That's not correct at all! the squat and dead are 2 totally different movements. Your form looks allright, but it could use some tweaking. I think you're going to low turning the movement into a quad dominant exercise. bring your butt up a little bit, and you'll be able to use more power in your glutes, back, and hips.
https://www.youtube.com/watch?v=tfYez7-h55c