http://www.youtube.com/watch?v=gbB2cfjFXwI
You use the same process as for a non-stripy bracelet but you have to position the threads in a certain way on the board to create the stripes. I used slightly larger beads for this one, which I think made the bracelet a bit looser than the first one. It's unfinished as I didn't have enough yellow beads.
Finally, I just created this rainbow bracelet, which I'm pretty pleased with. I'm looking forward to making lots more, but they do use up a lot of beads!