I agree with PGA- Having been tutored by a few old salty steelhead cronies they have given the same advise about setting the hook.....Straight Up!(not sideways)
Can't speak about the rod tip being lowered- I've always thought that a high rod tip keeps the tension on the line and keeps the fish from an initial run. However with that said, once it decides to make it's run (or several) than you need to lower the tip and play the fish out.