Translation
I find you uncovered throughout, and will certainly strike you in the head. And if with my back foot I want to pass forward, I can make narrow plays against you, namely binds, breaks and grapples.
Interpretation
The 2nd scholar performs a very instinctive of all the sword in one hand plays. From the guard taken in the Master play, slide your front foot offline and make a diagonally upward cut from left to right, beating your attackers sword to the right. Move your feet forward if need be to gain the correct distance, and then cut back down along the same line. You are aiming to strike at the base of your opponents neck as shown.
If your opponent is well armoured and your aim has been slightly off, this may not have been enough to finish the job. You can still step your left foot through and enter narrow play, pinning your opponent with your left hand and striking again.
This same technique is also used in a different context in the 2nd Sword Play from Horseback.
Fight like Fiore 