Hi there fishon, bro first and foremost you need to know what species of fish the pond holds . .this is important as it will influence you're mix in the dedak or pallet or bread which is the key to success in hooking up you're target fish .

Different fish have their own taste to their preferred bait.
Secondly you need to consider the timing of the day. For instance if you are aiming for Rohu, its best times are in the morning up to lunch time . Jet pacu's ( younger ones ) they prefer to bite in the morning's from 7am onwards up to lunch and then after 4.30pm till sundown. Mekong catfish usually will tend to be in mid-water range around the mornings .. and at night they tend to swim deep. best time of catching Mekongs are at night or early mornings . Patin's tend to bite late at nights, from my experience the bite rates goes up after 12am up to wee hours in the mornings roughly around 5am.
As for Tongsan, they prefer the sun, mid mornings you will see them more to the surface in the mornings stagnant or in clusters and we usually coin this term as "tongsan mabuk". That is for the basic variety of fish that usually a pay pond will hold.
Another thing to consider is the location where you will be sitting or you will pacak ur stand. It is important for you to observe the surrounding anglers catch as it will give you a rough idea on where you should cast from. What do I mean ? well if you see plenty of Tongsan at the certain corner of the pond, sitting opposite to that corner will tend to get you more Rohu. Rohu tend to disperse themselves far from the Tongsan clan. The deepest point of the pond will hold the Patin's and Mekongs . .As for Pacu's usually tend to see them near logs, this info you can usually get from avid anglers of pay ponds. Another thing is you would probably see "boiling" effect in the water close to the centre of the pond, boiling without splashes or breakage in the continuity of the water surface would most likely be Patin's or Mekong's at the bottom of the pond, ur safest bet is to do bottom fishing. Constant large splashes and "boiling effect" of the water..usually seen in the early hours of the day (7-8am) and occasionally at night would best be handle with rigging ur bait with a floater.
Bottom fishing - plenty of styles & various length. Every Tom,d*** and Harry will have their own measurement and say in this . The best is to start off with 2 -lines as long as 10-12cm in an inverted V-shape manner from the swivel with the hooks attach at the end. weight ( 1 or 1/2 oz) are directly attached to the swivel and go for bread type of bait jetted with some flavour of you're choice. This will safely lend you lots of Patin's at night. waiting time is usually long, ranging from 45min-1 hour wait.
Bottom fishing (batu gantung style) - only recommended when ur preferably better in your casting and able to handle long lengths of lines hanging down from you're swivel in an inverted V-shape ( one line attached to a hook and the other line attached to a weight). The throw needs some application of technique to it. The target range is midwater fishes, thus the lines can range from 1-2meters long.. Another challenge to this kind of fishing is to get ur bait to float (usually pay ponds that restrict the use of floater), so we stack up corn-snacks in the lines (same concept just like how a live-weight is atached)..
Floater fishing style - I usually attach a live-floater to the spring which suspends a line down roughly bout 1 1/2 feet - 2 1/2feet long with a hook attached to it. Effective style to catch Mekong's at paypond taking into consideration that you get the mix of the bait right and the estimation of the depth of the fish right.
Furthermore I can only assist you when we fish together or meet in person as there are many complications to each style of fishing and different kind of bait preferred for different style of fishing and also depends on ur target fish.
I was once at the same spot as you when I begin pond fishing, but with constant R&D and learning from the sifu's at the pond who were kind enough to teach me and guide me to get a fruitful result everytime I fish at a paypond. All the above info is based on my home-turf pond ( Kolam Pancing Section 24, Shah Alam ) which I tend to frequent most of the time and never failed to land the target fish of my choice. Do join me bro if you have the time and maybe I can help you out with the basics and how to play with the bait and flavouring and asses the mix of the bait. Of course there are some secret mixes which are kept a secret.. lol
I'll be heading over to kolam 24 from 11pm onwards this coming Friday with some seasoned sifu's.

If u're interested bro do feel free to join me.

What a n awesome write up! Thanks heaps. Pond fishing I have to say is extremely challenging. And the baits used are so foreign to me. The owner had a sit down with me yesterday and we got to talking. She was pretty cool. Advised that because of all the other anglers around, the fish seem to prefer certain kinds of bait. She made some bread mixed in with Pandan and Banana essence. I have to say, it smelt really good even I would eat it haha. I did register a few bites but unfortunately no hook ups. Ran out of time as needed to head out for dinner. Better luck next time anyways.
The set up is fairly interesting as well. Whilst I am used to running 2m or 1.5 rod lengths of Flurocarbon she ties braid straight on the hook shaped like a V as you mentioned with a two hook rig. Squishes the bread onto the hooks and there you go. Never thought that this would work especially fishing in Oz where the water visibility is extremely clear and fish get wary. I guess Pond water is murkier and the fish is less spooky? Gives me something to do today. Tie some rigs.
Hard for me to speak to other Sifu's as mostly they don't speak English. My Chinese is next to non existent whilst my Malay is now fairly basic as well. Glad the owner spoke good English and thus learnt a lot from her.
I'll let you know about Friday mate. If the Gf needs to head back to BKK then I"ll be around the area and pop by. However if she doesn't then I most prob can't.
Will keep you posted. Thank you once again. Makes things a lot clearer now and starting to put two and two together.
By the way saw the Gomoku rod at JM yesterday. Sweet rod. I think my Saltist is too heavy for it. Maybe sell it and buy a spinning rod and reel combo.....