Start with a strip of felt any colour.Use thin felt, it works better. Try to make the shape as proportionate the picture.

Fold it in half

Sew up the open side of the felt and turn it inside out

Cut a small strip for the middle of the bow

Crease the bow in the middle. I'm not sure how to describe it but follow the picture.
Play around with the felt until you're satisfied with the shape.

Take the strip of felt and wrap it around the bow. Make sure it's in the centre

Sew up the ends from the behind.

Cut off the excess fabric...

This is how to make a simple felt bow.

This is a stocking that I didn't need because it had a ladder in it.
Cut a strip off it(It really doesn't matter if it's uneven, just don't have it really thin)

So now you have a ragged piece of stocking.

Pull the stocking a bit and it will turn into a tight piece of elastic!
I discovered this a while ago and you can use it as a hair tie too

Sew the bow onto the elastic

And there you go!

You can put this in your hair...But tie your hair first with a normal hair tie before putting the bow in it

Or you can wear it on your hand;D
Or do whatever you want with it really.