You should have grabbed the rope and net from the previous screen before even venturing to the right. Go get them if you haven't already.
As soon as you enter the screen the guard is on, RUN back to the left side of the archway with the hooks and hit ACTION to climb up top. Then select your rope and hit ACTION once to let it fall. You must do this before he sees you or you are screwed.
Now WAIT til he notices you and runs back to the rope. When he gets his foot in the loop, see what happens if you yank the rope a couple more times.