FLT CREW OF B757 DEPARTED HOLDING PATTERN AIRSPACE AT PROUD INTXN ON KORRY ARR AT LGA.

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KORRY TWO ARR INTO LGA UNEVENTFUL. VECTORED OFF FOR ILS RWY 22 APCH. LEVEL 2 WX CELL 5 NM W OF YOMAN AND ORCHY. CHOSE TO ENTER HOLDING AT PROUD UNTIL WESTERLY WINDS (E CELL MOVEMENT) PUSHED CELL CLR OF FINAL APCH. GREAT DECISION. AS PNF; I WAS WORKING ON SETTING UP THE HOLDING PATTERN IN THE FMC. WE HAD PROUD LGA 225 DEG RADIAL RAW DATA DISPLAYED; AS THIS WAS ALSO THE MISSED APCH HOLDING FIX. I HAD PREVIOUSLY EXTENDED THE FINAL APCH COURSE OFF OF YOMAN AFTER INITIALLY RECEIVING VECTORS OFF OF THE KORRY TWO ARR. I WAS EXPERIENCING SOME DIFFICULTY (SEVERAL ATTEMPTS) ESTABLISHING THE CORRECT HOLDING PATTERN AT PROUD. PF WAS ON AUTOPLT AND USING HEADING SELECT TO MANEUVER ACFT DIRECT TO PROUD FROM THE NW QUADRANT. IT WAS NOT UNTIL I DELETED THE 'PROUD' ASSOCIATED WITH THE MISSED APCH THAT I WAS ABLE TO ESTABLISH PROUD AS A FIX TO HOLD OFF OF. DURING THIS PERIOD; I OBSERVED THE PF HAVING SOME DIFFICULTY ENTERING THE HOLD AND ESTABLISHING THE PROPER HOLD. WINDS WERE FROM THE W AND VARIED CONSIDERABLY FROM 34 KTS TO 7 KTS. LGA APCH CALLED US AND ASKED US 'WHAT WE WERE DOING AS FAR W AS EWR?' WE WERE GIVEN A 090 DEG VECTOR TO THE E OF PROUD (NON HOLDING SIDE) AND THEN A VECTOR DIRECT TO PROUD AND HOLD IN A 'TIGHTER PATTERN.' WE WERE CONVENIENTLY ALIGNED FOR TEARDROP ENTRY -- WHICH WAS EXECUTED ON THE FMC AND CONTINUED TO HOLD UNTIL THE WX ON FINAL PASSED. APCH AND LNDG UNEVENTFUL. I BELIEVE THAT THE INITIAL SETUP AT HOLDING AND FAILURE TO INITIALLY RECOGNIZE THE VARIABLE INTENSITY OF THE WINDS WHILE EXECUTING A TEARDROP ENTRY NEVER GAVE US ENOUGH OFFSET ON THE HOLDING SIDE TO HIT THE FIX AGAIN AND CONTINUE IN THE PROPER HOLDING PATTERN. WHEN AN ATTEMPT TO ACHIEVE ENOUGH OFFSET WAS ACTUALLY OBTAINED; WE WERE NOTIFIED OF OUR EXACT GEOGRAPHICAL POS BY ATC. MY PERSONAL SITUATIONAL AWARENESS WAS SOMEWHAT DEGRADED BY THE FRUSTRATION INVOLVED WITH THE INABILITY TO ESTABLISH 'PROUD' QUICKLY AS THE HOLDING FIX IN THE FMC. HOWEVER; MY MONITORING OF ACFT MANEUVERING VIA RAW DATA ON THE RDMI KEPT ME AWARE THAT WE WERE ALWAYS ON THE HOLDING SIDE WHILE ATTEMPTING TO PROPERLY ENTER THE HOLD. AFTER SEEING THE POTENTIAL PROBS THIS CAN CAUSE FOR A CTLR IN A HIGH DENSITY TFC AREA; I INTEND TO MONITOR ACFT POS IN RELATION TO THE HOLDING PATTERN WITH MUCH MORE VIGILANCE AND MUCH LESS LATERAL TOLERANCE FOR ERROR. I AM ALSO CURRENTLY REVIEWING ALL HOLDING PROCS -- ESPECIALLY THOSE THAT INCLUDE FMC HOLDING OPS.