Hedge Trades
It's perfectly ok to trade up and down on the same instrument at the same time.
Usually one would be in a smaller time frame than the other.
It can also, even be on the same time frame.
This allows you to grab 2 grade A setups at the same time.
You can even mix patterns, M/W/H&S/IH&S.
Example
If you're in a short trade on EUR/USD in 1 hour time frame, and you see a 15 minute bullish trade on the 15 minute, take both.


Note
All trades are treated as 100% independent.