I use the slip knot myself. I have a 35 mm film canister that holds a bunch of yarn that I've soaked in a silicon spray. I empty a spray can of water repellent into a bag containing the yarn (probably best to cut it into 1 to 1.5 inch lengths first if you use knitting yarn, I just used a bunch of "egg yarn", which is really thick and used for tying egg patterns), the yarn soaks it up, and in the end you have enough water repellent yarn to keep you in indicators for years. Works well for me, but then, nymphing isn't my first choice of tactic, so keep that in mind.

- Jeff