The trick I always use is to lighten up on the thumb pressure and move the rod closer to the fish, when the fish turns the direction I don't want it to go. The fish usually turns and holds in the current. I continue this until the fish either swims upstream or tires. You must use a baitcasting reel with a direct drive to pull this off. Once the fish has left the hole you have two options 1) horse it back upstream 2) try the slack line trick. It is usually to late by the time the fish has left the hole to do anything except get lucky bringing it back up. If the fish is foul hooked you have will have no control.

Give it a try it works great for me.