I haven't heard of that method.
The thing is, if you don't just want a short time weight cut for a fight, but a long term fat reduction you should target at no more than about one(!) pound per week for a healthy weight loss.
For a long term fat reduction you need a negative energetic balance, meaning the intake of energy (calories) has to be lower then the use of energy, but it has to be reasonable and over a longer period of time. You have to find out your basic metabolism rate and active metabolism rate which combined are your total metabolism rate (I'm not sure whether these are the correct terms in English). The BMR is the daily energy your body needs just to "be" without any activities, AMR would be the addition of any activities like sitting, walking, sports etc. A rule of thumb for weight loss is to stay 500-800kcal below your TMR. You never want to go below your BMR, because the lack of available energy will force your body to reduce muscle mass.