1) ABSOLUTELY NO POSITIONS SHOULD BE TAKEN ON THE GREY MIDDLE AREA. This area is way too far from both stop-losses, causing it to be non-profitable.
2) You should trade based on your "belief"/analysis: "is the market bearish"? If your answer is "yes", only short positions should be taken (or very low leverage long positions).
3) You should use an indicator to base your entry on. For example: + gives you a "bullish sign" around 5.55. Then, you should entry long if you so desire. If your indicators didn't give you any trading signs, DON'T OPEN A POSITION.
4) Take your profits based on your indicators as well. Don't wait for the market to hit the top of the trading range (it might as well never do it).
The areas I've highlighted on the chart are based on fibonacci retracements and risk reward ratios.
5) Take full profits if the price hit the opposite side of the trading range. For example: if you get in at 5.45 and the price hits 6.23, close your position. Trading in a range is dangerous.
6) Take your stop-loss if you need it.
My opinion: trade short mostly, and if you wanna trade long, take full profits on signs from indicators.
Don't follow my strategy blindly, I'm nothing but an amateur. Feel free to give me some critics.
Price is now ranging between a new resistance and support, so i adjusted the stop-loss and the target accordingly. Since this trade is very close to the grey non-profitable area, I've put very low leverage on this trade. Let's observe how it turns out.