The method for making this braid is exactly the same as Version 1, apart from the initial strand arrangement.
This braid uses 8 strands - 4 each of two colors. This example was made with standard embroidery floss. Cut your strands 30% longer than your intended finished braid length if you're using embroidery floss, other materials may require different amounts.
Start your braid by arranging your strands with 2 of one color on the left, 4 of the other color in the center, and 2 of the first color on the right (the way the strands are shown at the bottom left of the diagram.) Move the strand that is farthest right to the inside left; then move the strand that is farthest left to the inside right. Repeat this until your braid is the desired length.