At a seminar during a visit to California in mid-April just prior to the joys of downsizing and moving I showed this swatch and was asked for instructions for duplicating it.
I have moved, and I finally have a machine set up to prove my ideas. The images below show plotting out repeats in excel odd number of rows knit between shapes
movements of carriage to create each shape 
If an even number of rows of color 1 is knit between shapes, the yarn is cut at the end of the holding sequence with color 2 (which is made up of an odd number of rows, begins on right, ends on left), a free pass is then made to return carriage to the right, there picking up color 1 for the plain knit sections.
Some cut and paste following the direction of the arrows to work out knitting several shapes in any one row: in this instance the first row knit with color 2 is from left to right, as is the last row. Even-numbered rows in color 1 would start and end on the same side, COL. If changes of any 2 colors in any technique are for an even number of rows, yarn ends will occur on the same side.
My original sample was made knitting single shapes with an even number of knit rows between them. A reminder: Studio needle positions are A,B,C,D, Brother needle positions are A,B,D,E. Holding position for Studio = D, for Brother = E. Upper work position for Studio = C, for Brother = D. Settings for both are indicated below, for Studio, then (Brother)
color 1 cast on 60 stitches, knit 20 (or X) rows, end COR
first shape: COR color 2 knit one row, end COL
COL on the right, bring 27 stitches to hold D (E) position. The rule is usually to always wrap taking yarn around the first needle in hold D (E) position, then to knit one row. I found in my samples the holes created were so small they could hardly be seen, so I did not wrap.
COR on the left, bring 27 stitches to hold D (E) position (6 stitches now in work), knit one row
holding sequence for each “shape”
COL at right, push 2 needles to work position C (D), knit one row
COR at left push 2 needles to work position C (D), knit one row
COL at right, push 2 needles to work position C (D), knit one row
COR at left push 2 needles to work position C (D), knit one row
COL at right return 2 needles to hold D (E) position, knit one row
COR at left return 2 needles to hold D (E) position, knit one row
COL at right return 2 needles to hold D (E) position, knit one row
COR at left return 2 needles to hold D (E) position, knit one row
COL return needles to right of shape to work position C (D), knit one row
COR return needles to left of shape to work position C (D), knit one row
COL cut color 2, make free carriage pass carriage to the right
COR change to color 1, knit the desired number of rows (20) end COR
COR for the second shape with color 2 knit one row, end COL
COL at right bring 40 needles to hold D (E) position, knit one row
COR on the left, bring 14 stitches to hold D (E) position, knit one row
“Always wrap taking yarn around the first needle in D (E) position, knit one row”, repeat shaping as directed above
COR change color 1, knit the desired number of rows (20) end COR
for the third shape
COR with color 2 knit one row, end COL
COL at right bring 14 needles to hold D (E) position, knit one row
COR on the left, bring 40 stitches to hold D (E) position, knit one row
repeat shaping and /or wrapping as directed above
change to color 1, knit the desired number of rows (20), bind off