Herringbone stitch has become a new favorite of mine. It makes a lovely dense piece and has wonderful texture to it. This example is a neck warmer I am almost finished with. I have also been trying to fashion a pair of wrist warmers with this stitch in my own pattern.
Here is how you would knit this stitch
Cast on an even number of stitches
1ST ROW K1 *S1 K1 psso but before taking it off the needle knit through the back loop first; repeat from star to last stitch, K1 2ND ROW P2 together and keep on left needle, p 1st stitch again and drop both stitches off needle.