Watch the Performance: Variation 1 online guitar lesson by Tierra Negra from Magic Gypsy Chords & Rhythms
No Capo needed.
Em - 1st position
The standard version of an Em chord.
D7/9 - 3rd position
This is a nice D7/9 voicing and a real flamenco chord. The open E-string is the 9th of the chord. You can look at it as a C7 chord moved up two frets. This probably helps to visualize the chord on the fret board. Make sure the low E string is muted with the tip of the 3rd finger. The E-string should ring freely.
C7 - 1st position
Changing from D7/9 to C7 is very easy. Just slide down to the first fret and make sure that low E-string is still muted with the tip of your 3rd finger. E-strings should still ring freely.
B7 - 1st position
Another standard chord you might already know for long. Make sure that you mute the low E- string with the tip of your 2nd finger.