Entry strategy for long term investments

What is your strategy for entering / averaging in case of long term investment in high conviction stocks ? For eg. if you have zeroed in on some high conviction stocks (for cochin shipyard, mannapuram - just an example) which you know will appreciate in the next 3-5 years what is the go to strategy to buy the stocks over a long term period ?

In my case, I typically keep in it my watch list, and on days where there is market correction (even minor) I take some initial tracking position.... then when there is a relatively higher correction in the markets / stock (say 5%), I try to add some positions.... The downside to the strategy is that I have seen some stocks zoom up while I am waiting in the sidelines... Considering the runup what we have seen in the recent months, I have missed buying opportunities in the short term.... While I am ok with it since the horizon is longer and there is no need to be swept away with the current euphoria in the market, it got me thinking as to what are the strategies that others commonly adopt in case of high conviction stocks?

Please feel free to share your approach and the rationale, as it may help in picking up some nuances / strategies which one may have missed.