K, here's as much of a pattern as i could muster up.....it's not complete, but get creative and play around with it!
I just added and modified the very popular celtic braid pattern (available here
http://www.knitting-and.com/knitting/patterns/afghans/celticbraid.htm w/ descriptions)
The part in [brackets] is the celtic braid part and then on either end, I have cables twisting in opposite directions.
I hope I did the chart/instructions right as I’ve never written out patterns before!
Cast on 50 stitches
(for some reason the patterns starts from the wrong side, and I didn’t know this initially, but the chart is worked from bottom up)
Row 1: K2, P6, K2, P1, [K4, P4, K4, P4, K4, P4, K4, K4], P1, K2, P6, K2
Row 2: P2, K6, P2, K1, [P4, C4B, P4, C4B, P4, C4B, P4, P4], K1, P2, K6, P2
Row 3: K2, P6, K2, P1, [K3, P4, K4, P4, K4, P4, K4, K3], P1, K2, P6, K2
Row 4: P2, C6F, P2, K1, [P2, BT3, FT4, BT4, FT4, BT4, FT3, P2], K1, P2, C6B, P2
Row 5: K2, P6, K2, P1, [K2, P2, K3, P4, K4, P4, K3, P2, K2], P1, K2, P6, K2
Row 6: P2, K6, P2, K1, [P1, BT3, P3, C4F, P4, C4F, P3, FT3, P1], K1, P2, K6, P2
Row 7: K2, P6, K2, P1, [K1, P2, K4, P4, K4, P4, K4, P2, K1], P1, K2, P6, K2
Row 8: P2, K6, P2, K1, [P1, K2, P2, BT4, FT4, BT4, FT4, P2, K2, P1], K1, P2, K6, P2
Row 9: K2, P6, K2, P1, [K1, P2, K2, P2, K4, P4, K4, P2, K2, K1], P1, K2, P6, K2
Row 10: P2, K6, P2, K1, [P1, K2, P2, K2, P4, C4B, P4, K2, P2, K2, P1], K1, P2, K6, P2
Row 11: K2, P6, K2, P1, [K1, P2, K2, P2, K4, P4, K4, P2, K2, P2, K1], P1, K2, P6, K2
Row 12: P2, C6B, P2, K1, [P1, K2, P2, FT4, BT4, FT4, BT4, P2, K2, P1], K1, P2, C6F, P2
Row 13: K2, P6, K2, P1, [K1, P2, K4, P4, K4, P4, K4, P2, K1], P1, K2, P6, K2
Row 14: P2, K6, P2, K1, [P1, FT3, P3, C4F, P4, C4F, P3, BT3, P1], K1, P2, K6, P2
Row 15: K2, P6, K2, P1, [K2, P2, K3, P4, K4, P4, K3, P2, K2], P1, K2, P6, K2
Row 16: P2, K6, P2, K1, [P2, FT3, BT4, FT4, BT4, FT4, BT3, P2], K1, P2, K6, P2

Repeat pattern 8 times, but on the 8th repeat, I modified it a bit to make the tapered part of the purse’s flap….and I didn’t write down how I did this, I just started decreasing some of the areas where there were extra stitches and started altering the “braid”part so it would be sort of pointy, then added a couple of rows of knit or purl to match. (sorry, I wish I had exact details for you)
There were 3 repeats for each the front and back, one on the bottom, and one modified one for the flap.
For the strap, I did the following:
Cast on 18 st,
(18 stitches) Knit 15 rows
K 16, K2tog
K 15, K2tog
(16 stitches) Knit 10 rows
K 14, K2tog
K 13, K2tog
(14 stitches) Knit 5 rows
K 12, K2tog
K 11, K2tog
(12 stitches) Knit 5 rows
K 10, K2tog
K 9, K2tog
(10 stitches) Knit 120 rows **this is the strap, so make longer/shorter as you like**
K 9, M1 on last stitch
K 10, M1 on last stitch
(12 stitches) Knit 5 rows
K 11, M1 on last stitch
K 12, M1 on last stitch
(14 stitches) Knit 5 rows
K 13, M1 on last stitch
K 14, M1 on last stitch
(16 stitches) Knit 10 rows
K 15, M1 on last stitch
K 16, M1 on last stitch
(18 stitches) Knit 15 rows
Sew it all together, add magnetic button and voila!