Sinking Lure
Once you've obtained the Gold Scale, you can find the Sinking Lure. As an Adult, go to the Fishing Pond and the Lure will be either in the little creek at the back, in the grass around the outter edge or on the log coming out of the water in the center of the Pond. Once you get the Lure, talk to the Fisherman to make the Lure 'legal' then go catch a 20 pounder with ease!
P.S. From a distance, just stand facing the Fisherman and press B to Cast - the line may land on him or beyond him, if you use A to Reel - it should grab his hat (and he'll never have it on again).
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