Not with futures. If the price hits the pivot level and fails, the probabilities are strongly in favor of continued failure. Waiting for another test generally means missing the trade altogether. Or having to chase it. This tactic has failed only once today.
on trend days, price rarely fails twice on a pivot and then continues....i'm using a 5min chart here..
It rarely does. But if I get stopped out, I just take the next entry op. This works best, of course, when pivot levels aren't backed up against each other. On a day like today, it's like going to the ATM.
I'm not getting you. If it didn't continue, it wouldn't be a trend day. The only use I find for pivot levels on trend days is of hurdles that have been jumped, at which point I may want to use them for tightening stops, though I prefer to wait until I've reached my target. Again, I'm talking about futures here. The situation may be different for ETFs.
7.25 pt. range so far for day session. If this becomes the average range then I'm done with the ES. Very tough getting good r/r trades. DAX....here I come...