Straddle vs Hedge

I'm a little new to this, but I do understand the straddle strategy. What is the difference in that and a hedge?

Some brokers would not accept orders during news - some more notorious would not allow you to make orders 5-10-15 minutes before the news; FXCM comes to mind. Therefore, straddle is not possible.

The only way to get into the trade with these brokers is to HEDGE. And can either manually close the loosing position after the news - OR place a STOP order on both positions seconds coming into the news.

There are many facets to Hedge Trading and [imo] it requires as much study as TTN.

A few points.

Origins of Hedging.
Producers & Consumers: {Commercials on COT}

These are the people who either Produce the Commodity {Farmer who Grows/Sells Wheat}
or the people who require the Commodity for their day to day business operations {WonderBread Needs/Buys Wheat}.

Farmer's Perspective:
Crop Production = 500,000 Bushels {equivelant of 100 Futures Contracts}
Current Market Price = $3.97/Bushel.
Total Crop Value = $1,985,000.00
Hedge Strategy = Sell 100 Contracts WU6 @ 397'0 or better.

Scenario 1. By Sept 15th {Last Trading Day} Price Falls to $3.400
Total Crop Value = $1,700,000.00
Total Hedge Value = $285,000.00
NET Income = $1,985,000.00 Less Fees

Scenario 2. By Sept 15th {Last Trading Day} Price Rises to $4.250
Total Crop Value = $2,125,000.00
Total Hedge Value = -$140,000.00
NET Income = $1,985,000.00 Less Fees
/////

WonderBread's Perspective:
Crop Requirement = 500,000 Bushels {equivelant of 100 Futures Contracts}
Current Market Price = $3.97/Bushel.
Total Crop Value = $1,985,000.00
Hedge Strategy = Buy 100 Contracts WU6 @ 397'0 or better.

You do the Math But it works in a similar fashion to the above.

OK, So now that I have somewhat of an understanding How Hedging works, How do I apply it to my FX Trading?

Wish I could say "Simple" but of course it's not. So let's construct an example.
We will use USD/JPY as the Pair we want to Trade.

I want to Buy USD/JPY but, at this point, I only rate my Signal at a 6 {min 0, max 10}.
But if my Signal is correct it could move really quickly and I don't want to miss it. What are my choices?
Well, then we turn our attention to Correlation. {image attached} we can see that to Hedge my position I could
Sell AUD/USD {has a Positive Correlation which means that it TENDS to move in the same direction as USD/JPY Therefore to Hedge, I want to do the Opposite of my Main Trade.
I could also do either of the following and notice that this time I do the Same as the Main Trade because the have a Negative Correllation to USD/JPY
Buy EUR/GBP OR
Buy NZD/USD OR
Buy USD/CAD

If I have a Strong Signal >8, I could simply reduce the number of Lots in my Hedge Pair.