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This chord progression is based off of the first chord and the fourth chord in the key of F. If you look at the notes in an F major scale you have F G A Bb C D E F. Build a chord from the first note and the fourth note in the scale. You get and F chord (F A C) and an Bb chord (Bb D F). That is the first two chords in the progression.
The next part are the same two chords except changing both of them to minor. So then you get F minor (F Ab C) and Bb minor (Bb Db F).
That is the idea with this progression. The I and IV chord and then the I minor chord and the IV minor chord. Strum one measure of eighth notes on each chord with alternate picking.
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