Put the water and honey into a large bowl, or the bowl of your stand mixer. Sprinkle the yeast over it and let it sit for ten minutes. It should bubble up. If it doesn't your yeast is dead, and you need to get new stuff.
Add the milk, olive oil, 2 cups of the flour, and the salt. Stir until a wet dough forms.
Add the remaining flour 1/2 cup at a time, kneading, until a springy dough forms. It should be quite smooth and not really sticky. If you're using a stand mixer, use the dough attachment for this.
Place the dough into a large greased bowl and cover with a tea towel. Let it rise in a warm place for one hour, or until doubled in size (see photo). This is called proofing.
When the dough has risen, punch it down gently and put it in a greased standard-size loaf pan. Let this rise again for half an hour longer. While it's rising, heat your oven to 350F.
Bake the bread for about 45 minutes, or until it's golden and sounds hollow when tapped. Cool slightly before cutting. You can sprinkle a little flour on top before baking for extra prettiness.