Bikers Communication Symbol
Some time we riding motorcycle in a group, It’s fun and more enjoying the riding when you hang out with your friends, right? Riders give the hand wave in greeting to another as a sign of acknowledgment of being on the road "together". May be it means, "hello, good to see you riding, if I see you in some sort of trouble, I will help." It is not restricted to any make/ model bike you are riding. The biker hand wave is highly individual and there is no right or wrong. In fact, a head nod is considered highly acceptable, although is less visible and therefore can be construed as stuck-up if the other rider misses it. Here’s a fun look at the subject.
As to the other symbols, we have never found a really great guide to the meanings of foot pegs and helmet placement, but feel that these could just as easily be local customs rather than national. Like gang colors, beware mimicking without understanding and always remember, it’s usually free to ask. The choice to wave is personal. Some hardcore riders do not wave, some sporty bikers do not wave, some people in general do not wave. Do not take this personally. Some just lift their fingers without moving their hand, some just nod. The wave is optional and one should always consider that in heavy traffic, or trickier road passages, it's most important to concentrate on your ride versus the nicety of the wave. As a new rider, only release your left hand if you are comfortable doing so. Over time and improved riding skills, you'll be able to wave at just about any given moment.
We've got a lot of riders in our area most will wave, some just give the quick nod, that easier to see if they're wearing helmets. Whether from H-Ders, Honda GWers or the sports bike dudes, the waves keep on a-rollin'. I usually wave like you--palm forward, hand outstretched below handlebar--though it depends on what road conditions I'm amidst. As you said, the bottom line is we are all two-wheeling it. I also wave to cops, figure it can't hurt if they see a rider wearing the proper gear, following the rules of the road.
The fact is that the motorcycle community retains it's sense of camaraderie in some part because most of us make a point of acknowledging each other on the road. Motorcyclists and truck drivers still share a camaraderie on the road, mainly because both consider the other group as people who love being on the road. If we on an empty stretch of road and pass a trucker, we better raise the hand in greeting just as we pass the driver's door and hold it till we have passed by a few seconds. Should you ever be in trouble on the road, many truckers will come to the aid of a rider (remember that they've got the CB radios to call for assistance).