From Knitting-and.com. Modified to show a chain selvedge along the straight edge, and to end rows 1, 3, 5, and 7 with ssk, yo, k2 rather than k2tog, yo, k2.
ssk, yo, k2
k2tog, yo, k2
See also Mrs. Small's Tea Towel Edge.
Shown with a cast-on count of 17 stitches.
1 2 3 4 5 Horizontal repeats
1 2 3 4 5 Vertical repeats
Swatch photo uploaded by jcbriar