Using AWS EC2, Elastic IP, and Godaddy domain

I current have an elastic IP with my ec2 instance that is http://##.###.###.###

I would like it to be www.mydomain.com that I bought on godaddy. Can someone please explain the Host, Points To and and TTL options to create an A record? What exactly goes in each field and how many should I add?

I am following the two SO answers below.

"You just need to set an A record on your DNS entry for the domain to point at the Elastic IP, that's it." Amazon AWS Ec2 + Elastic IP and AWS EC2 + GoDaddy Domain how to point?

HOST: * Host is the domain name or subdomain to which the record applies.

POINTS TO: * The points to value is the IP address to which the record's domain name or subdomain resolves.

TTL: * TTL is the average time it takes your changes to propagate.