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I have similar experience as minnow1. Tried hitting them on the run, and also waiting until it stops, and then hoping for the second run. It seems like a crapshoot either way. A good trade-off seems to be that if he is running hard when you get to the hole, wait a while until it slows down some, then go for a hook-up. It sucks to miss one after waiting about 6 hours for a flag!
have only targeted pike a couple times, lost areally nice one last w/e when the line was peeling off fast. set the hook (so i thought), got just enuogh pulls to realize i had a big fish and then nothing. what a sinking feeling don't know what i'll try next time .... just hope that whatever it is that it works