Try this.
Code:
asm
DelayCycles macro ncy ; ncy can be from 1 up to 256
  local n
n set   (ncy)   ; assign ncy value to label n

  while n > 2   ; inserts goto $+1 while n > 2
    goto $+1    ; burn 2 cycles
n   set   n - 2 ; n = n - 2
  endw
                ; handle left-overs
  while n > 0   ; 1 nop for odd numbers
    nop         ; burn 1 cycle
n   set   n - 1 ; n = n - 1
  endw
  endm
endasm

Main:
  HIGH 0
  @ DelayCycles 1  ; adds 1 nop
  LOW 0
  @ DelayCycles 5  ; adds 2 x goto $+1 and 1 x nop
  GOTO Main