I think - to a certain extent - there's a poker game going on - but that's often the case when looking at any level II action. MM/broker motivations and machinations are not transparent. We see what they want us to see.
But Freud also said that a cigar was sometimes just a cigar. So, who the frug knows? But if I had a dollar for every time I sold based on price action I saw on level II I would be rich today.
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