|Sample knit with Cascade 220 on US size 8 needles|
I recommend adding at least two extra stitches to your cast on count - one on each edge to make working the beginning of the row easier and for neatness.
There was someone looking for this stitch over on Knitting Paradise; it is used in the Wine Country Cowl. The stitch is from the Third Walker Treasury.
Even number of stitches
Row 1: (RS) *yo, sl 1, k1, then pass both the yarn over and slipped stitch over the knit stitch* (this will reduce your stitch count by half)
Row 2: *Insert right needle from right to left behind the diagonal strand at the base of the first stitch on left needle, and place strand onto left needle. Purl strand, then purl the first stitch on left needle*
Repeat these two rows for pattern