Lay a base of black 70 denier thread down to the start of the bend on a standard 1XL dry fly hook; a size 12 is typical, 10 to 16 the range.
Grab about eight Golden pheasant tippets by the tips so the second bar shows and catch them in with a pinch wrap, taking the extra wraps only as far as where the bend starts so the tail is not swept down.
Take the thread back to about the hook point and tie in the rear Grizzly hackle sized to reach roughly the point, leaving a little bare stem showing for the first wrap, then bury the stub smoothly.
Take four to six turns of the rear hackle forward to just ahead of the hook point, keeping the barbs coming out perpendicular, and catch it off with two wraps before snipping the excess.
Smooth the tie-off down and run the thread up to where the back of the front hackle will sit, then catch the red floss in there.
Wrap the floss back to the rear hackle and forward again for two layers, because this silk-like floss goes translucent when wet and a single layer over black thread reads dark; secure with two wraps and snip.
Take a few smoothing wraps, then tie in the front Grizzly hackle sized about one and a half hook gaps, again with a little bare stem for the first wrap, using three or four wraps.
Take four or five turns of the front hackle, about the same as the rear, lock it with two thread wraps, snip the excess and tidy any forward-pointing barbs.
Push the barbs back just far enough to lay a few wraps for a flat head, without sweeping them back, take a four-turn whip finish clear of the fibres and add a small drop of resin or head cement.