Create a “after thought” heel stocking:

Using the 46 stitch Addi Express King Size, cast on with scrap yarn and run about 50 rows.

Change to white and work 50 rows - this will be the white cuff.

Hang your hem (create a dual thickness cuff for the top of the Xmas stocking): Line up first horizontal stitch with corresponding work and as yarn feeds into created stitch, lift stitches on first row one by one into the current row. Not sure if that made sense. Effectively join beginning to current row. This makes the dual thick fabric and also finishes it without needing a cast off (just end weaving/knot etc).

Once the complete row is done and hem is hung, switch to red and work 100 stitches. Take stitches off, keeping them live, on 5mm needles to work toe.

Toe:
Change to white yarn. Knit at least 5 rows then make toe through decreases:

Round 1: ssk, knit until 2 stitches remain on needle, k2tog. Repeat from on second needle.

For double pointed needles: needle #1 SSK, knit to end of needle, needle #2: knit until 2 stitches remain, knit 2 tog. Needles #3 & #4; same as needle #1 & #3.
Round 2: knit

repeat rows

Work decreases until 7 stitches left on two needles and graft together using Kitchener stitch.

Now finally choose the best place for the heel and work the video instructions for the afterthought heel.

Afterthought heel: determine where you want the heel and mark the absolute center point. You can choose to slip your double pointed needle through a line of stitches like I did or do it as you go. Make a gentle cut on one stitch (one arm of the stitch) in the row directly above your held row of stitches. Using a double pointed needle allows you to work both left and right in undoing the now scrap yat as well as holding live stitches. I used a crochet like pin tool to aid in scrap yarn untangling. I chose 20 stitches to be held (40 total) on upper and lower needles, dividing 10 stitches over four needles and using two hemostats (one each) to pinch the loose unknotted new scrap yarn ends to prevent them from loosening any stitches while working the heel.

Start new yarn in centre and knit 10 over to edge. We have a total 40 stitches and can go up to 46 so stayinging within those number of stitches feel free to pickup a stitch or two as needed on each edge to reduce holes in heel.

Knit two rows before starting toe decrease.

Work toe decrease with Kitchener stitch as done above.

Video how to:
SSK: http://youtu.be/0iiu9Ej-LGo

Kitchener stitch:
http://youtu.be/I7jIzwO5Nv4

Afterthought heel instructions:
http://youtu.be/bC8WcAmmnv0