other one will dampen (or "hedge") the loss.
Hedging is a more complex form of capital
preservation than the stop-loss, and it requires
more research - diversification of long and short
positions is key.
Hedging on the same pair only works if you have
a statistical edge based on positive vs. negative
rollover, e.g. if your buy earns you three times more
rollover than the negative rollover of the sell order,
then even if you lose (in floating P/L) on the buy
order and gain on the sell side you can minimise
the loss through positive rollover (i.e. overnight
interest) and through the gains on the sell order,
although after closing everything you will have to
subtract the buy loss and the negative rollover
from the opposite trade. The profit margin may
be small, however, and you need to have a firm
grasp on your margin limit to avoid a margin call
if you overleveraged.
As some say, you would be better off waiting for
directional confirmation and then placing a strong
trade in one direction.