This is my strategy. I don't care too much about P/E ratio, earnings, etc because most investors don't care either. Wait for a big move and react after the chaos. I also decided against diversifying my portfolio. I used to own 10 stocks, but it was too much information to process. I now never own more than 5 stocks at a time.
It's worked so far. I'll probably get screwed next time the market has a huge crash.