Cloud Charts
Trading success
with the
Ichimoku technique
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‘About the Author
David Linton OFT,
evi Lion ws ben and sed ear Meloure, Asai an add egies a
King: Colles Univertyof Londo inthe United Kinga ter rang be el
in Tae Options onthe London Stock Exchange and decoped emptor ot
‘naling pice bev In 1991, Dav funded Up le, bs nando, we
‘eis Ch Eseeuive Owe Profesional ars and ans mse Up inn
fet ous round th weed
Davi i well nn commer oscars he UK Hea ape
‘on BBC television, FTW News, Blomberg sad CNBC finance hanes and fs wien
{ocThe Ml on Sandy; Shore Magrine anh lst Chote eas aus
“Tectia nays to tous fader anders n Europe ee the as wo
zc with numerous nol insanely i tench nd init
trang teams ‘
‘esa member fhe UK Soe of Teil Analysis (STA) where etches the
lchinola technique spr of he STA Diploma Course ad isa holder ofthe MSTA,
signin. He a member of be Asean of America Poesia Tesi
“Ams: (AAPTA) and was aval the Mt inane Techies! Asa (FTA)
{qc byte intra Federton of ech Analyt (FTA) fh paper on
‘be Optimisation a Tring Stop oss 2908,
avi tes in Lond nd hit intrest inde hig and yangContents
Price
Acknowledges
Inrociton
‘Arts bak
PART 1 Understanding Tecnica Anais
(Chapter = isary
(Chapter 2" Bais of Techical Analysis
‘Ghat 3- Moving Avene
(Chapter ndetore
{Chapter 5 Pin nd iar Carts
(Ghptr 6: Caalesiek Cart
(Ghaper7- Using Soposes
Pat Sonmay
PART 2- Understanding Cloud Charts
Chapter 8 - Cha Chart Construction
(Chapter 9 nerpting Cloud Chart
(Caper 10- Mule Time Frame Analysis
{Gh 11 -Jopanse Pats Techniques
(Chapter 12 Code Chars with ter cigs
an Sanmary
PART 3- Advanced Glo Char Tecniques
‘Caper 18 eine inate ehniges
(Chapter 14 Bac-eing and Coal Tang Stacice.
‘Chap 15 - Cloud are Bread ans
Pat Sommary
Chapt 16- Conlin
‘Appendix -Scaing
Dicsphy
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FtPreface
“Thistoot repens sagen ong jon to mater th chair of Ei
smarts, Thera tof pple wh ave paced ne lng te wa. Thi sare
‘foie, a cage when Iwas lox chic withpoabs an utes
fal higsfancia As tot inthe nly 198051 would sey the share pages he
Fnac ie in Lone ming lhe tock ht a amped i pris he psi
[sisted oundstand hw a hare pce could sey esp and wated Eno
Iu pose Seay such mes beech
My in Sry iat baying ae ivoved eadig the shares inthe weekend
evaqupet and lgng a stockbroker it hing 0 Mendy rag, buying soul
‘Soot of al of them It aeemed pry opal me tht hey wld po op ease
{lone inthe knows hy wld neverending wt na ending woul
‘hyn toe would give my wel poke broker yt srs to by ee ae
‘ound in sac, wile would leave inno dub wth highs that wa “sal
Inthe day wo mek cunt pid ope. Seu bogh shares the st of
the senan, you wouldve two wes bere you would ve ose chaque
‘ker oy oem. you sol bef th ed ofthe cout perio and made prot
you woul ese cheque om your socket for how mh ou Bad made es hi
romisins ar ta
“Te fit time Ii hi rece chaque or ober £00, anit track et
‘asthe nist way to make one inthe word {wold buy hres each og
‘onMondy morning sel then a thee of he count pers one Fy
‘Mao he flowing Wek, st 3 war staring to pe ed he en of cing
8 hago fom ny oct each fri somthing limos neoneeeae tome,
ape. Sols ad fale evil athe endo be accu period ove Fran
Idler los, Insend of resin my chen hemi he llonng week ot
"Stent of cout bat fone i tt wold sel oso chegue oe bk
