Knitting Cables in the Round

[Taso]

Hello, everyone. I've been a long time user of the site - mostly learning from the videos and lurking on the forums, but I've run up against a problem on which I feel I need clarification. Cables. Particularly, knitting cables in the round.

I've been trying to make the gauntlets linked here which include some pretty intricate cabling. The cable pattern is listed below:

Worked over 16 sts.
Rnd 1: P1, sl 4 sts to spare dpn and hold to back of work, k2, k4 from spare dpn, p2, sl 2 sts to spare dpn and hold in front of work, k4, k2 from spare dpn, p1.
Rnd 2 and all even-numbered rnds: Work sts as they appear—knit the knits and purl the purls.
Rnd 3: P1, k4, sl 2 sts to spare dpn and hold to front, p1, k2 from dpn, sl 1 st to dpn and hold to back, k2, p1 from dpn, k4, p1.
Rnd 5: P1, k4, p1, sl 2 sts to dpn and hold to front, k2, k2 from dpn, p1, k4, p1.
Rnd 7: P1, k4, sl 1 st to dpn and hold to back, k2, p1 from dpn, sl 2 sts to dpn and hold to front, p1, k2 from dpn, k4, p1.
Rnd 8: Work sts as they appear.
Rep Rnds 1-8 for Cable Patt.

My specific problem seems to be the even number rounds. She says to knit as the stitches appear - knit the knits and purl the purls. So does that mean round 2 will be: P1,k2, k4, p2, k4, k2, p1. or am I completely off my rocker? I've gone to round 5 and it doesn't seem to be making a coherent cable which has resulted in me starting over twice already. Any thoughts/tips would be most appreciated.

Thanks,
Scott