You're close, but I think you've got them confused a bit. Home lock causes all movements of the Phantom to be relative to the home position (whatever it recorded when you first powered it up). Therefore, if you stand at or near the home position with the Tx, the Phantom's movements will always be in relation to where you're standing. Pull back on the right stick, and the Phantom will come towards you. Move the right stick to the left, and the Phantom will move left in relation to you.
Hold the right stick to the left, and the Phantom will gradually make a circle around home point at whatever range it is at.
Course lock causes the Phantom's movements to be relative to the course it recorded when you switched it on. If you hold the right stick to the left in this mode, the Phantom will fly left in relation to the course (90deg from it) rather than in a circle like with HL.
http://wiki.dji.com/en/index.php/Naza-M ... on_Control
Note: depending on the course and home locations the NAZA recorded, they can behave very similar relative to your control position. Also, CL doesn't work until the aircraft is >10m away from home point.