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It looks almost like the method I was taught, and prefer (my instructor at the time referred to it as "Mexican" because it was taught to him by a Mexican boxer). The only difference I can see is that we'd make a "pad" for the knuckles before beginning to wrap the hand.
Most people today buy the wraps with the thumb loops and velcro which make starting and finishing a little quicker. I actually cut the loops off of my last pair and wrap Mexican style (although I still use the velcro).
Here are some methods I found in a quick search of the web:
The "Mexican" method is referred to as the "Ribbon" method in the 4th and 5th examples; however, I'm used to starting with the ribbon and not using the thumb loop as the examples display. Note: all of the above methods use the thumb loops.
You can do a quick search using Google to find other methods. (http://www.google.com)
Master Chai showed me a way very similar to yours (he also showed me a way very different that I no longer use) but we use the loop, putting it over the index finger. Thanks for posting the diagram.
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