Hook 1x-long standard dry fly, #10-16 (tied here on a #12)
Thread Black 70 denier
Materials
Golden pheasant tippets Orange with black bars (About 8 fibers (tail))
Dry fly hackle Grizzly hackle (1 small feather (rear hackle, barbs no longer than the hook point))
Floss Red floss (1 length, wrapped in two layers (body))
Dry fly hackle Grizzly hackle (1 feather sized to the hook, barbs 1.5x the hook gap (front hackle))
Head cement or resin (1 small drop)
How to tie it
Lay a base of black 70 denier thread from the eye back to the start of the bend.
Grab about eight golden pheasant tippet fibers by the tips so the second bar shows, and tie them in with a pinch wrap; take the securing wraps only to where the bend starts, so the tail isn't swept down.
Take the thread back to about the hook point and tie in the rear grizzly hackle, sized so the barbs reach roughly to the hook point. Anything bulkier back here can cost you hookups. Leave a little bare stem for the first wrap and bury the stub smoothly (a lumpy underbody shows through floss).
Take four to six turns of the rear hackle, working forward to just ahead of the hook point, keeping the barbs perpendicular; tie off and trim.
Smooth the tie-off, run the thread up to where the front hackle will start, and tie in the red floss there.
Wrap the floss back to the rear hackle and then forward again, two layers, because silk-type floss goes translucent when wet and a single layer over black thread turns dark. Tie off with two wraps and trim.
Take a few smoothing wraps, then tie in the front grizzly hackle sized about 1.5 times the hook gap, with a little bare stem showing for the first wrap.
Take four or five turns of the front hackle, about the same as the rear, and tie off with two firm wraps; trim the excess and any forward-pointing barbs.
Push the barbs back just enough to lay a few wraps for a flat head (don't sweep them back), take a four-turn whip finish without trapping fibers, and add a small drop of head cement or resin.