that basically is how you do a nose grab. when i was teaching someone nose grabs this past season they always did that same thing, instead of bringing the nose up closer to them they would try to reach down for the grab which kills your pop and throws you off balance. you still need to reach for the grab when you bone out your back leg and suck up your front knee but not as much as if you kept your board flat in the air. you also would want to have your weight slightly forward too to stop you from landing back seat.
this is one of my favorite grabs, the crail.
for a basic crail grab you want to grab right in front of your front binding with your back hand but as you get more flexible and better at them you can start to move up closer to the nose or even slightly on the heel edge like i am here.
the basic motion of it is doing a big backside shifty but you want to keep your front leg boned straight out to make it look better.
then to counter act that movement, so you dont go into a backside spin, you twist your upper body frontside with your back hand reaching out towards the nose of the board till you can grab it.
both those movements you want to do more simultaneously rather then one after the other.
if you are having trouble twisting that much and grabbing past your front foot then at first you can just grab right on the inside of your front binding instead of the outside while still trying to bone it out and gradually work your way up. that and im sure stretching/yoga will help with this trick immensely.