You witness an accident and stop to help. A rider has a deep cut on their forearm that is bleeding heavily. After telling someone to call for an ambulance, what is the best first aid action you can take?

1. Pour water or an antiseptic solution over the wound to clean it.
2. Apply firm, direct pressure over the wound using a clean cloth or dressing.
3. Tie a tourniquet tightly above the elbow to stop all blood flow.
4. Elevate the rider's legs to treat for shock.