Start the thread about two-thirds to three-quarters of the way up the shank, tie in a good length of fine copper wire, and wrap the thread down over the wire to the bend.
Chop and hand-blend a sparkle dubbing from fine bright fibers (silver, a little pearl, and some brown or bronze) and dub a slender, tapered abdomen from the bend forward to about the 65% point. Keep it slim; this imitates a mayfly.
Draw a bunch of pheasant tail fibers out to a right angle from the stem so the tips align, snip them off, and hold them on top of the shank; bind them in right in front of the abdomen with the tips extending back.
Double a piece of bronze Krystal Flash or Flashabou and tie it in at the same point, then pull the flash forward and hold it out of the way with one turn of thread.
Take one turn of copper wire into the front of the abdomen. Then grab the pheasant tips, pull them down, and take the second turn of wire over them. That forms the tails. Pull about half the tips toward you and half away, and snug the wire, but not so hard that you weaken and eventually lose the tips.
Back off the holding thread turn, lay the two flash strands back over the top of the abdomen, and take the next wire turn over them, then rib five to eight evenly spaced turns forward to give a reflective back.
Pull the pheasant butts and remaining flash back and bind them with the wire, then make three quick layers of wire over the thorax area to lightly weight the fly; trim the wire.
Dub the same sparkle blend, a little rougher this time, into a big full bushy thorax.
Pull the pheasant fibers forward over the thorax and tie them down for a wing case, then pull the flash forward over the wing case and tie that down too.
Whip finish and snip the butts and flash close.
Split the tails: push three to five fibers out to each side and snip off the ones left in the middle.
Coat the head with two-part epoxy glue; optionally work a little over the wing case as well and hit it with a hair dryer so it soaks in.