[quote name='GuardianE']Maybe I didn't explain it well and you already know what I'm talking about, but I'll explain it anyway.
Opponent throws a fireball.
Press and hold MP+MK to absorb the fireball.
Doubletap back to backdash cancel or doubletap forward to dash cancel.
You've taken temporary damage that will recharge and you've filled some revenge meter.
You weren't forced to attack, leaving yourself open, and are now ready to bait another fireball or do whatever you want. If you're close, you can dash right up and pop your opponent in the face, as you have frame advantage just like with a parry.
As long as it's a single hit move, you can "parry" anything. From a fireball salvo, you'll only take chip damage if you're careful (you need to full block or jump over EX fireballs).
It's not as versatile as III's parry, but it's a learner's substitute.[/quote]
I figured that's what you meant, but I've tried to dash out of it before and it hasn't worked for me.
Plus with the parry, you can divert multiple attacks so long as you know the timing (hence that much spread video of Ryu vs Chun-Li)