Find a place with plenty of ventilation or, better yet, work outside. Place the newspaper down on a table, and tape the edges of the paper down. Tape the top and bottom of the paper with your desired shape on it to the newspaper. Place the wax paper on top of the paper, taping down the sides.
Insert the tube of silicone into the caulking gun, following the instructions on the tube. Construct the cake piping bags with the coupler set and the size 4 cake decorating tip, consulting the directions on the coupler set box if needed.
Lay the cake piping bag flat on a table. Squeeze about a teaspoon size of silicone into one side of the bag, as close as possible to the tip.
Put on the disposable gloves. Choose two oil-based colors you want to use to make the tie-dye look. Stir the first color into the silicone with a craft stick.
Squeeze another teaspoon size of silicone in the other side of the bag, as close as possible to the tip. Use a new craft stick to add and mix the second color of paint to the silicone inside the piping bag.
Squeeze some of the silicone mixture out of the piping bag and onto the newspaper to test the color. Once the color flows smoothly, squeeze the silicone out as you slowly trace the shape that is visible under the wax paper.
Wait at least 24 hours for the silicone to dry fully, and then peel the tie-dyed shaped bracelet off of the wax paper. Try on your new creation.