Watch the Slow Playalong: Variation 3 online guitar lesson by TrueFire from Acoustic Guitar Greatest Hits Vol. 2
Lesson Source: Tierra Negra's Magic Gypsy Chords
No Capo needed.
Em - 1st position
We know this chord from variation 1
D9 / F# - 2nd position
Flamenco guitarists like this characteristic inversion of a D major chord. You can hear it in a lot of tunes. The open E-string is the 9th of the chord. Make sure to mute the A-string with your first finger.
C/G -1st position
We know this chord already from variation 2.
B - Phrygian / 11 – 2nd position
This is a real flamenco chord. The shape reminds me of a B power chord but with the pinky one fret higher. Make sure that you mute the low E-string with the tip of your first finger. Open B-string and open E-string ring freely.