- up high but away from a location thats likely to have my scent sucking down into area I expect to hunt or to hold elk
- as far in from the trailhead as I can muster
- away from nearby roads and hiking trails
- convenient to the general area I plan to hunt
- close to but not right next to running water where you might not be able to hear the elk bugling in the night to help give you a general location
- I try not to camp on saddles or active travel routes likely used by the elk
- with a vantage or nearby glassing location is a plus.
Our group is going back and forth weighing the pros and cons to setting up camp near water or up high. Personally I am not sure on the trade offs yet. From our last scouting trip I would find it difficult to find a location where you are away from an area that your scent wont travel down into a bedding area and be close to water. Those to me seem to go hand in hand. I don't have very much experience though....
If you're a flatlander, and not use to the altitude, camping lower will let your body recover from hunting the higher altitudes. I always try to camp around 7000' if I can.
Last year I did a backpack DIY hunt in colorado. The first night I slept under the stars next to my truck on a tarp and things were perfect. The next night i set up a camp right around timberline. Biggest mistake ever. The wind was blowing so hard it broke part o my tent. It was impossible to make a fire, do to the wind, so I had to eat some of my snack instead of my meals which gave me nothing to eat during the day. I suggest you don't even begin on a trail. Google maps find a place with now roads hike a few miles in then find a place to set up. What I do know is set up at the base of one mountain then in the mornings wake up hike to the top and glass the backside, where I hunt.
I've had elk in camp at night many times. i'm no expert but common sense tells me when choosing a spot, pick spots that aren't in feeding or watering areas and not far from them either.