Cast on a multiple of 5 stitches. Add 2 more selvage stitches if you want to make a nice-looking edge.

Row 1 (right side) Color A: *knit 4 sts, slip 1 stitch knitwise with yarn behind the work*, repeat from * to * as necessary.
Row 2 and every wrong side row: work sts as they present themselves and don’t change color.
Row 3 (right side) Color B: *knit 1 st, slip 1 stitch knitwise with yarn behind the work, make a 3 stitches right cable (slip 2 stitches to a cable needle and hold them to the back of the work, knit 1 stitch, return the slipped stitches to the left needle and knit them)*, repeat from * to * as necessary.
Row 5 (right side) Color A: *knit 1 st, make a 3 stitches left cable (slip 1 stitch to a cable needle and hold it to the front of the work, knit 2 stitches, return the slipped stitch to the left needle and knit it), slip 1 stitch knitwise with yarn behind the work*, repeat from * to * as necessary.

Repeat rows 3-6 as necessary for completing your project.
You can also work according to the chart below. Pattern repeat is marked by red frame.

Note: the chart depicts stitches in right side rows from right to left (that is, your first stitch in right side row will be the first stitch on the right of the chart) and stitches in wrong side row from left to right (that is, your first stitch in wrong side row will be the first stitch on the left of the chart). To make this concept easier the number of each row is shown at the beginning of row (number 1 is on the right side of the chart and number 2 is on the left side). Ignore this note if you knit in circle and start all your rows from the right of the chart.