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You probably know by now, but a red parry is what happens when you block the previous hit(s) of a combo and then parry the next hit. Say you block the first hit of Ryu's EX fireball, then immediately press forward to parry the second hit. It's that simple. As for the difference between the two types, there really is none. You still get a tech bonus. In my opinion, red parries are just harder to pull off and look cooler.
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