$1936

How would I make an alpha bracelet like in this photo?

http://cdn.nextsmallthings.com/coolchaser.com/thumb-16472759.jpg

(I would make 2 by 2 blocks of each color instead of 1)

I know how to do alpha, but how would I line up the strings and keep all the colors in at once? Just really in general, how would you do this so that it could look good? Thanks soooo much!