Yes you're correct but you have to keep in mind that it's just in front of you so you're still open from the other 3 sides and you have to be careful when using it. Since it's a stream, if you're attacked from any other direction you will have to release the shield thus opening yourself from the front again.
Method:
Since the shield formed is produced from the user's own chakra and it does need constant fuelling of the chakra to maintain it. So, from the above point we can conclude that this Jutsu belongs to the Stream type.
Performance:
I now concentrated and start to focus my suiton chakra all over my body and channel it to my arms. I then hold my arm outwards and release my chakra. While releasing the chakra I use nature manipulation to change it into water and then use shape manipulation to change it into a Hard shield that protects me from incoming fire jutsu and projectile attacks.
Usage:
This technique can be used as a very good defensive technique from incoming projectile attacks. The water shield is hard enough to protect from projectiles and also it can used as a excellent defensive counter against incoming fire Jutsus( D and C ranks only) since D rank water > D rank fire and D rank water = C rank fire.
Counter:
Though it is a defensive technique that protects it's user It can be overpowered and Damage its user. The trick is simple. We know that water is a very good conductor of electricity. The defensive wall is in contact with the user as it is fuelled with the users chakra. So if the opponent uses a lightning projectile attack, even the shield stops the projectile the lightning will be conducted by the water and it will electrocute the water shield user.
This concludes the D ranks and we're moving onto the C rank techniques. We'll also do 2 techniques simultaneously from now on.
(Suiton: Suiben) - Water Release: Water whip
Rank: C
Type: Offensive, supplementary
Range: Short - Mid
Chakra cost: 15
Damage points: 30
Description: After the user performs a series of 3 hand seals Rat → Dog → Ox, the user creates a whip of water that can be used to strike the opponent with a lashing action or wrap around the target to bind them. This technique can also have lightning techniques channeled through when they have bound their victim with the water whip.
To execute the technique first you need to perform the necessary handseals in order to be able to mold enough chakra. After that you shape manipulate it into a whip of water from either of your dominant hands. This allows you to strike the opponent with the whip and to even bind him. Basically the water whip acts like a regular whip. Since it allows you to channel other chakra natures into it, once you perform it you don't need to maintain your water chakra for it. It's a good technique but whip movements are much harder to explain than sword slashes thus why there aren't many whip weapons in our RP.
(Suiton: Mizuame Nababara) - Water Style: Starch Syrup Capture Field
Rank: C
Range: Short/Long
Chakra Cost: 15
Damage Points: N/A
Description: The user After performing the required hand seals Ram → Tiger spits out high-viscosity, chakra infused water, aimed at a surface of wide scope. This is a stream of sticky liquid which can be used to form an adhesive trap that can inhibit a person's mobility. One can effectively reduce their enemy's area of activity with this technique, and has the effect of being able to take complete control over the battlefield. The normal scope of this technique is normally just a few metres, but if prepared, it is also possible to make an entire pond of starch syrup. Being caught in the technique can be avoided by channelling chakra to one's feet allowing one to walk upon it uninhibited, beforehand.
Once again you need to perform the handseals in order to execute the technique. Once you do so you spit out a high viscosity liquid that has sticky properties. It's best if you aim it close to your opponent, preferably his feet so that you can bind him in place. Once it gets in contact with the ground it spreads along covering a formidable area and binding anything that comes in contact with it. As suggested this is an excellent technique for battlefield control. If you make a trap on the right side of the battlefield and you want the opponent to go there then you can spit this on the left and he will have to go right if he doesn't want to get caught in the sticky liquid. This technique gives you a lot of strategic abilities so use it wisely.