The way I like to fish'em has the indicator bobbing and ticking quite a bit. Getting the weight just right so that you are ticking instead of sticking is key. Personally, I don't like to have to re-rig this setup very often. I call it the 20 minute rig, even with pre-tied bead leaders. In reality it only takes a few minutes to re-rig, but every minute rigging you aren't fishing eh.

As with all bobber fishing, the fish are usually fairly easy to tell from the rocks, but not always. A grab is usually faster than a typical hang-up and it comes on a different rhythm than the ticking. Often the indicator will have a pulse to it as well. If you are watching your indicator and it sticks on a tick, it's likely bottom, etc. Like a wise man once told me, hook sets are free, however, everything comes at a cost and unnecessary yanks aren't without consequence

The type and size of your indicator or float plays a big part as well. I like a little more substantial indicator. Raven makes some great ultralight center pin and fly rod float/indicators.

You don't need much of a "hook set" in this type of fishing, a quick but gentle sweep is more than enough to drag the trailing hook into a lip. I have found I miss more fish and wind up with less solid hookups with a more violent tug. Another advantage to a slow sweep is when you aren't pulling on a fish, your gear is still in the zone and gets back to working straight away.

Depending on the bottom structure, sometimes there is no tick, and your indicator should just be moving a little slower than the current.

Check out the end of this clip: http://www.youtube.com/watch?v=SHGDaoQ1QdE&feature=related

Not a great example, but kinda fun anyhow.

Go play around, see what works for you and report back!