Take the beeswax or paraffin wax and begin to melt it over low heat in a double-boiler. When the wax is nearly melted, add 1/3 to 1/2 of your preferred Crayola crayon to dye the wax. As soon as the wax and crayon are fully melted, transfer the wax from the double-boiler to a container with a pour spout.
Arrange the molds on a covered table. You can use prefabricated wax molds, silicon cookie or ice trays that have your desired shapes. Carefully pour the wax into your molds, making sure to fill it just to the edge.
Take a 4-inch length of fishing line and tie it into a loop. When the wax in the molds becomes filmy, you can add the loop of fishing line to the top of the ornament. Simply press the knot of the loop through the filmy layer and thread the line about a third of an inch into the wax. Make sure that the loop does not go too deep. You want it to remain close to the top so that the knot is invisible from the front of the ornament.
Allow the wax to set in the mold for a couple of hours until it is cool and firmly set. Once the ornaments are set, you can gently turn them out of the molds, and they will be ready to be hung on the Christmas tree and throughout the house.