Would you mind commenting on the following questions:
1. Do you directly enter at breakout above pivot or wait for the candle to close above BO level and buy above this or wait for a retest of the breakout level?
you can do any of the above.
but I would place a pending order above/below pivot if (this is a must) there is congestion/buildup of 2 to 10 bar at/around BO line. here you get the best R: R. downside you may get a fakeout.
if you wait for the candle to close above the BO level and then enter most of the time your R: R is not a favorable
break and retest (BNRT) in itself is a setup. you can use it. but if you have to judge where the retest is terminating (there are ways and means to do it many traders use this type of entry ). I use it but when there is a direct BO without much build-up at/around the BO line.
2. How do you place SL if you enter at breakout?
below is taken from Volman's book. most referred is 3. in 2 you can use BNRT. 1 avoid.