A magnetoresistive sensor having a scissor free layer design and no pinned layer. The sensor includes first and second free layers that have magnetizations that are oriented at 90 degrees to one another and has a third magnetic layer with a magnetization that is antiparallel coupled with one of the free layers. The antiparallel coupling of the third magnetic layer with one of the free layers, allows the sensor to be used in a tunnel valve design, having an electrically insulating barrier layer between the free layers. The tunnel valve design reduces spin torque noise in the sensor, and the presence of the third magnetic layer allows the free layers to remain bias at 90 degrees to one another in spite of interfacial coupling through the very thin barrier layer.