“The woud cover th diflseoos tte th pies 1s a fev dy oie and
hee ought almos couple wks beforehand aswel she commision and
tat onthe rasan. 1h sll he shares ould oo ford puree
‘tit and suey tec that Told hve to sen chau fo £500 pods,
os fd mae inthe proces eck have hing fr made me el sick,
mine ina sat of dhl for weks: Hw cold everyone fhe hres tat were
tgped og up do cacy ie eee and fal Tiny weal pet companied
‘eta the in orf eid on my ivestmant weighing | hc th prods
Al th compan wer inde under a te pres ha oid ou Kade
Senso meth hips fal nd sth pan of elas aide etre
‘ottng te rcs inthe pope cach ay i a incenng ese op fn sch
ores wi ving pl ssIn ying gto te btm fy ire tated eserhing the iso seinen
“Ths es the wordt auc ps te ppes aso why the mrt ad allen over
the pre Tost money la fit he ioc mast wns ecoeig nd mos of te toeks
Thad to gel war om ihe than fe rcs Thad bought hem at Tega elise
tturthedrecton mnie he sok et ae whole moved cou have as ch of
{impct or bigs on he socks yo cose ob [ised rare and bookshops
‘ecg for books on hea of sensmat and stunbled on te sat of Techie
‘ana Tare war ite wren aout tt evenly {ound The Anis
fe Paes rks by oi Mar ad fo that mrt ws eed ad
‘fond the ns fectve wy oso aes one ohn Marly, who Tae
‘ose ow times, uk or his itl ealighenca
‘Around his tine mde ent allege, Nick Cabs who had sini nee in
Smell pas Head woul acs he kts or bors ned and evenly
Se grnd ode asthe By then he had rode and became mn accom a
Tren al year sty mete both pty bs. Despite this we died
‘ode the more cating sa evrges London Traded Options ma We beers
Parcly nave td our ker wa ping more and ee atenton 6 om Sealine
Feld atvayetne the Fon ee an in ses wold sen he Shae Check’ with
searpecon my pesmi. | el crak athe ac ofthe ad
‘ant payone eda Ns had syste of ealling an answerphone to ve
‘Rosa cat ot We woul ln an eee thee rs before ding a eave
‘Meomges to wat coh fs ws ding wth ur ing scout. Miaclosy we eer
{dhe sare hing nial athe same tie
‘Our state fo fying and sling was slo wek we one wt some base
‘tron And PCN! The sos ws nonce se riots oe por
fata nen twa clin the set and we bga oae !
ours real near 1987 ht we menage on 100 on ast ce £10.00,
Ino pce of wel on ins tha wee orkling as ery ecg ine, Ba
ous to andar sal wt a tea haw femal ox er
Byte ne smmerof 1? we dco he eat or tdi. he
nae ere aro eda enfin ad comming tie tang wa
‘eon ta Ast haps gy sk we werent atl ioe nthe tsk,
tac af Or 187 Enc ihr cote res rs te ud
[Singin ay toasted a ete rac ein FT
renee ting Coorous ee of el hat Tne nena int 7 ch
oes col nt bp ling iad "nce ns me’ operant of aia
one witout the ne” put pons
Nikand I quod ooking at mats a rated and stared develop ote
preps wich ou be moe power thing we deme a0, On of
Selig steer ming asa of ays days as eee
‘dna Typing ingested bre ies on by oe, othe pape each Gy wes
ao a re er dans yet hal Gish you had viely to pests ett
Inthe at 1980 ost pit iver in the UK lke at share rcs on a service
‘lod eee This asa ext sed srlingpge servis opted wit rns
‘sol ona evs, coma news hein, spre infra, ite
Il fers an most of al re cesta wae upto ns iy
Som cust eds bcuseae fr psa! corpus whereby paging n=
‘Vsti, you could ve Teletext page on your srr, We soon wed one these
gs wee ont computer sree, thee as be away to ship the pies foe he pases.
