To track the squid simply dip the sense rod into one of the above mentioned fishing spots, this may then say which way the fish are swimming, head into the opposite way to monitor the squid. The faster they go is the nearer you are. Instance"The fish seem to rapidly swim away" This means the squid is close. Once you find the squid just use any bit of fishing equipment on it, a tentacle will grow up lv 92
Kill the tentacle and recieve 1-3 giant squid bits. You may repeat this process till 28 bits are masked by surronding players and you. Once all pieces are fished you can then try and kill the main body. To do this fish again and expect. The head will develop lv 137 and kill it. You may recieve squid mind and nice caviar.