What you have there are actually instructions for 4 rows.
Row 1: Bind off 1 stitch at beginning, finish row in pattern (This is a knit row)
Row 2: Bind off 1 stitch at beginning, finish row in pattern (This is a purl row)
Row 3: (your Row 1 in red)
Row 4: ( your row 2)
Yes, bind off is knit 2 and pass 1st stitch over 2nd and off needles.
You can do this either knitwise or purlwise depending on which row you're on.
Hope this helps
Happy Knitting :XX: :XX: