You will need:
Red double knit yarn (I used one with red sparkle in it).
Metallic red yarn.
Lightweight filler for stuffing.
Knitting needles size 4mm (UK 8. US 6).
Method:
Cast on 5 stitches using red double knit yarn.
Row 1 – KFB (knit through the front and back of each stitch). (You should have 10 stitches).
Row 2 – Knit garter stitch (knit stitches, no purl).
Row 3 – As row 1. (20).
Row 4 – Knit.
Row 5 – K1, KFB. Repeat across the row. (30).
Row 6 – Knit.
Row 7–10 – Change to red metallic yarn. Knit.
Row 11–14 – Change to red double knit yarn. Knit.
Row 15–18 – Change to red metallic yarn. Knit.
Row 19–22 – Change to red double knit yarn. Knit.
Row 23–24 – Change to metallic yarn. Knit.
Row 25 – K1, K2tog. Repeat to the end of the row. (20).
Row 26 – Knit.
Row 27 – Change to red double knit yarn. K1, K2tog to the last 2 stitches, K2tog. (13).
Row 28 – Knit.
Row 29 – K1, K2tog to the last stitch, K1. (9).
Row 30 – Knit.
Row 31 – K2tog to the last stitch, K1. (5).
Bind off.
With right sides together, sew the bauble together along the side seam using yarn. Sew the top together and pull the yarn to help gather the top.
Turn right sides out.
Stuff the bauble with filler and sew the bottom gap shut, pulling the yarn to tighten and gather the bauble shape. Use a piece of the yarn to make a loop on top of the bauble.