1) It is not hedging. 2) If you want some protection, take a smaller position rather than paying extra commission. 3) There are 2 currencies as part of every pair. There are days when GBP/USD is up 1% and EUR/USD is down.
Not trying to be a prick or rain on anyone's parade, but this thread is a waste of time. Because there are 2 currencies in every pair, there is no such thing as hedging using different pairs. Hedge, at least partly: Short YM Long ES Not a hedge: Short EUR/USD Long GBP/USD I know we've been through it over and over, but any differences in results of this "hedge" vs. EUR/GBP are strictly position size. There is no other way. These currencies HAVE TO MOVE together in that regard. Otherwise an arbitrage opportunity would exist and you surely know that can't happen at the retail level.