I must also point out that most folks are trying to pick tops and bottoms all the time even if just on a 1 min chart. It might be the bottom of a pullback or the top of a bounce, but it is what most traders are looking at even if they don't realize it---Izzy.
"If you buy every correction in a bull market, you'll only be wrong once--the top. If you sell every rally in a bear market, you'll only be wrong once--the bottom."
Well, if you can call tops and bottoms consistently and CORRECTLY then obviously it will be a winning strategy. Paul Tudor Jones was the master at doing that. However, very very few people have the account size, time or skill to call tops and bottoms. One needs to understand how to tie together multiple time-frame analysis with key reference areas to come to a contextual view of the market. Being able to gauge and anticipate what’s most likely to happen at any given key reference area based on the underlying market context, and able to know which key reference areas to weigh more heavily; which ones will likely provide large reactions and which ones will only cause temporary price resting points. I have called tops and bottoms many times, however, if that was to be my income strategy then it would be a losing strategy if you were trading daily or weekly charts due to the fact you only get a few opportunities. The last big top I called was in FX, selling GBPNZD in July 2015 and the selling EURUSD in March 2014. I don't even trade FX much.
If you could call tops and bottoms with pristine accuracy and able to ride the trade for a multiple of your risk, then lack of consistency is not an issue. 5% win because they know how to manage risk, 95% don't, pair this with high leverage and that's a recipe for disaster (wiped accounts).