You hold it, if they power attack it goes down, depending on your levels you can recover quicker than they do and swing or bring the shield back up or they recover first and attack.
There's no real tactics involved if they are swinging fast bring the shield up, if they are going for a power attack either swing first or back up, or see above.
If your a higher level and the enemy cant really hurt you stand there with your shield up to level it.
When you level up enough you can use shield bash to disrupt/hurt them.
PRO TIP: Press the attack button + forward button until it dies.