Northwest of Santa Fe and west of Los Alamos, the 89,000 acre Valles Caldera National Preserve (aka Baca Ranch) has high grassland valleys at 8,000 feet hosting the southwests largest elk herd surrounded by 11,000 peaks. This is an old volcanic caldera, reminiscent to Yellowstone National Park. The preserve is pretty much untracked and has few designated trails, so its ripe for a bushwacking expedition to explore little known creeks.
The creeks and small rivers in the Caldera are known for their wild rainbow trout and brown trout.
Note: When fly fishing in New Mexico, you must have a valid fishing license in your possession at all times. There is a combined daily bag limit of five for brown trout, brook trout, rainbow trout, lake trout, konanee salmon and cutthroat trout (a maximum of two).
Overall, Valles Caldera National Preserve is the 11th most popular fly fishing river of all 13 fly fishing spots in New Mexico.