I have just purchased a new hotliner (Ocelot with Medusa motor and 4:1 gearbox) I have not done this type of flying before, lots of glow and gas and some electric gliding.

I understand that the Idea is to climb to altitude then shut off the motor and dive to attain speed, then you can do low passes , loops, rolls and other aerobatic manouvers before climbing back to altitude and starting all over again.

Do I have the right idea here? Can anyone help me with technique etc.?

yes, but you can also just soar and catch themals besides doing pure speed passes.