The market timing is the activity that aims to buy or sell a financial asset at the right time as it is about to rise or decline.
The more accurate one is, the better is the trade. Market timing is also about knowing when to exit a trade or position.
Imagine, one buys stock X, and one is in a nice profit. After examining the chart and current market environment, one decides to close all those profitable trades.
The next day, behold the asset decline more than 30%. That was an excellent market timing because one has secured or banked all profit before that nasty sharp decline the following day.
I believe, one will celebrate that excellent market timing. Won't one?
Market timing consists also of making the right decision about when to cut losses before they double, and adding new extra positions at the right time as the price continues to rise or fall.