Changing brake fluid

[GT88]

Im changing the pads and I also want to flush the brake fluid. But I am not entirely sure where the bleeder valve is. Is this the one in the photo with the hose coming from it?



Also is the correct method of changing the brake fluid...

1. Remove all fluid from master cylinder.
2. Refill with new fluid.
3. Push down brake pedal and hold
4. Undo bleeder valve and let fluid run then tighten valve
5. Release pedal.
6. Repeat a few more times until clean fluid comes out


Cheers