As with all negative ragging, you will need to choose a color that is much deeper than the color you are hoping for your final look. The transparency of a ragged off finish will lower the overall perceived look by a couple of tones on the color chart.
Base Coat and Glaze/Paint
You can use an all latex system with Parchment, but you will have to work fast because it is a negative technique. For a latex system, use a satin sheen latex paint and allow it to dry overnight before glazing. The paint should be a latex satin sheen paint. For the glaze I would use Modern Master's Paint Extender. Mix 1 part paint to 4 parts extender.
Oil glaze/paint with shellac primer base coat
Oil glaze gives a softer, more formal look than latex, so many professionals like to use oil glaze for Parchment. If you are using an oil glaze (my preferred method), you can use BIN shellac primer (tinted to match) for your base coat. This system allows for same day base coat and finishing.

Two layer Parchment.
You can get a nice effect by doing a two layered parchment.
Colors
Your colors should be two tones or shades of a beige color. See Analogous Color Schemes. You can actually rag off and then rag on the same color and get a nice two tone effect with more depth.
The first layer
Do a negative ragging off for your first layer, and allow it to dry overnight.
The second layer
For the second layer, you can use a latex glaze / paint, and you will rag this glaze on (see Positive Ragging).
Misc. notes
- Use vinyl gloves to keep the paint off your hands.
- You don't have to work "through" inside corners unless you are trying to complete the job in one day. You can do opposite walls, allow them to dry, and then do the alternate walls on the following day.
- Of course, you will want to ventilate the area well if you use the shellac base coat and oil paint / glaze system. Ventilate during and after application.
Painting and Decorating Concourse
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