Good topic. I like to have a low rod when fighting a fish. If you lay the rod down parralel to the water and create a 'C' that makes the fish fight the rod, and the drag. If you have a monster steel on, and you keep a raised tip when he heads for a log jam or the tailout...goodbye... Basically putting side pressure on keeps the hook well seated, and uses less stress on your line. When fish is spent or getting close to land, raised rod is choice for me. I think the bottom line is just keep tension with no slack.

fish on....
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"I have a fair idea of what to expect from the river, and usually, because I fish it that way, the river gives me approximately what I expect of it. But sooner or later something always comes up to change the set of my ways..."
- Roderick Haig-Brown