If you wish get realistic folds go follow Ockham tips, but on the and you can add one more step.

For cloth on the ground:
Add to scene square hi res prop laying on the ground.
Add sqare to collide against list.
When cloth finish falling down scale square to 80-90 %

For towel on the stick (not hook):
Check how many frames towel is falling down.
When towel is fold in the middle and stops moving (for example frame 20) scale stick to 80-90%.
Scaling stick should be done on frames 20-30.

This trick works well with sheets/blankets on bed. It always look to tidy and I calculate dynaimic on bed 110% and in last frames I scale bed to 100%.