{nd stor thm Saldely we ha omer chars hat were ep er ies
ay and we cold ae tr simple program commercial pte. ame wih he
tame Uda becuse ak a uch wk ou of pling pices toda chats and we
etopatusins. fer fe mons of sung sel our syste, Nick decided
ice he company nd Teak ver Upsitaa is
Having spoken oso mary potenti prosper th Uda programas chy
“nog 0 meen Rodgers who al works inthe i or many year: He and
‘tol of nds ged back te cmp adn became mente inthe ext yeas
‘ot uting Up of he round Wiha al of is ours dadieston and upp,
ang witha dep personal interno ace me sacaed, Ups wale bing ithe
esc bce ey For that willis tefl ea nt Jos
the company boned utero appre, Pati Lica, a soca ad
fe ofr clients an acer helped our software umingin more daning
fring enironments The a or etna scons ws» ale
vie bed th acto. Sadly be ded’ fw years and egy mshi,
‘The ist pda stare prod ws send of ts tine, wth suber fist fo
imestent ova inthe UK. Besides Iain in tb updating fhe software, you ould
ea moss a dnt ines, which wae qt somthang o=n MS DOS poses
Tein st alin tapes, wich woreaso mouse even, and We std To eat
exming UK cmp sch ashe an Inde bist that Updater
equ We were the fro moto Mio Winds which ns consid ik
tho ime Nelo ented fom being the Bon del with Talent andthe
Provider of odes rea-e at, These ds woe wa Boe Wes shoe
Jpinan inert sap and any pope cas and worked fr wo lo pay. eo ike
Nat Rony an Stephen Orin spent many year wh he ener developing
rtecncogs.
pdaais a very ira eompany tay and we have rs teu of lee pple
Simi Khan, Ricard Tele, Nigel Sha Anew Mekedck, Jee Psi
amon Usman Tar Baboon hve boo wt fo ye and led ws ty the
Sr Newr nb tan ae a hing ow
tothe pin were our enters now ola oe ofthe op al sits
"he wold coer moe ha ont cous.
We would ot hive ben eo ake the rides we have in Teli Ting pees
sitet th thane fpr aomer ov the yeu. ay of tse pone st
ee ee‘ourcastomes kp us ea by pang us es and we wos ro te lok to make
‘any oe chuacrmens th thy ak ras posible
“Thee en many professions cet wh have infeed my work in Tei
[Ans ale dvclepment for pds tT Hochan at ily in Lenn,
Rosi iit JP Mra Cazenove, Ro Bana ABN Ano, Adam Soa at QS
‘semen Did Sndon st Crt ule, Dave Kal tity Boston, Cyt
‘anlar a Exane BNP Pris, hare Norris a SBC. Kevin Ease at Caan
‘urpe Ae! Ralph at Comet, la oason at baud Seu, Tem
Por PH Parnes ea Clses Gat Scie Generale Gisg Mot Sion
‘Money Manger and Louse Yaad st LY avsors in Ne York, These pos and
‘Bary hr a nl ae fad tomenton, hve al ha an infec, ofen gente
Than ey cold now. Wout ten his ook wuld nt have sn pole. Ove et
fv yeas hve dent asf tring couse ore professionals n= abr
cots a as rfl them for he edo nevi to te
esi hie ook
“The tam behind th Upta sofas deserve special mento, Te book Wald be
‘an imposible proce witht andthe sacl at wich Thvebeen able pode
{hers motte thm and explore re ens as otal reminded me long the
‘ty hom much f'n tcreible rot Ups Sue, 1am bine it ao how
1 Poming banda poole rnd te word would agree: Fr ths pei tanks oes
tiem du Pcs Suma Rt, Nigel Show and Andiow Mekendik at Update
1 would probly ot be wring thi bok without wo peopl in pastisuar
ick Bers Megat Sly in Ne Yr nied my it nest he
Tekin einige srr years gp Jon Cameron, Head of Econ at te UK
Stet of Tcl Analy ecounged met tench te sbi which, nar, pose
fnetolern ae mock ar could abo
Interns of my work a Technical Anais oe person is inane my kot to
arhigher xc tha anyone ond ane Kos font to dk wih hn fer seerah
Sears Jere Pls Hend of Tesh! Anais th ost eared proponent of
{be mcr jet ht The countered. Hes oe terete ehiciass
Inde UK ab fellow fhe Scio acl Anat (PSTA) a Catered
Mate Tecnican (CMT) a esigston widely eget USA. He pohly
the worsening sper onthe Pot and Figure charg etme andthe ior of
‘The Doe Ge oi Fg eben ek ove hey bad
ete yns a covet nya nd mountings ny work Tecnica
‘Rony Tat cree for working wth ee you woul ost eran be ending
‘moc ey ak he So nm ate
“There ae numer beds lags thank forth spt ner the yeas a in
Pua my prs who fave ays povided te encouragement eve pres
Trew gt‘a peer io when spent ery working gt Ua ff the gound To hes
fe Abdalla nor org
‘Acknowledgements
ee ee een
Hhnrougearencretnergenremteeat
Seceaierumenetaritenecroet
Scere tae
Spence ee ere
Scones ees tne ree
nea cearnoe ee ee
= Seacsignn arouse
Fr igy tenn eee en inet te
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peters inerinasrtereenn non
Be circa rence
Seat etanea cents,
monroe
imi; hanks re oo yay nd ed or allowing met sit myself any
{pve bok artery fr theo necks when went ay ane oer Chis
2 My gen, Burtra Gr, wos alo repay neglected nd patie! whe
throughout Tama yu eo mich Honey!
