In frame 1, Fletcher heads toward the ledge, with his feet in position for an ollie. His front foot is maybe a little further toward the nose than normal. He's going fairly fast, since he'll need some speed to grind that concrete.
In frame 2 he pops an ollie, dragging his front foot up to the nose.
Frame 3 is important. As he floats several inches above the ledge, Fletcher keeps his front foot up on the nose. He begins to point his foot down toward the edge.
In frame 4 he smacks the nose down, coming down with the front truck grinding the edge. the tail is hanging slightly out over the edge. He's locked into a perfect, classic, Crooked Grind position.
In frames 5 and 6, you can see that both the front truck and the nose are on the ledge, with the back truck hanging out in the air. As I said -- its part nose slide and part nose grind. Fletcher, being locked into the grind real solid, just rides it out.
As he comes to the end of the ledge, it's time to come down. Fletcher says its easier to come out of this in a fakie (backwards). So in Frames 7 and 8, he swings the tail out, coming of the ledge rolling in a fakie, ready for another trick.