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The icicle hitch is a very good slide and grip knot. It is especially good for tying to a post when the load is applied parallel to the post. It can also be tied around a rope. The icicle hitch operates under the same principle as the Klemheist but is tied with a bight instead of a loop. In outdoor sports, the only time I could see when the icicle hitch would come in handy is if you're trying to ascend an icy rope and the other slide and grip knots are slipping.
The icicle hitch holds very well even on a slippery pole or an icy rope.
I find the icicle hitch one of the most confusing knots to tie. It can be tied two ways: by dropping a loop over the end of the pole or by threading the end.