This is another one of our favorites!
I started with the part down the middle. Take it all the way down, like you are making pigtails. Put one side in an elastic while you're working on the other side. I think it makes it easier if you complete one entire side first, then start on the other side. Hopefully you can figure this one out by looking at the finished product, I didn't take pics along the way.
Basically, just make two rows of ponies on each side of the part, crossing and adding the previous ponies all the way down.
I added the ribbon last. Thread it through the elastics, like you are lacing a shoe. Tie a double knot at the bottom, so it doesn't come undone.
I loved this for the 4th of July, with the red, white, and blue. So patriotic!