I can't look at your VI (only 7.0 here, you can backsave using File>>Save with Option>>Save for previous), but like Gerd said, you will most likely have to convert the ASCII stream into an array of bits. This was demonstrated in the VI I attached.
To search the array you can try using a for loop to go over every element (using auto-indexing) and start\reset a counter based on the T\F values, or you can use Search 1D array and increment the start index each time (you will have to search alternately for T and F and substract where you are now from where you found the next T\F to see if you have 11 bits) or find some other way (there are probably more efficient ones).
Here's a quick modification along those lines. It doesn't handle all cases (for example, what happens if it doesn't find T or F at all), but it show you the general direction. Also, remember what Gerd said about the size. You can use the read VI to only read a certain number of bytes from the file.
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