I often find myself in the situation where the tension marker is right at the bottom saying Hook Slipping and no matter what I do I cannot rectify this, I cannot reel in to increase the tension line just hangs slack, lifting the rod does nothing, just have to watch the fish get away. I contacted somebody I know who plays on PC and he said it is the same on that version.
sometimes you have to "spam" your reel in button for it to work, you get used to doing it without thinking eventually