Brian,

When you say cold water, I'm thinking the low and clear conditions caused by dry cold weather, with water temp at 36-39 deg. F. I've had my best luck then by sticking with "low and slow" presentations that are the stock in trade for winter fly fishing, and one other thing. I think steelhead become dour under low, clear water conditions whether summer or winter, so I also try to find a place where the fish are undisturbed, and more willing to move a few feet to strike. I've had a few good days fishing low clear water with the air temp not too much above freezing fishing that way.

Sincerely,

Salmo g.