I might do a similar stretch, but I do it with two hands and I usually do it straight down, although it can work straight out or straight up. I call it the two hand tug.
First, I take my left hand and get a tight overhand grip (thumb around the underside) just below my glans. I pull down with that grip fairly hard. Then with my right hand I grab very tightly around the base with an overhand grip, but with my thumb over the top, so now the thumb and index finger of one hand are facing the index finger and thumb of the other.
Next I pull straight down hard with both hands. The combined strength of the two hands pulling hard in one direction really yanks at my ligs deep inside. When I pull out or upward I can really feel it in my tunica. I usually squeeze some blood out of my glans, like hangers do, so my dickhead isn’t under too much pressure.
A variation of this is to turn either or both wrists slightly as you tug, so you get both a tunica stretch and a lig stretch — kind of like DLD’s double fulcrum. If they’re close together, the two hands will meet and create a sort of hinge, with the thumb of the bottom hand rolling over the index finger of the top hand and stretching the tunica. As I do that I press the thumb of my top hand deep into my ligs and stretch them.
I realize it’s probably hard to understand this description. I’ll try to create a picture, but Microsoft Paint is pretty limiting. It’s about time my wife let me buy a digital camera anyway.