Buying low on a trend reversal is still better than buying high on a trend reversal. Depending on the market, buying high is asking for an immediate reversal and the often the market will oblige because it's free money. The market loves to do what you pay it to do.
You could argue that buying high is buying a strong market but attempting to get a better price on retrace you could be buying a market that may becoming weaker. I've bought high loads of times knowing there may be a retrace but at least I have the confidence I'm buying a market that people are also buying. Turtle traders bought high and so did doncian who developed doncian channels. He was more concerned with buying a strong market rather than trying to cherry pick entry
The risk of buying high cancels out the benefit of buying high. In the end you could end up having a negative profit. Personally, I don't cherry pick. I can enter the market at any time, high or low, but the trade parameters are different to accommodate the risks.
depends how new high is being made, if a base has formed and a breakout from triangle or consolidation happens you would be foolish to try and wait for a retrace to enter as of wont happen till you have missed the boat!
Volatility is the dispersion of returns for a given security or market index. It is quantified by short-term traders as the average difference between a stocks daily high and daily low, divided by the stock price. A stock that moves $5 per day with a $50 share price is more volatile than a stock that moves $5 per day with a $150 share price, because the percentage move is greater with the first. Trading the most volatile stocks is an efficient way to trade, because theoretically these stocks offer the most profit potential. Volatile stocks are prone to sharp moves, which requires patience in awaiting entries, but quick action when those entries appear. As with any stock, trading volatile stocks that are trending provides a directional bias giving the trader an advantage. Certain indicators can be used to trade volatile stocks but the trader must also monitor price action--watching if the price is making higher swing highs or lower swing lows relative to prior waves--to determine when indicator signals are taken, and when they are left alone.