pretty close
1. preferably sand the guitar to a high grit first - minimum of 400 grit with wet &dry paper(halfords are usually the best place to get high grits.
2. one liberal coat of oil rubbed in with a rag from an old shirt, hang for 24 hours
3. lighter coats rubbed in with a few hours drying time between OR wetsand with the oil and a higher grit of wet &dry. either way buff off the excess after 10-15 mins then leave till next coat. repeat till happy
4. wet sand with oil and immediately buff off OR rub down with wire/wool wax and buff
main difference between the tru or danish oil is the tru-oil will build on the surface and danish wont really. so danish oil benefits from the final wax more than tru-oil where it really is optional
I am doing one a bit differently at the moment as its stained and i wont be able to wet-sand without going through
6 liberal coats of tru-oil later

bit too shiny for my tastes as it is, it will get denibbed with wax and wirewool for an even satiny finish