I could be wrong but at one stage on the video it looked like you were bouncing and not rising. I think it was just before the corner closest to the camera. I could be wrong because the camera was bouncing a bit.
No, it literally means to bend a horse's entire body around a circle or turn. You will learn how to do this as you progress. You are doing very well. I'd like to see your toes turned in a bit, your arm brought back a bit while maintaining a bit of flexion in the arm. Thumbs pointed toward the sky, and head up! Good job.
You look great, just, instead of rising so high and straight up, try rising a little less and come a little more forward. I know that sounds like weird riding, but trust me once you try it it does look good and it works(helps keep your balance) I love your horse!you two look like a match made in aheaven!