You need to define a context item with numeric value before the while...loop. which will be your loop count (how many times you want to retry in case of failure) i.e. counter = 1
and condition for will be - counter <=5
put a switch after the 'Make SOAP Request' and check the response of it.
If it is success set the value of counter context item as 6. (to break the loop)
i.e. - counter = 6
If it response is failure then put a pause activity and configure 2 mins (with miliseconds) values and increase the counter context item by 1.
i.e. - counter = counter + 1