I was going to do this as a step-by-step, but as it being my first stocking, it was very trial and error. I used red and white felt found on the remnants table in C&H - always worth looking there first. Here are a few pics of the process:
I started with a cardboard template. When I make more stocking they will all be the same size.
I drew a line around the template onto the material, but with the template facing the same way. This means that the line on one side of the stocking will show. Like I said - trial and error.
I'm pleased with the result for a first time though, and will definitely make more in the future!
Let me know what you think!