Surfing online, I found these instructions: How To Braid 5 Stand Bread,http://www.wonderhowto.com/how-to/video/how-to-braid-a-5-strand-bread-177470/
I tried this technique using ribbon but it didn't turned out pretty so I changed "side strand over middle stands" to "side strand over then under middle stands". Here is what I got. Just following the step by step instruction below to make one yourself.
What you need: 5 x 24" long 3/8" ribbon, D-ring, fabric-tac, glue gun, braided headband base (or you can wrap 1" plastic headband with 3/8" ribbon) sissors.
1. Secure 5 strands of ribbon on a D-ring. Then hang/tie D-ring somewhere so both of your hands are free to braid/weave. I'll name these 5 strands from left to right: SUPER DOTS, LOLLIPOP, SOLID, SWISS DOTS and STRIPES. The basic technique is to braid side strands OVER, then UNDER. When braiding, the printed ribbon is always face up.
2. Bring STRIPES over SWISS DOTS.
3. Then weave STRIPES under SOLID.
4. Left side, bring SUPER DOTS over LOLLIPOP. It's OK if it doesn't look balanced because we'll cut the beginning part off later.
5. Weave SUPER DOTS under STRIPES
6. Again on right side, bring SWISS over SOLID.
7. Weave SWISS under SUPER DOTS
8. Left side, bring LOLLIPOP over STRIPES
9. Then LOLLIPOP under SWISS DOTS.
10. On right side, braid SOLID over SUPER DOTS, then under LOLLOPOP.
11. On left, braid STRIPE over SWISS DOTS, then under SOLID.
12. Continue until the braided stripe is about 17" long.
13. Cut SWISS DOTS, then use fabric-tac to glue SWISS DOTS and LOLLIPOP together.
14. Cut LOLLIPOP, then use fabric-tac to glue LOLLIPOP and SOLID together.
15. Cut SUPER DOTS then glue SOLID and SUPER DOTS together.
16.Cut STRIPES and glue LOLLIPOP and STRIPES together
17. Cut SOLID and glue LOLLIPOP and SOLID together. Seal the ribbon ends.
18. Cover the braided headband base with this braided ribbon stripe. Then repeat step 14-18 to trim the extra length and finish the other end.
19. Use fabric-tac or glue gun to glue the end of braided stripe on headband base as shown.
20. Glue all the way to the other end.