Put a black nickel bead on a Daiichi 1760, start red thread and tie in white Uni-Stretch for the gills, then whip finish and pull the bead back up.
Re-tie the red thread in behind the bead, tie small red UTC wire in alongside the shank and complete a light taper with the red thread.
Whip finish and cut the red away.
Re-attach brown olive thread and cover the red completely across the top half of the fly, then only partly cover it on the bottom half so the red shows through. This blended thread body is what gives the fly its muddy-with-blood look, and it does the job of a proper bleeding-body fly without any of the bulk.
Complete the taper with the brown olive.
Rib forward with the red wire for segmentation and tie it off.
Whip finish and give it a coat of superglue, which blends the two thread colours together.