OK, Kati. Are you taking notes? Here it goes...
I have to apologise for the pictures. It is very hard to take decent pictures of the back of your own head. Hopefully you will be able to get the idea.
First, you make two pigtails towards the back of your head. Just wrap them with a regular hair binder. Be sure they are even and fairly close together.
Next, you braid each ponytail into two braids. Bind these off, too.
Make buns with ONE braid from EACH ponytail, securing with bobby pins. I usually end up with one braid more towards the middle on each side, and use this one for the bun, but I don't think it would really matter much. The one thing to be sure of is that the braid that you are NOT wrapping into a bun stays under the other braid, rather than sticking out of the middle. Does that make sense?
Now for the part that makes it look fancy.
Take the remaining braid from the right side, wrap it under the bun on the right side and then over the bun on the left side. Secure. Take the remaining braid from the left side, wrap it under the bun on the left side and over the right. Secure.
You're done! It really is easy, and not too terribly time-consuming. If your hair is a lot longer than mine, you might have to experiment with how many times you wrap your braids, but other than that it is simple as pie!
Feel free to email me with questions....
EDITED TO ADD: If you would like, I have a couple other hairstyles that I have received compliments on. I would be willing to share these as well.