There is no hedging in this system, because this term means opening an opposite transaction on another instrument.
Your system will give a loss over a long time period due to the negative mathematical expectation that is always trading inside the range.
Better options to open deals in the picture: when the price breaks through all 4 lines at once from outside the range. In this case, one can hope for a positive mathematical expectation and profit over long time distances.

P.S.
There is only one profitable hedging scheme in forex. On two currencies and their cross rate.
These are arbitrage trades, because the system profits from the time lag in currency movement: crosses often begin to align with their currencies with a time delay. To identify it, you need to follow the price deviations of three instruments at once, these deviations reflect the time lag.
There are no other hedging methods in Forex