Fourth of July Cocktail

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1 ounce watermelon schnapps

1 big splash cranberry juice

1 very thin slice jalapeno or serrano pepper

1 slice lemon

1 slice lime

1 1/2 ounces tequila

1/4 ounce blue curacao

1/2 ounce simple syrup

Watermelon wedge, for garnish (optional)