The average ranchera is very similar to a country song. The only two cords in this example are A and E.
Follow the first part in A and then the second in E, after that just switch back and for between the too and feel free to improvise. You can chance the tempo to give it a different feel or the chords (for instance A minor and E minor) to get a different sound while maintaining the picking principle. (note/chord/chord, note/chord/chord, etc.)