To a certain extent, interval (and therefore solution concentration) is dependent on how fast the pot (container, not plant) is drying...
But yes, it's usually the case that you do feeds then waters then feeds again. But I would say that you want to wait for the pot to get dry/light (weight)
for each. Feed, then let it dry out to where the pot is perceivably light, then water...wait for it to get light/dry, then back to feed.
The feeding schedules usually indicate how much nutrients the plant should get in a given week, so you sort of have to "re-calculate" for the number
of times you are feeding in a week. At least that's what I do.
But I don't use strictly water on the "down" days....I still add maintenance items and pH buffer. My water is 7.4 pH out of the spigot.
I add CaMg, Armor Si, root health (Boomerang and either Kangaroots or Microbe Brew in my case) and a touch of Big Bloom to my
"waters" and buffer to my desired range. I just don't add in the veg/bloom/finishing nutrients to those.
A little molasses won't hurt either...keeps the micro-herd in the soil happy with those carbs and sugars
My 2 cents.