I actually studied the from a book named "Trade What You See" by Pesavento. It uses the in conjunction with the famous pattern giving us a nice trading range maybe to "dollar-cost-average" into a trade, reducing overall risk.
Back to the trade idea, it is a pattern @ 0.9522 stop loss will be placed above the X leg which we use as good resistance in this case. Targets will be at the 38.2% and 61.8% fibonacci levels. IF/WHEN first targets are met, half of the position would be closed for profit and stop loss for the second half of the position will be moved to break-even, ensuring a risk-free trade.
Thank you for your support.
Risk: 47 pips x 2 = 94 pips
Reward #1: 62 pips. R:R = 1:1.3
Reward #2: 100 pips. R:R = 1:2
Plan your trade... Trade your plan.