Let's define a beam reach as 90 degrees to the wind and a broad reach as 135 degrees off the wind.

For fun, somewhere in between those two points is what used to be referred to as the "screaming" reach. <img src="http://www.catsailor.com/forums/images/graemlins/cool.gif" alt="" /> I keep the traveller around the hiking strap and saw the main sheet, trying not to make any fast tiller movements and a close eye on the lee bow.

Downwind racing is at or below a broad reach and I leave the traveller in about the same position with the sheets eased to allow the top of the sail to open up to the wind coming from behind. When a puff comes, fall off and ride it out going deep towards that lee (C) mark, head up for the next one or jibe and keep riding the first one (if it's the right direction to go on the course).

In both cases we adjust the jib traveller and sheet tension so it's shape mimics the Main.

Some guys do sheet tight and steer the boat more downwind, we like to use the sheets as well. Whatever you and your crew become comfortable with, unless the other guy is hammering you, then you try what they're doing.