Not true… the ability to Hedge depends on Country / Regulation. I (ASIC - Australia) can hold buy and sell positions on the same instrument on any TF and quite often do… used wisely it can be better than a stop… Look it up.
A whole demonstration of the technique was discussed here and as usual any discussion involving stop losses here on BP almost descended into a sh*t fight. The FIFO rule as I understand is only applied in the US of A …
Dale, I thought you were in South Africa?