I have a bullish bat and butterfly pattern completed over here. I'm going with the bat pattern's TP and SL, SL is bigger, more buffer for my trade. R:R at 1.1 (TP1) and 2 (TP2). It's fine if you wish to go with the butterfly setup, but SL is much tighter (I did not plot TP and SL for the butterfly pattern). Notice RSI for H1 and H4 are oversold, using H1 chart to find good entry is fine.
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Traders, just a of caution : RBNZ interest rate decision is in 5 hours time. If you want to do you risk adjustments now (shift SL to stop loss, take some profit etc), as you wish. Not sure what the RBNZ Rate Statement will be, I'll still be asleep when it happens.