Millions of dollars are spent by women on products that are advertised as being able to 'trim', 'tighten', 'reshape' or 'shrink' the thighs and glutes. Unfortunately all of that money is wasted.
It is NOT possible to lose body fat from only one area of your body. Regardless of how much you concentrate on that area, any fat loss you experience will be systematic. In other words it will come off all over your body. When it comes to losing body fat, the quickest way is to use resistance exercises in a fast paced workout/cycle, especially your lower body muscles in your exercises. Because the thighs, glutes and hamstrings are larger muscle groups, your body burns more calories when you exercise them.
Using resistance exercises to lose body fat:
The video below shows and example of using the legs along with biceps and shoulders to burn calories.
This position place excess stress on the front of the shoulders. You may feel a good stretch in this position, but it's not good for your shoulder joints. It's safe to go down until your arms are at a 90 degree angle. If you go down further (bottom picture) you run the risk of over stressing the front capsule of the shoulders. This can cause a nagging injury that stays around for a long time and hinders other exercises such as bench press, shoulder presses etc.