Money market hedge

Dear John,

I am trying to wrap my head around this money market hedging.
Your lectures are life savers… now I feel I am almost there…
Could you please confirm or correct my understanding:

If we need to pay foreign currency:
-we use the higher forward rate to calculate example the 6 months fwd rate
-we use the lower spot rate when we calculate the hedging

and vice versa when we receive foreign currency payment:
-use lower forward rate to calculate example the 6 months fwd rate
-use higher spot rate when we calculate the hedging

Thanks very much.

Kind regards,
Katalin