A method and system for providing a magnetic element are disclosed. The method and system include providing a magnetic biasing structure having a first pinned layer, a second pinned layer, a spacer layer, and a free layer. The first pinned layer has a first magnetization pinned in the first direction. The second pinned layer has a second magnetization in a second direction that is substantially perpendicular or along the first direction. The spacer layer is nonferromagnetic, resides between the second pinned layer and the free layer, and is configured such that the free layer is substantially free of exchange coupling with the second pinned layer. The free layer has a shape anisotropy with a longitudinal direction substantially in the second direction. The magnetic biasing structure provides a bias field for the free layer along the hard or easy axis. In one aspect, the second pinned layer resides between the first pinned layer and the free layer.