That is exactly how to fill an associated shock. To bleed it hold the shock at a 45deg angle (so the side of the cap where it meets the body is the highest point of the shock) push the shaft in and then unscrew the cap until it relieves the pressure inside the shock, then tighten the cap down. Then check to make sure the shock feels right and the shaft pushes back out of the shock 1/4 inch on its own. If it pushes out too far/hard, repeat the bleed process. It it doesnt push out and you hear air in the shock, it needs more oil. Let and it sit for a few minutes for the air to come to the top of the oil and then add oil and try again.
You should ask these questions in the TC3 thread so there is one place for people to look for information concerning your type of car.