The Blood Knot (also known as the barrel knot) is commonly used in fishing. It is used to tie two similarly sized monofilament lines together. With the running ends trimmed, its low profile lets it easily slide through the guide loops on a fishing pole. It is a popular knot for fly fishing, and holds better than the similar fisherman's knot.
This hitch can also be used to tie nylon rope together. To ensure that the knot does not slip out of this smooth rope, simply wet the knot after it has been tied, and pull it tight.
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