Another much more profitable way to trade

Another much more profitable way to trade these sideways markets is to actually trade any breakouts that occur. This can be very profitable because you know that the price won't be confined to this narrow range forever. Eventually the currency pair is going to break out of this range, either upwards or downwards.
So all you do is place an order to go long a few points above this trading range and place a sell order a few points below so you're automatically into a position whichever direction the price moves.
If you want to boost your chances of success even further you can employ a system that filters out some of the false breakouts. This involves waiting for an initial breakout, followed by a slight pull-back, followed by a confirmation breakout. This is generally a lot more profitable because these secondary breakouts are usually the ones that are most likely to succeed.
So the point is that you can successfully trade these range-bound markets. You can either trade conservatively by trading the high and low points, which is often a very good long-term strategy, or you can wait for the price to break out of this range, which it will invariably do at some point. Both of these methods can produce some excellent profits.