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Eiger-
So you don't use "pivot points" you just look at the weekly high/low and previous day high/low to gauge trades?
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Unbelievable, isn't it?
I was just taught to use the actual price levels painted on the chart. These work so well that I never felt the need to use pivots.
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Ok, so if yesterday low was 1.999 and you see your trade right now heading towards 1.999 with increased volume you are anticipating a break through. If you see average volume, you are more on point to wait and see if this is your exit (a la bounce?)
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Remember, I am trading the S&Ps. Cable trends a lot; the S&Ps is more of a counter trend market. Most of the time I will have my exit just below/above the resistance or support as a target for an exit. I know there will be activity there and I want to get filled. If it goes through it and continues, I just wait for a retest of that area or a retracement, and if appropriate, reenter in the direction of the origninal trade. My worries are more about price not making it to the S/R level, which sometimes happens. JJ talked about what price and volume should look like on the approach, and as usual, he is spot on.