With the transistor in front to be an inverter it will be from low to high. However, as long as the circuit is held high it is not timing. This is the definition of a retriggerable monostable.
If you want it to act like a standard 555 monostable then you have to add an inverter (which can be a simple transistor circuit) in front of a standard 555 circuit, such as the link I gave you.