"That's correct." Kakashi says as he catches the scroll tossed to him by his senpai. "Understood." he adds as he opens the scroll and starts reading.
As soon as he finished reading, he placed the scroll on a boulder near him. Shortly after, he takes a deeps breath and focuses his water within himself, allowing him to achieve a liquid form. According to the scroll, this form would allow Kakashi to avoid taking damage from physical attacks aimed at him, such as Taijutsu and Kenjutsu.
He then stops molding his water chakra to regain his physical form, and perform the next technique.
Again, he focuses his water chakra, but this time he performs the Tiger handseal, before slamming his right foot on the ground, causing water to rise as a slicing jet and cut right through a dummy nearby that was his target.
"Interesting.." Kakashi said as he was analysing the aftermath of the second Jutsu.