I'm hoping you guys can give me some good advice about teaching my foal not to bite...

This was my first time for having my mare bred and for having a foal. He is super sweet, but just gets a little rowdy. He was born 2/20/09. I know part of his problem is that he is a colt. We are careful to handle him everyday. We absolutely do not play games with him, since I know that will lead him to dangerous behavior. Currently, when he goes to nip we just put our hand under his lower jaw and gently push his nose away. This gets him to stop without making him afraid, but I was wondering if there is a better way or a different way. How do you guys teach your foals? I have 25 years of experience with hunter/jumpers, but almost zero experience with foals.
His pedigree is Swain-Shardelisada (Sharpen Up)= All Turf Horse
Thanks for any suggestions.