One of my favourite dry fly styles both to tie and fish is the parachute style. The parachute acts as an indicator for the fly, and thus allows you to see very small flies easily, and also allows you to see larger flies at great distances. Usually used to imitate the dun stage of mayflies, the style is useful when incorporated into other patterns as well such as emerger patterns.
Step One: Set the hook in the vise.
Step Two: Start a thread base.
Step Three: Stack your deer or elk hair in a stacker, remove the underfur and line up the tips so they extend about half a hook shank forward of the eye.
Step Four: Pinching the hair tightly, make a couple of loose wraps before tightening and cinching down the hair. Work your way back in tight turns to secure the hair in place.
Step Five: Trim off the excess hair in a taperd fashion.
Step Six: Build a smooth, tapered body to the rear of the hook being careful to keep the taper as even as possible.
Step Seven: Remove some of the stiffer fibres from a dry fly hackle feather and tie them in as the tail.
Step Eight: Dub the body forward.
Step Nine: Pinch the hair tightly, pulling it back in the process and place several wraps of thread in front of the hair.
Step Ten: Make a couple of loose wraps around the post before finally cinching it slightly tighter, but not tight enough to splay the hair.
Step Eleven: Select a hackle feather for the purpose and secure it in place at the base of the wingpost.
Step Twelve: Grab the feather with your hackle clamp and wrap the feather around the wing post several times before securing it at the head. Finish with a couple of half hitches or whip finish the fly.
The finished fly from an angle above
The finished fly from the side