Not quite. There will still be 3 loops showing. Follow this instructable to the letter all the way until step 4. There, before you pull on the last leading end to "snug it up" double it back through where you came, so there is a loop on one side of the hitch and the leading end on the other. It should slide and work as normal. Hope that helps.
This is definitely one of the best knots out there. I picked up a slipknot version from a guide in Alaska. Basically instead of pulling the working end all the way through when you are finishing the knot, you double it over and pull the loop most of the way through until it stays, leaving the tip of the rope on the opposite side. The knot works the same and can be untied instantly with one hand--good for cold / wet weather. My explanation is a little bit confusing, but it is fairly intuitive if you give it a try.
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