Woven Plait stitch is a dense stitch and pulls in considerably

With color A, cast on a multiple of 3 sts .
Row 1 (RS): With color A, knit.
Row 2 (WS): With color A, purl 3, *slip1 with yarn in front, purl 2; repeat from * to end.
Row 3: With color B, knit 2, *drop next st off needle to front of work, knit 2, then with point of left-handed needle pick up dropped st and slip it on to right-hand needle without working; repeat from * to last st, knit 1.
Row 4: With color B, * purl 2, slip1 with yarn in front; rep from * to last 3 sts, purl 3.
Row 5: With Color A, knit 1 * slip 2 with yarn in back, drop next st off needle to front of work, slip the same 2 sts back to left-hand needle, pick up dropped st on to right-hand needle without working, knit 2; repeat from * to last 2 sts, knit 2.
Repeat rows 2-5 until you have reached your desired length.