Feedback
‘tee feedback at Davie@eloudehrs.com
Achar inte book re roduced using UpdaraProfesioa Te ts or
babel pested teen tet ere eeIntroduction
voy Jer arn then f October the Intemational Feeration of etm Anas
(UPTA) olds is anual coference Members ra ens mais cis rnd
te wold atheros heir experience a hehe tet dessin presetton ove
the cous of ew ds. In 2004, ashes of be Asoc Espa de Anat
‘Tesheost fou te FTA conference n Midd. twas memorable een an ae
[patton ony esse aches one pet
By aure,ramning sofware compar hat eves so any tases intel nasi
fn trveing the word o ee sme the Best anes he Bnet he Sess,
itis rave the cnferecepexataon beaks new gruod ut swith eadig bok,
souever now wba gem yu wl isk up buried dep within the cont. Oe of be
Upon athe Madd conference vas Rik Betsgnor bo fen Che Tei
Sais st Morgan Stn and hs penton ar shot chmoksKikho yo
‘hr had cn tee ‘load Char before ad bed people sped aut thr nother
_csntons, btn that November mening, Riek presented the ina way hat ade
{hom unlestndale many of te aenc other ne. That wher
Ste fre, Avant am grat oRck Beng for oping yet inthe
Tokio ohnine
Soon afer Mai stared looking a hese charts me and mote and as keen
‘onc se mach a cold aout thm The charts sees apa nau
‘Phenomena rappin the ric of Gracia same! witha anne Seree
accuracy wate kiow why ths as, so Tsearced he etre alto
lexan on tet consti, whichis lepaml simple swe sale in Par 2.
‘Tareas el ak of atrial hat explored thes charts nan mearingil depth
{vied ick it New York ad met up with hi at subsagae FTA confi
Shiterand and Eye spoke wih chelate in London who sed
them approached the panes dels she IFTA conferences eich ein 3 i 1
fidout how ty sed hsm. Di in hve any fr gems of wis? Did they know
‘fanyooe in Jpn shou speak? was deving Hans. Mary of th Westerner
[spoke oiled tht ere ws bigger secret and whi the ane analysts wee
lv plitey chs Isesed tha ey alo mgt ong someting ack
My crn tovads Cloud Chats coincided with hncresingapeince ny
ok They wee ecring. eau put of my wey commis on mares, ad
Sextred in my mtr an in preset wou sho tay in leison
iterviews and webcar apd ound sl sing them ocx wt war going on hen
siting at ading desks with itt cnt The UK Sect f Tesi Ata
(STA) aston peak on testo ad thn ie net prepare a preset»
‘mou forte STA Diplo evening couse, tua whe sara vy yar non,
growing ramber of pope wer tring toe ox th eho eka
Tul Pa fof uteomforae ht ight ot ow ll thre was oe sje,
ce moder ob of me quovionct i thamr at any saeco tomy ay.or Chrismas 207, 1 ew Togo wth he ai of ining ou mac Tena
‘Shon he ehimolr erg, Neng ite pears yu fr yous is ie a
{PNtkurer nap you tke side om th say Ste you confab
‘Ripot omg hat is haichrater ll oer Tying Bnd — F982 (cho
Toyama o the pe of boksn rows of bles inh igs ook shops in Tok
STavtn cen igre, ner everyone was very pole nd spoke Exist
‘SEoausic ow ent Tis we probably as es of Hy poor pomition
‘Ficimoka Kinki Hyo or myst eben of carcass
tare:
‘Apc om nding apne boson Clo Chats, resolve ose may ket
tna 51 could in Tg, 1nd our meting with deo cents on axing
Dry and cch ane tated virally he sane mann The cle! wold me.
