As others have said, dollar cost averaging by buying on the same day every month is already somewhat similar this.
This will probably be a huge waste of time. You will probably get a better rate of return washing ziplock bags and planting tomatoes in front of your windows. Certainly by getting a side job.
So, if you do follow through, automate as much as possible. For example set a limit order which is lower than the current market price by 1/2 the monthly standard deviation over the past year. Then forget about it until next month, when you add more money and reset the order. Do not watch the market every minute waiting for an arbitrary dip, there are better things to do. It would help if you had non-correlating assets with similar volatility, for example in the US, stocks, long term bonds, and gold, that way if whatever you are trying to buy soars upward, you can instead buy something that is headed down.
At the end, you lowered your average purchase price by, say 3% (optimistically). On an annualized basis, that is basically nothing after a decade or two. You would be better off leaving right now to check the ground for loose change.
Question to ask yourself: is this something than an algorithm could do better than you could? If so, why isn't it?