Yes, the Masuda Method is breeding two Pokemon from different languaged games. However, the Chaining method that you mentioned is only available in games that have the PokeRadar (Diamond, Pearl, and Platinum only). Chaining 40+ pokemon using the Pokeradar will increase the chances of encountering a shiny pokemon in the wild.
The least volatile manner of encountering a shiny is through Masuda Breeding.
Spoiler: (highlight to view)
If you wait until Black 2 and White 2, there will be an Item available that greatly increases the probability of encountering a shiny pokemon.