Diffractive excitation is usually described by the Good--Walker formalism for low masses, and by the triple-Regge formalism for high masses. In the Good--Walker formalism the cross section is determined by the fluctuations in the interaction. In this paper we show that by taking the fluctuations in the BFKL ladder into account, it is possible to describe both low and high mass excitation by the Good--Walker mechanism. In high energy $pp$ collisions the fluctuations are strongly suppressed by saturation, which implies that pomeron exchange does not factorise between DIS and $pp$ collisions. The Dipole Cascade Model reproduces the expected triple-Regge form for the bare pomeron, and the triple-pomeron coupling is estimated.