This is a simple weave and it is called this because of the way it looks.
Step 1: Supplies
Punch(makes easier and faster to undo)
Step 2: Thread the Ring
Thread the rope around the ring. refer to the picture. (It is backwards, sorry)
Step 3: Tie a Loop Knot at the Bottom
Step 4: Weaving Time
Start like the standard cobra stich but keep tying from one side (refer to pictures for explantion, in oder now :). In doing this it should start twisting which is normal. The very last pictur is what it should start looking like. Continue this process until you reach the end.
Step 5: Almost There
Cut the tags
Step 6: Melt the Ends
Cut close the end and melt then smoosh flat.
Step 7: Finished
I leave the loops on the end so I can put a clip through it and clip it to my pants or what ever else. You can cut it then melt it if you want.