The Vs are knits and the bumps are purls. This is a tube that's knit very long, then the cast on and bind off sts are knit together to make the loop. You probably didn't do the provisional (temporary) cast on, but you don't need to do it. If you CO 70 or so sts and joined, then you have the tube. Just knit it as long as you want and BO, then sew the cast on and BO together.
sue- knitting heretic