Materials: 2 balls cotton yarn, (1 MC, 1 CC), 4.5mm needles.

Instructions:
Cast on using MC and a number of stitches divisible by 4 plus 3. (I used 43)
Row 1: Using MC, Knit.
Row 2: Knit.
Row 3: Using CC, K1, *sl 1 with yb, K3, rep from * to last 2 stitches, sl 1, K1.
Row 4: P1, *sl 1 with yf, P3, rep from * to last 2 stitches, sl 1, P1.
Row 5: Using MC, K1, *sl 1 with yb, K1, rep from * to end.
Row 6: P1, *sl 1 with yf, P3, rep from * to last 2 stitches, sl 1 P1.
Row 7 and 8: Knit.
Row 9: Using CC, K3, *sl 1 with yb, K3, rep from * to end.
Row 10: P3, *sl 1 with yf, P3, rep from * to end.
Row 11: Using MC, K1, * sl 1 with yb, K1, rep from * to end.
Row 12: P3, * sl 1 with yf, P3, rep from * to end.
Repeat Rows 1 thru 12 six times, then work Rows 1 and 2 for bottom finish.
Bind off, knitting stitches.

Do not cut yarn as you change colors. Just pick up the color you need on each side as you work. You could also add 3 stitches to each end and work them in garterstitch to make a narrow border on either side.