If you’re not familiar with it, the Donchian trading strategy is a breakout trend following strategy. When price breaks above or below significant price high or low, the strategy dictates the trader should create a position long or short.
To visualize this on your chart, your charting package will be likely to include the Donchian Channel indicator. Start with the raw price chart of the instrument you’re following, a simple price line, candlestick or barchart all work the same.
The always in tactic ensures the swing trader always hold a position in the instrument they are trading. Once the initial signal to enter long or short is given, the trader remains in the position until the opposite signal is given.
As the name implies, a trailing stop trails the price. It does this only if the price moves up or down in the direction of the trade. A long trade that sees more unrealized gains as the price moves up will see the stop-loss also move up in tandom.