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Helical Stripes have got a huge variety of uses, the basic concept is that you change the colour every round but to avoid a jog you only knit to 3 stitches before the previous colour change, slip those 3 stitches and then pick up the other colour. The place you change the colour of your yarn keeps jogging back 3 stitches and one colour is 'chasing' the other one which means that you have no colour 'jog' or place where you have the yarn looping over itself. It's idea if you are working in the round and need to alternate 2 skeins of hand dyed yarn.
If you are on my mailing list you'll have receive a free copy of the pattern 'Helly' that uses Helical Stripes.
Why not give this technique a try in one of the following patterns:
