/pet hold on
^ does nothing. No confirmation text from the pet, anything that damages you the pet attacks.
/pet back off
^ is making the pet back off, and is toggling off the pet hold.
Example:
/pet back off
Mypet Says 'Sorry Master...calming down.'
Mypet Says 'Waiting for your order to attack.'
/pet back off
Mypet Says 'Sorry Master...calming down.'
Mypet Says 'I am no longer holding master.'
Can keep repeating...