I have one too and love it also (I'm 5'2")...my tips would be everything that Falguni has said. The arm straps don't cut in for me. I have the chest strap high enough that I can reach it myself. The arm straps are high enough that I can reach the same side hand up to tighten it. I guess it is in line with where my bra strap is. The waist sits on my hips like Falguni said same height as hipster/low rise jeans.

Good luck I hope you get it worked out.