Zulu89
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This is how I would handle this setup using S/R and what I refer to as my 'hedging' strategy although I would probably adjust the S/R as new levels are established and therefore my entries may be different by the time the price makes a decisive move (i.e. that would include more effective 'hedging' - hopefully :|) P.S: I wouldn't enter these at the same time i.e. it's either a buy or a sell, never both (obviously).
EDIT: Of course, unless this was leveraged with a small spread, these entry/exit levels wouldn't be any good. The purpose is really to illustrate the strategy.
With this type of strategy, would you use 50% of the move to signal a possible entry?