Targets seem to work better with tiny patterns on minute charts (daytraderz). Trailing stops work better for position traders or fundamental investors. They can also work with automated strategies in a short time frame. Unfortunately they are reactive, so slippage not bad until you really need to get out...
Great post BTW, but I am inclined to use trailing stops even in a rangebound market. What if the range is about to be broken out of? What if the top of the range that I assume, is not going to be reached? I would tighten my trailing stop at the top of the range may be, and if the range is broken out I get back in. The market is unpredictable and I accept it.