Traditional, or formulaic asset allocation (FAA), is a "set-it and forget-it" style of investing—the familiar "pie chart" that most people have seen and are familiar with.
An FAA strategy calculates your portfolio's "ideal" percentage allocation in each major asset type (i.e., stocks/equities, bonds/fixed income) based on how you answer questions rating your risk tolerance, age and life expectancy, planned retirement date, etc.
Your portfolio will ALWAYS hold that predetermined percentage of each primary asset class REGARDLESS of market and economic conditions.
Most FAA approaches look to rebalance your portfolio's reallocations back to the original predetermined percentages one to four times a year.
Some FAA strategies (e.g., Life Cycle mutual funds) will automatically increase your percentage of bond/fixed income investments slightly each year as you approach your retirement date.