When it's lob time I set up open stance, open hips. Lay the clubface down slightly open to the target line. I setup with the ball forward in my stance towards the left heel.
From there it's a simple "acquired motion" swing. Take the right forearm up to just parallel with the ground and depending on how high and far I want to hit it, I come down with the appropriate acceleration using vertical hinging (reverse roll feel) and into the finish. All of this while maintaining a flat left wrist through impact.
Not much different than a bunker shot...except aiming point is in front of the ball.