To make a Paracord Bracelet using a Cobra Knot you'll be repeating reversing moves; there are essentially just two movements, one from left and one from right, so once you have them down the process is really simple. We're using red and black cord in our example for better visibility. So here we go.

With the cord laid out in front of you as shown above, grasp the longer section (red) on the right side and lay it on TOP of the small section (black) of cord as shown, creating a "Z" (hopefully your Z looks better than mine!).

 

Now grasp the left side of the longer strand and thread the end over and through the first loop (bottom left) of the "Z" and UNDER the small strand then back out through the second loop of the "Z" (top right).
Now simply pull on both ends of the longer strand to gently tighten the knot up. Early on you'll have to adjust the knot and cord as you go to keep them nicely aligned. This is how it should look at the end of this first step. Yours should be a little more snug than the picture shows.