From the original post it seems that s/he operates in a non-ATC environment. In that case it is fully understandabale that oribits within the circuit are not advised/ recommended/ condoned/ taught, since no-one is in control of what's going on and other pilots in the circuit will fully expect aircraft ahead to conform to the circuit procedure.
If operating in an ATC environment (not FISO, A/G) then orbiting is only done at the request of ATC, who will know what is ahead and behind and what spacing will result. If there's someone following you, whilst you are orbiting, they will either be far enough away (or slow enough), or ATC will orbit them as well.
When instructed to orbit by ATC, I have always turned away from the runway - this has never been crticised, either by F.I.s or by ATC.
Normally, as stated before, a simple 30 degree level banked turn is all that's needed. If ATC says "one orbit", then roll out of the orbit and continue on the next part of the circuit. If ATC says "orbit" and you don't know how many, then as you finish each orbit ask ATC "orbit finished, do you want me to continue orbitting". Usually, though ATC are watching and will tell you whether to roll out or "make another one".
Capt. M. my advice would be "don't worry, it isn't rocket science", and never be afraid to confirm with ATC what they want. On the other hand I would not expect orbiting in a non-ATC controlled circuit. Extend downwind/ upwind (depending where you are in the circuit relevant to others) or go around if you have got too close on final.
GB