Heat
In the heat of the day, fish will cease feeding and head toward deeper, cooler waters. This is why many chartered fishing trips begin early in the morning and resume after sunset. When water levels dip, the same sun that discouraged fish from biting when it was at its hottest now has less volume of water to heat. When heat builds, fish retreat to the cool depths.
Bait Fish
When the water level drops, bait fish -- which dart along the pond's edges -- have limited safe areas in which to swim among weeds. Bait fish may find an area where they feel safe and stay put. Fish typically follow the flow of food and if their normal food source dips, they may not bite as readily at lures or baits on your pole.
Predator Pressure
Some anglers follow a simple rule: If you can see fish in the water, they can see you. Fish stop biting when so-called pressure causes them to avoid several people standing ashore of a receding lake. Anglers ashore are much closer to the deeper waters when water retreats. Fish can see them standing. In addition, anglers who like to wade out into the lake tend to splash around, which can disturb the fish even more.
Hibernation
If the pond is receding because of dry winter weather, fish may not be biting because they are living off accumulated fat. All of this depends, of course, on the region you are fishing in and the types of fish you want. Some fish spend much of their life beneath ice and eat regardless of weather. Other, cold-blooded fish slow down when the water temperature drops.
Survival Mode
Any one or a combination of these reasons can contribute to a lack of fish biting on a particular day. When fish sense a disturbance in temperature, the presence of predators or lack of bait fish, it will trigger a survival instinct to move as far as possible from the area and will interfere with their regular appetites. Barometric pressure also may trigger a change in a fish's eating habits, regardless of the water's level.