What it is: The Parachute is a vertical dive that instantly decelerates in its descent as it abruptly corners 90°, turning into an Elevator.
Setup: A 3D setup is a must, i.e. 40° elevator, and be sure to use Expo. Flip the switch to turn on the spoilerons. This will help to keep the Extra from teetering back and forth. Setting the CG toward the aft location will help, but I have had great results even at the forward CG location.
How to do it: Start from about 400-500 feet straight and level, chop throttle, and push the nose straight down. As soon as the model is diving straight down at low throttle, add full up elevator. If you do it right, the Extra will instantly transition from a vertical dive to an Elevator. (Tip: Add a little throttle just after transition to an Elevator. That'll keep fuel going to the engine and keep it from quitting.)
Recovery: Simply add full power and reduce elevator to transition into normal forward flight.
Advanced Recovery: Juggle the throttle to slowly lose altitude and do a Harrier landing. The model will land on the rear of the rudder first, then add a little power so it doesn't smack the landing gear too hard.
Worst way to mess up: To build up too much speed. This maneuver has huge "WOW" factor, but just like a Blender, too much speed and it over stresses the wing. So watch the speed.