2B Sat con youl ne abut hse cima ts?” The person {os waned
‘ows idea Soa wa the man hat epanese delegates af TFTA cones
‘ost recmed Head woke fora munber ding fs, wor ods nda
‘Mus hooks on fiance On fsbo ws onde choke technique nd Thad
‘Managed cia op: Despie seve serps mas nl oe! Mr Sasa
Ts bad bon hea in open wher enol bas bg fling Say be
‘Gescpember 208 and prays acho sector andabow wht eas
pails have ben ast ree
Lastintanaation
“The mont refered onl ie of Seah ook ses to be “Table of equim
Sta glance’ ahogh tame feed Timo blans cha ia Japan
‘Aoi cme se hse names rap dscns fhe sujet While do ave
‘ther paese books ht cove lod Cars, clang vue by Gi Hosoda
‘tho devant chars Sas ste Best et ill omy es wer and
ood deal more beside
el his oi ht shold empbasinsome of the dey niin the vale
letra nape stupas ecgn aod presenting ti English The
Prem stood th altos hat hve dane which rey 0 means
nme, fom tanita to mtr whon exis Engish The i that
‘SEAS boa ne gues ya bor ile gh testament to his, Ak sever
Sapamese peopl tel eo wha stash andy ge mune of anne,
“Tiss vefcinn on he dito in conducting eal anslaton fom Janse
{engin So fords bok l hve ha do my beat edn betwen te ines 0m
“Te second ia scat. The variations in esas dove a comma tee
Fie ences and neta he nee sen ove inthe uot Thi Japanese
{espe sl so toe am he ay arsine res gen th Yaaas
‘rcs Canes cars Tiny leave ch panes eat sage.
‘patterns in Candlestick charts. They clearly have 4 rich JSDanees tee event with
in English hae nt hod the eseft of esting ae puncte master in he
st cat sown nth tana, The Sch ci edn
consequently there are fever expert available, and litle documentation o bridge tis gap.
‘Sarl heey om te pon i sek igh
{pach pss Thebase une tig nl nh ya
nd or tas bok . ae
Insaco! yes so many people have asked wy Then write this book: Posie
Arde ake expan Cll Chars wc vt ther desks Names poplin
the worl racial ete ow hae Clo Chars ent Sexes wat mach
‘desanding off owe them, wm approached st confienes nding {hse
fd mln Sri my Pepe om ter att Gi hs me
‘to wnite ital down. a =
“Asonch pose hotel oma his sje endo eon 1
‘2 or ofc nai an oud th mat a gern Po s
Srnec red hon Cl Cr on
Seaton ol Theo expected wc natty coe plas ov se
Se tt yo ae ig erin ce bs eds ee
Senn ae hited nh bie
Fecsoe tine I hough thee was’ ely enought Cloud Charts ors bok
‘The etaigc il trly ein an quite raihorat. Br oor date
pple asi hud sing gusts ary get tht pots leno
Shdestancing these cart, ul someone elgned
opefily ean do the same fr you!
David Linton
March 201, Leadon‘About this book
art
“The book apt into tres prs, Pat is designed o pve you engl owed of
‘elias inorder hat jo my fly estan Cloud Chats, cxnplmetry
technics nd moe aaned ent isby no means comgrehensve gue othe
tole sabjest The Bet yourenersaning of eka theese yu Wil fd
{ovkstnding Clod Chats shouldbe possible o get upan-uasins wih ning load
{Chart fom this ont sloe The explanation of upp andesite, moving weap
ede Cenc rts ethos ety haters el arty cset o ndernding
Cho Cha,
Weve aa covered asian anion Pat I 308mg an
‘vertigo how they ate applied moe advanced Cou Chat cg oalined in
Put These sa chop o Pos abd Figure charting shi ely pose ectangu ce
‘ass with what Clood Charts tl eat ntrument We show the pone of ng
Choa Chars na Poin ad igre together arn the sk
“Tora tend of Par 1, spleen money managenent ar covered: Whi the fol
som bre arent sey enc alisactnigs hae a ia oa Tray ade
‘Ther wills tines mete ols sock stop ses take precedence over ober eas
inloing Clea Chara we wll cme ome. Underaning ing opel so
hep wee wecome explo he nf lou topless Pat
you ae aleady an epuinced tin you may han o skip Pat 1. But quik
revision of th subject my be wel and might uncover some igs you id
aly apres
ant?
