Unpacking your reasoning
You have shown that for all $x$ greater than $5$, there exists a real number $y$ such that $2y^2(x-5)>1$. In other words:
$$
\forall x \in \{x\in \mathbb{R} : x>5\}, \exists y \in \mathbb{R} : 2y^2(x-5)>1
$$
by taking $y=\frac{1}{\sqrt{x-5}}$. This statement isn't equivalent to the statement you are trying to prove
If you want to prove by contradiction, you need to negate the quantifiers as well as negating the inequality. When negating quantifiers, "for all" becomes "there exists", and vice versa; therefore, the statement you are trying to prove is:
$$
\exists x \in \mathbb{R}. \forall y \in \mathbb{R} : 2y^2(x-5)\geq 1.
$$
This is a valid approach, but I think it's clearer to argue directly.
Direct solution
Let $x \in \mathbb{R}$.
If $x \leq 5$, then $2y^2(x-5) \leq 0 < 1$ for all $y$ so we are done. Hence assume that $x > 5$.
Due to the order of our quantifiers, the value of $y$ is allowed to depend on the value of $x$, so we choose $y$ small enough to ensure $2y^2(x-5) < 1$. In particular, we choose any $y < \frac{1}{\sqrt{2(x-5)}}$, for example $y = \frac{1}{2\sqrt{2(x-5)}}$.
With this choice of $y$ we see
$$
2y^2(x-5) = \frac{2(x-5)}{(2\sqrt{2(x-5)})^2} = \frac{1}{4} < 1,
$$
and we are done.
Notes
Our above argument is a good approach to take when working with quantifiers and inequalities. We let $x$ be arbitrary because our statement must be true for all $x$, and then try and find a $y$ that works. As EzTheBoss mentioned in their answer, we often find this $y$ by looking at the inequality and working backwards. The value of $y$ we presented depends on the value of $x$. Alternatively, as suggested in the comments, we could have also chosen $y=0$.
⇒means 'implies that', not 'therefore', so this sentence is not actually coherent. Moreover, since you are merely rewriting that inequality for easier attack later (however, here, there is no difference),⇔is more appropriate, as it's generally invalid to argue from the conclusion. – ryang Jun 01 '23 at 04:41