Ok, so practically every newbie who shows up here asks about this one. I figured someone should throw together a tutorial, so I did.
You will need at least 6 colors or else the pattern won't work out like it's supposed to. Most people here who have done it have used 8, but this tutorial uses 6.
First, cut your six colors and knot them together. Then, split them into two groups, one strand of each color per group.
The trick to getting this bracelet to have it's round shape is a lot easier than it looks. All you have to do is take your first color you want to use and make a knot around ALL the other colors.
Starting on the left side, pick your first color, and make a fk around all the rest.
Then, pick up the one you want next and make a fk around all the other threads EXCEPT the one you just used.
Continue doing that until you run out of colors. The last one is only knotted on, not used to make a knot. It should look like this:
Now we move to the other side. Do exactly the same thing, except you make bk's this time. It should look like a reverse of the other side.
Now that the sides are done, it's time to work on the middle. Take the two threads you used first and make a fk to join them.
Going down the right side, make a fk on each color, and a fk/bk on the last one.
Do the same on the left side, only using bk's and a bk/fk on the last thread.
Now we are done with the pink.
Let's move on to the next color. (Orange in this case.)
Do just like you did with the pink going down both sides, making fk's going down the right and a fk/bk on the color before the one you just used, and making bk's going down the left and a a bk/fk on the thread before the one you just used.
Do the same with the next color. (Yellow)
Now that we have two of the same color together, (yellow), make a fk to join them.
Now back to the orange. Make bk's going down the right and fk's going down the left, with a fk to join them together.
Do the same with the pink.
Now we get back to shaping the outside of the bracelet.
On the right side, pick up the second color from the right and make a fk on to the right most color.
Now pick up the third color from the right and make a fk onto BOTH the first and second thread.
Continue like that until you knot around all the other colors with the pink thread, then go to the left side. Do the exact same thing except using bk's and it should look something like this:
Congratulations! You have made the first part of the bracelet. Just repeat the steps here to continue.
Good luck.
