Basket Cable. Cast on a number of stitches divisible by four.
Rows 1, 3, and 5. Purl.
Rows 2 and 4. Knit.
Row 6. K 4, * slip 4 on to spare needle, and drop to back of work, K 4 from left-hand needle, then K 4 from spare. Repeat from * across row.
Rows 7, 9, and 11. Purl.
Rows 8 and 10. Knit.
Row 12. * Slip 4 sts. on to spare needle, leave in front of work, K 4 from left-hand needle, then K 4 from spare. Repeat from * across row.
Repeat these twelve rows.
Source: Complete Guide to Modern Knitting and Crocheting