Okay, so I fishing, (I have the badge Catch of the Day): So I want to find at least 3 Owl Eyed Pikes. So I manage to find 2 on my fifth try, and one on my first. I never got my third because of this message "Wait Till the Lure Goes Underwater"
Okay, so I waited. It did. I press the spacebar like 28 times to snag it. The same message popped up again, and so on for the rest to me trying to fish.
Btw, you only have to press the spacebar one time after it goes underwater. Although KI never makes this clear, there's no requirement that you tap, hold the spacebar.