100 Stitches - Buttonhole Stitch with Picot

This may or may not be the Buttonhole Stitch with Picot.  Lovely isn't it?

To me it resembles a gorgeous trim:

It even makes a pretty stitch when seen from the underside:

This is the latest stitch I have "learned" from 100 Stitches.  I said may or may not be the stitch because I really couldn't figure out the way to do this stitch from the written instructions or the two diagrams provided in 100 Stitches.   I also couldn't find any help on the web, so I just tried what I thought would be the way to get this result and that is what I will demonstrate.

Before I start, you might enjoy this picture :) This hoop full of disaster shows some of my first attemps at this stitch:

This is a stitch that is easier if you have some guidelines.  I drew two parallel lines, 1/8" apart.

The stitch (just like the name implies) is a series of buttonhole stitches with a picot added at regular intervals.  Start the stitch just as if you were making a line of buttonhole stitches.  Working left to right, come up through the fabric on the left edge of the bottom guideline:

Pull all the way through. Bring your needle around and go back into the fabric on the top guideline and back out of the fabric on the bottom guideline.  Notice the needle tip is going to go over the working floss:

Pull all the way through and you have your first buttonhole stitch:

Now bring the needle around and do the next buttonhole stitch:

When you have 3 buttonhole stitches, you are ready for the first picot. 

Slide the needle under the working floss:

and wrap the working floss around the needle three times:

Carefully work the three loops up close to the edge of the buttonhole stitches while you carefully pull the needle all the way through:

This should result in a long knot or picot:

Now bring your needle around and under the last buttonhole stitch and over the working floss.  Don't go into the fabric.  Pull all the way through and it makes a buttonhole stitch:

Now bring your needle around and you are ready to start the next buttonhole stitch:

Just continue until you have a full line of stitching.

The difficulty I had was in the forming of the picot. I would really like to know if this is the correct way to do this.   Have you ever heard of this stitch or seen a demonstration? I would appreciate any tips or corrections!
This stitch is #27 and is in the Looped Stitches section of 100 Stitches.  The floss I used is the beautiful DMC Color Variations #4180.