This row is giving you the set up of the pattern panels for the poncho. Basically folllow the steps across the cast on sts.
Row 1 [K1, p1] 5 times, Panel B, KB1, Panel A, KB1, Panel B, KB1, Panel A, KB1, Panel B, KB1, [p1,k1] 5 times.
On row 2 you'll follow the panel set up the reverse order, working row 2 of the panels A and B.
This is the sequence you follow for the rest of the rows.
Really we only need approximately the red portion of the pattern. Please delete the rest so that we don't have any problems with copyright.