2) Sell between the red and the grey;
3) Never open a position in the grey area. This area is too far from both stop-losses, making it unprofitable.
4) Only open a position if your indicators say so ( , , , etc.)
Only trade this setup if you're an agressive trader.
These areas are determined with fibonacci ratios.
PS: You should only open a position according to your overall market belief. For example: I believe this market is going down because of the technicals on the + BTC situation. So, I will only open short positions.
Stop-losses: if trading short, stop-loss is the top of the flag, just above the red area. If trading long, stop-loss is the bottom of the flag, just below the blue area.
I'm only an amateur, don't follow my strategy blindly. Keep your money safe.