Askop's method is the one I use regurlarly with a minor difference, I set the inbound track on the HSI but read the tail of the arrow to see which sector it indicates, this has the added advantage of visualising the holding pattern and its direction. I can then plot the wind direction on the HSI and see how it will affect me throughout the pattern, helping decide on the drift and timing adjustements. With a bit of practice at visualising, the HSI quickly becomes an all moving map!
Good luck with your IMC rating, I did mine in 1988 in High Wycombe with BA flying club.
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Don't believe anything you hear and only believe half of what you see.