Hook setting is somewhat complicated by the way we are fishing, the rod we use and even by the quarry. Say you are "high sticking," since Jor Fly is primarily a nymph fisherman, what then? (the high rod position makes raising the rod problematic)
How about when one is using a slow action rod, say bamboo and you've quite a bit of line out when a big fish hits, what then? One method of setting the hook seldom fits all situations.
General rules include: By keeping our line as straight to the fly as possible, tip low, unless you are high sticking, etc we help ourselves when hook set time occurs. By keeping that rod pointed toward the fly and then setting with your line hand, by a short tug, or a long jerk on the line(hard mouth, big fish, long line), you help eliminate the rod flex from the equation. Of course de barbed hooks help as it's less friction when that hook is penetrating and a sharp hook is the first rule.
Other than that should your situation, quarry, equipment dictate another type of set, the rod lift will work but keep in mind that a line tug might be added for bigger fish and insurance. Better yet when you do have a higher rod position, as in high sticking, and the fish hits, a quick snap of the rod tip rather than just a lift works wonders.
Here's another good string on hook sets from the forum here: Dumb Question Regarding Hooksets