Vertical Sock Hat

Gauge is 7st to the inch. I used a size five needle (3.75mm).

Note: all slipped stitches are knitwise wyib
RT: K2tog, keep both st on needle, k1 into back of first st

Cast on 28
Wedge one:
1: sl 1, knit to last st, inc 1 (by knitting into the front and back of the st)
2: sl 1, knit all
Repeat Pair one until you have 50 st.

Set up rows:
1: sl 1, knit 27, RT turn
2: sl 1, knit all

Wedge two:
3: sl 1, knit to one stitch before the gap, RT turn
4: sl 1, knit all

Repeat set up rows and Pair two five times(or until hat is desired circumfrence).  

For a bigger hat, you could knit another wedge, or add a few plain knit rows in
between wedges (on the 50 stitches). 

Cast off, seam, do happy dance!