Cross Currency Pairs

Forex experts state that it is advantageous to have multiple
positions open to hedge your bet.  I wonder how this can be done
without limiting yourself to 2 positions.

1)  Long the USD
2)  Short the USD

For example, if I go long on the GBP/USD,
can I realistically go long on the EUR/USD and call this hedging. 
Absolutely not.  I’m making two trades with the thought that the
greenback will weaken.  If I go long on GBP/USD and short on
EUR/USD then I’m making two trades with opposite thoughts. 

Since I’ve been trading, I have either seen the dollar advancing
against all the majors, or declining against all the majors.  So
last night, I decided to look at trading the cross currency pairs and
settled on the EUR/GBP.  I studied the technicals and felt like I
stumbled upon a great trading opportunity, the price had just dropped
below the SMA(10), DMI showed that trend was in place, and MACD was
showing a sell.  I went short on the pair .6792 and when I woke up
this morning, it had declined to .6766.  I closed my position for
a $45+ profit.  I didn’t stick with the position because the trend
had stalled and psychologically I need to have a winning trade. 

The
spread for the EUR/GBP is a reasonable 3 pips whereas other cross
currency pair spread run much higher.  I think studying cross
currency pair technicals is a great way to hedge your positions in the
USD. 

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