To buy the dips one would do either one or more of the following:
Buy incrementally as the price goes down, creating an average position and aiming to buy more as the price decreases further.
Wait until the price settles, and perhaps even shows signs of recovering, and buy at that point.
Set buy orders at lower prices than the current price and let them fill. Setting buys just before historic support levels, large “buy walls,” and psychological levels is an especially good strategy (as prices tend to do at least a quick bounce off these levels).
One can “buy the dips” to sell quickly for a profit, to build a long term position, or to incrementally take gains.In all cases, the concept is the same, aiming to buy low and not high.