This is a pretty hard braid to master and almost impossible to keep tight so I won't. All you need is something to braid and something to secure it to (like hair is hopefully attached to a head) I'm using pink yarn and duct taping it to my bed.
Step 1: Getting Ready
Take the five strings and separate them like so
Step 2: Starting Off
Take the three middle stings and do one stitch of a three-strand braid
Step 3: Adding in the Outside Strands
Using the two outside strands of the previous step's braid, pull the one on the left side and pull it OVER the outside strand on the left.
Then pull the one on the right and pull it OVER the one outermost strand on the right.
Step 4: Next
Keep going by braiding the inside three again and adding the outer strands.
Step 5: Finished!!
When you're done tie up the end and admire the finished result!