I am generally a lurker but thought I would share my latest creation!
I am an American lady living in Sydney. Shrugs are all the rage here, and being the middle of winter I thought I would make my own version to keep warm! Self-designed; [edit: see below for pattern!]. Made out of the following yarn
http://www.skiyarn.com/keito/keito-img/cardea.jpg (It's all in Japanese so I can't really read much other than the glaringly obvious English; the website is all in Japanese, too). I am also a sucker for all things pink, so I couldn't resist the yarn when I saw it. (For those in Sydney, it is available at Tapestry Craft.)
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Ok I have finally found some time to write up a rudimentary pattern. I apologize if it is not very clear, this is the first pattern I have ever written!
Please be sure to read through the pattern in full first!
Gauge: 16 st/22 rows over 4"(10cm) in Stockinette
US #8 (5mm) needles or size needed for gauge.
Straight or any size circular for body pieces.
US #7(4.5mm) 32" circular or biggest size available for edging. (you will have a lot of stitches!)
Sizing Guide:I wrote this pattern sized for myself. I have roughly a 34" chest, although it came out very stretchy so it could accomodate a few larger sizes. If you need more width, increase the number of stitches, but keep it a multiple of 4 to keep the 2x2 rib.
Sleeves are roughly 11" or so in circumference. Increase as need be.
**Note: Purl all WS rows.
Back:CO 68 sts. Work 2x2 rib for 3" (20 rows).
Continue in Stockinette st. until piece measures 8" (32 rows) (or desired length; for mine, I did the measurement of the armpit to the natural waist)
BO 6 st beginning of next 2 rows.
Continue raglan decreases as follows: Dec at each end every other RS row 10 times. (If more length is required, inc. number of repeats)
BO all stitches.
Left Front:CO 34 sts. Work 2x2 rib for 3" (20 rows). Cont in Stockinette until piece measures 8" (32 rows) (or same length as desired for back). End with WS row facing you.
BO 6 sts beginning of next row (left hand side).
Continue raglan decreases as follows: Dec on left-hand side every other RS row 10 times. (If more length is required, inc. number of repeats to that of back). Begin decreasing on right hand side as well at 4th decrease.
BO all stitches.
Right Front:CO 34 sts. Work 2x2 rib for 3" (20 rows). Cont in Stockinette until piece measures 8" (32 rows) (or same length as desired for back). End with RS row facing.
BO 6 sts beginning of next row (right hand side).
Continue raglan decreases as follows: Dec on right-hand side every other RS row 10 times. (If more length is required, inc. number of repeats to that of back). Begin decreasing on left hand as well side at 4th decrease.
BO all stitches.
Sleeves:CO 46 sts. Work 2" (12 rows) of rib.
Continue straight in St. st until sleeves are desired length to armpit.
BO 6 st beginning of next 2 rows.
Continue raglan decreases as follows: Dec at each end every other RS row 10 times. (If more length is required, inc. number of repeats, same number as all other raglan decreases)
BO all stitches.
Your pieces should look kind of like this (apologies for the elementary graphics):

Sew all body pieces together.
Hood:Pick up stitches along the neck for hood. PATIENCE! THERE WILL BE A LOT OF STITCHES. Knit in St st. for about 3.5".
pm at center of stitches.
k to marker, m1, slip marker, m1, k to end. Do this every other RS row 3 more times (4 total)
Work straight in St st for about 2.5".
K to 2 sts before marker, ssk, slip marker, k2tog, k to end. Do this every other RS row 2 more times, then every RS row 7 times.
Use 3 needle BO to seam hood halves together. (If you're ambitious, use kitchener st to graft together instead. I am not ambitious.)
Edging:With smaller needles, pick up sts around the middle and hood as seen here (again, sorry for the crappy image):

Knit in 2x2 rib for 8 rows. BO all sts.
Block and wear proudly! You can close it with a pin if you want, I tend to just leave it hanging open.
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Cheers!
Please let me know if there is any problem with the pattern and I will try and explain as best I can! I work long long days as a systems admin so apologies in advance if I cannot get back to you right away.