“THis soon of te bok ane the baie of wing Clad Chr your only
lated in geting grips with townie and uso you oud ty on this ston
afte bok ans The enerton cage einer ory understand hess carts,
{nd ppl thom concen Cape 10 The caro ins roo le
acing te value o Cloud Cars fr ep tie me aac. Chapter 12
look using Cla Cars legsde fer echngues wih some atl examples,
Pan's
he al part afte hk aks t some more advanced analyses and adng sms.
Mary of seo are derive om ving the sar esau cover Part to
{hut Chars, Whe yu can es cata clo analyse ony reaing Pa 2. Pat 3
Ig nspi n ext dese tw. opel ou wl bd some th ew stil in ie
fal won rg roundreakngeoough 1 want nappy o your own tangsofware and Systems
Part 1 - Understanding
Technical Analysis
know all this has been said before, but I need
oemete
Chapter 1 - History
‘The clond cart technique is one ofthe news fms of Tacs Ansys subject ht
us en sere in any waysve te yeas, fea ered tas Charing Teel
“Aalst in the US are nrtly ele Tens ain many pans ofthe wold thy
‘evo cology oun Chars, Prmary yer ant pail of share
vies flo oe af two camps. You ere it amet ss or hai
ns Iwas are dat You ue both forms fas the peaches rs een
Fundamentals versus Techicals
Fndaenta ana iy the mot commen oie ht inst tok Their
yout ale al te underying ifoonton sou company sch anal cn,
trends f demande rcs, news, eta sae anata or mo espa
‘ernun ianhing at cout fet the rc alse very ical the
roc wth thi form faa tht mental hie fa ead eld
Inthe price. So nes you have manage ope someting that very fe eave
‘wi at any information ou fi wl lp you it where he re gong
‘We sce hs all ene when peices go down on ga Rows Dense was ord
ssexpected Silat the pics cane where po i a alo ae ed Good
‘sos os a cent mae pros gu!
Fundamental asi eset an aay of als, wb chia ans ds
ice Vale nd pce re wren ings, ty wees, the lb
Iie eed fornia markets. Noting would be reraloed er undead. While
‘mame fats mye bering on pcs he log, hoe ter ve ar
ee Hy o be eney techni The rc harps everyting tn crayone
nonin he maseta at tine, New nrmaion ay cams igh he fom ns
hich un aet tbe pioe, but hee ws ite chance of hain The ext which
he pce acs to sucha even il olen be eal The Micros chat ela hams
tain late 207 te company haa mart ale of ound S350 lon Lee than 1
tenths er econ was cplsed la 150 ilionee eee
‘alsin ar mich nr sot nts arp wing
Pi aon ee pit anon sc od ine Me
a earings han onan petites ops nl
Saecrome camp
‘pepe amass le wai infomatn ha nde
Par tae isnt oefact erin ae Toca
sa yarn mead ono wt i
ee ia re or name a fh pach
a thin nay hoa tan a ch
compe on rity nro etng HY ee
cae or fas ladle ben co
boss of ok =
ats be reve 8
My pati i focal itch at ym
lyon carson tes rn
si Tel a capa fe mo fl Do
aaa eee ano peal compar née we a
aa Se ch enrich aia 8
Se Seta ovina oer wr wel oe canny ae
‘poten erate te res
oon technical analys ded by
rat eo as a
Deprun sey cera ogee
Sa a a an lc il
Jorn sg nem nT sea
hm Se enc
ements el ce oan
Seca
ow Theory mapped outsx bas ees
1. The marta re movements —prinay oor ted fh 10
ae estan ging trond ston of 1p 103 moms
SM ang Sri oe majored an esa
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tha histor ef oudng feng price changes, voles) acral
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