The hook set. There are many factors involved, basically the different ways the fish takes. My general rule is to not set the hook but to wait to feel the weight. Then all is needed is to raise the rod tip. When the fly is being swing across current the line is basically tight, when setting the hook many times you are pulling the fly away from the fish. By waiting you are allowing the fish to turn and bring the hook into the corner of the mouth.
I do not hold a loop. There are not many of us who can anticipate the take and the discipline to let line slip. I will keep the rod tip up thus putting some “slack” between the rod tip and the water this serves the same purpose as the loop. If I am looking at the birds or day dreaming when the fish takes I have a built in loop.
I also do not hold the line at all. I use the index finger to caress the line to get the feel of what the line is doing, especially when using a sink tip and a deeply fish fly. Two advantages to this, I think that there is more sensitivity than holding the line to the handle and when a fish strikes the natural impulse is to tighten your grip. Let the fish pull line off the reel before you tighten up on the line. This also is a more relaxed way to fish.
As the line swings into the hang down position swing the rod tip one way or the other, towards the bank or the center of the river. Or make mends one way or the other. This keeps the line from being too straight putting some slack on the water and also will speed the fly up. This is important when fishing tips and heavy flies and it will help to keep from snagging up on the dangle.
Fishing is always good, the catching may not be.
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