Bring your needle up at Point 1 pulling the thread until taught. Hold the thread in your left hand, thumb and index towards where the thread came up. (reverse if you are left handed)
Now poke the needle back into the fabric about 1cm away (or however long you want the bullion to be.) (Point 2) Don't pull the thread all of the way through yet.
Bring the needle up again part way at Point 1. With needle half in half out of the hole, wrap the thread around the needle several times. (enough times to equal the distance between the two points.)
Poke the needle back into Point2, with your left hand hold the needle and coils against the fabric, while carefully sliding the needle out of Point 1 and into Point 2. Once the needle is all the way through keep holding the coils against the fabric until you have pulled the excess thread all the way through.
This is a stitch which really requires quite a bit of practise so work on a scrap fabric for a while first.
All images, except netscape logo, are copyright Johanna Cormier, 1996-2000