You are doing the right thing. There are no other good tips for masuda method. You are using a foreign Pokemon, flame body and cycling loop. That's fine.
You may watch a movie, cartoon or listen music while breeding/hatching.
You can use hatching O powers to make hatching faster.
Get 5 eggs and then start hatching them.
When they will hatch, if there will no shiny, you can deposit them in pc or release them.
You can use destiny knot and everstone.