It depends. I generally like to go upstream because fish are usually facing into the current, and you approach from behind. However, it also depends on where the access is. If I have better water downstream of an access, then I'm gonna give up some stealthiness to fish better water.
The vast majority of active fish will be in the first 1/4 of a hole after the shoal drops off, or the last 1/4 of the hole leading into the next shoal. If you approach these spots by walking the bank instead of wading, you will catch more fish regardless of whether you wade upstream or downstream.
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