Usually put it about 5 feet up. When the buck bends down to eat the corn, he rakes his antlers against the wire. My grandfather has been doing it for years and has got a pile in his shed.
I think they angle them down from 5 feet to the ground putting bait under them thinking the buck will come in under the fence as the bait gets eaten he will go farther in untill he hits his antlers on the fence. I can understand the consept but don't believe the buck on my place would wake in under the wire. They don't like walking under or ever close to my feeder that is over 6 feet to the bottom.
Careful with the wire basket... A buddy made a few and the wire fence broke loose so the buck was actually wearing a wire fence hat. He found the sheds about two weeks later still in the wire
Dont believe most are getting the concept. You go into the woods and find three trees together that form a tight "V." Place the chicken wire from five feet up all the way to the bottom. Secure it tightly with wire ties. Place a pile of corn in the far end of the "V." It is not flimsy and will work if done correctly.