Hook Firehole Stick 839 streamer hook, #10 (a #8 or even #6 also works, since traveling sedges are huge)
Thread Black 12/0 (Semperfli Classic Waxed)
Materials
Pheasant tippet (tail and wing) Natural orange-and-black barred pheasant tippet (One slip for a short tail, one slip for the wing)
Dirty Bug Yarn (body) Olive caddis (green, dark green, peacock-green or brown all work) (One long strand)
Floss (rib) Fluorescent orange (red, olive or chartreuse are common variants) (One length)
Pheasant rump (hackle) Heron gray (Fish Hunter ringneck rump patch, Nature's Spirit) (One feather sized so the fibers reach the back of the fly)
How to tie it
Build a base layer of black thread down the shank to just about the bend.
Prepare a pheasant tippet feather by peeling off everything at the sides that isn't even with the tips, then cut a slip for the tail, saving the rest of the feather for the wing.
Tie the tail in short, about a hook-gape or a touch longer, with just a little orange showing before the first black bar; take a turn underneath it to set it.
Tie in the fluorescent orange floss at the tail.
Tie in the Dirty Bug Yarn and wrap a thick, tapered body forward, using the rotary feature if you have it. Leave a full one to two eye-lengths of clear shank behind the eye for the hackle and wing.
Half hitch the thread, then rough the yarn body up just slightly with a brush; don't overdo it or the rib will sink into the fibers and disappear. Trim the roughed-out fibers short so the body stays chenille-like.
Wrap the orange floss forward as an even rib and tie it off.
Select a pheasant rump feather whose fibers reach back to the rear of the fly, strip the flue from the base, wax the thread, and tie it in by the base wet-fly style, leaving enough bare stem clear to orient the feather. Take a couple of turns in front to lock it down and snip the butt.
Sweep the fibers back between your fingers and take the hackle turns, bringing the feather around without twisting it so the fibers stay swept back; tie it off and remove any short strays.
Cut a second slip of pheasant tippet for the wing, wax the thread (both materials are slippery), and tie it in flat on top so it extends well back over the body.