if it feels good, who cares?
Quote by JeanMi36
Back when I was a teen, I was making out with this girl, when I had the bright idea of putting my hand inside her panties.

She had her period.

I'm scarred for life
I would recommend one change: instead of bending your thumb back as it appears you are doing, try to keep your thumb bent forward at the knuckle. That way, the pick will be held at a comfortable angle between the pad of your thumb and the knuckle of your index finger. I've found that my way of holding a pick is very comfortable, has great control over the angle of the pick, and discourages your elbow's movement (if that's a problem for you now, holding the pick like I recommended will help).
Quote by DethDroogie
This is the way I'm holding the pick while playing(you can notice the angle of the pick too). http://img52.imageshack.us/img52/5528/09112009598.jpg
I don't have elbow moving problem. I'm only moving the wrist while picking. Is it OK?

you might want to move your thumb up slightly as it could mute the strings and it will sound horrible if your trying to let the srtings ring
Quote by tenfold
Looks like it might hinder you in the future, like 3 finger pick holding hindered me in the beginning.
Check this out: http://www.youtube.com/watch?v=s-NOMn3P9AE

Although I have problems with Mr. Gilberts fretting hand position in most things, he seems to have good ideas about holding a pick!