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In this article, we will be talking more on Doji candlesticks, hereon referred to as just Doji, an invariant noun which means it can also denote a plural. We have touched on Doji in our introduction to candlesticks. It is quite important to revisit that tutorial to know what we are to talk about here. We also has a number of helpful pieces that will get you well on your way in trading binary options. Let us go on with Doji then.
Doji are important market indicators that are in the form of candlesticks. On their own, they are able to provide information that is important for the binary options trader. As a component in a consolidated graph, they can indicate important patterns. Doji can be seen when an asset’s price opens and closes at virtually the same price. Because of this, it is usually just their shadows that can be seen.
Doji have longer upper and lower wicks relative to their real bodies which is usually small. They can have bodies or small bodies. The wicks or shadows can be of equal length, but some traders call other variants with the same label as doki, or as a pinbar. Doji usually mean traders are indecisive on which direction they want to go. That is, there is an almost equal amount of buyers and sellers for both sides.
Kinds of Doji
As we mentioned earlier, Doji can be interpreted as a candle, or as a consolidated pattern with its immediate candlesticks. Alone, Doji are neutral patterns. Here are some of the interpretations if a binary options trader is to look at a Doji in itself. Some of the items here have been briefly touched in a previous article on candlesticks, but this time, we’ll take a look at what they really mean and what to make of it in order to make an accurate forecast.
A long can be found when the price of a certain asset opens at a level, trades in a considerable trading range only to close at the same level as it opened. Long become more useful to the trader when this type of candlestick is preceded by small candles. This means that because a sudden burst of volatility in a relatively stock is imminent, a trend change is also very likely to happen.
Dragonfly Doji are candlesticks that formed at the height of the trading session. During the time period, the trade had a considerable drop, then it eventually found the support it needs to rally itself back to close at the same price level as when it open. Dragonfly Doji are often seen after a moderate decline, and are bottom reversal indicators when confirmed with a bullish engulfing.
A Dragonfly Doji
Gravestone Doji are the opposite of the Dragonfly Doji. This candlestick indicates a low opening price of an asset relative to the trade. During the trade period, it has reached a very high level but encountered a resistance that caused it to plummet back down to its opening price level where the price finally closes. A Gravestone Doji looks like a gravestone, and its name and function can easily be related as an impending doom for a stock. They are good reversal indicators when confirmed with bearish engulfings.
A Gravestone Doji
There are different scenarios where one can encounter Doji. The most general indicator that traders look into are Doji that are found at the top or a bottom of a trend which usually indicate direction change or reversal. During consolidation periods, Doji usually make up the sideways channel, and so, precede any big movement to form a new trend.
The doji being a key trend reversal indicator, is such when there is a high trading volume following an extended move in either direction. When a market has been in an uptrend and trades to a higher high than the previous three trading days, fails to hold that high, and closes in the lower 10% of that day’s trading range, there is a high probability of a downtrend in the ensuing days. Likewise, when the market has been in a downtrend and trades to a new low that’s lower than the three previous trading days, fails to hold that low, and closes in the upper 10% of that day’s trading range, there is a high probability of an uptrend in the ensuing days.
You can already read more about doji combinations. Additoinally, our list of recommended binary trading brokers can surely help you get started with trading binary options.
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Binary options trading involve risk. Although the risk of executing a binary options open is fixed for each individual trade, it is possible to lose all of the initial investment in a course of several trades or in a single trade if the entire capital is used to place it. It is not recommended to base your investment decisions on any information presented on or originating from BinaryTrading.com. By browsing this website you express your acceptance of the terms of this disclaimer and that BinaryTrading.com cannot be deemed responsible for any losses that may occur as a result of your binary option trading. BinaryTrading.com is not licensed or registered as a financial consultant or adviser. BinaryTrading.com is neither a broker, nor funds manager. The website does not provide any paid services. All content of BinaryTrading.com is presented for educational or entertainment purposes only.
General Risk Warning: Trading in Binary Options carries a high level of risk and can result in the loss of your investment. As such, Binary Options may not be appropriate for you. You should not invest money that you cannot afford to lose. Before deciding to trade, you should carefully consider your investment objectives, level of experience and risk appetite. Under no circumstances shall we have any liability to any person or entity for (a) any loss or damage in whole or part caused by, resulting from, or relating to any transactions related to Binary Options or (b) any direct, indirect, special, consequential or incidental damages whatsoever.
Binary options strategies
A binary options trader is only as good as the strategy he follows. Finding a strategy that works, and fine-tuning it as you go, will focus your trading, build discipline and help ensure that you win more often than you lose.
In this lesson we will introduce you to three of the most popular and potentially rewarding binary options trading strategies.
We will talk you through how and why they work as well as what kinds of assets, time frames and expirations to use. We’ll also provide you with a concrete trading example for each to show you what a trade looks like.
Strategy No. 1: Short-term Boundary In options before big news events
One way binary options can be used is to predict whether the price of an underlying asset will remain within a specified range for a certain period of time or break outside its boundaries. This approach is known as boundary trading, tunnel trading or range trading.
The strategy we will introduce you to now involves making a short-term bet that prices will remain inside a specified range during a time when you think markets will be quiet and asset prices will trade sideways – for example in the ‘quiet before the storm’ often experienced ahead of a major event or news announcement that the market is waiting for.
How it works
In the run-up to major events like the monthly publication of US Nonfarm Payroll figures, the Federal Reserve’s FOMC meetings and press conferences or interest-rate decisions by central banks, many traders choose to keep out of markets, either because they are nervous of the volatility the event will trigger or are waiting to place trades on its outcome.
This often creates a lull in activity and creates a small range of price action that binary options traders can take advantage of.
How to trade the strategy
- First, choose an underlying asset to trade. Currencies tend to work best with this strategy. It’s also possible with other assets like indices or stocks, in which case you might choose to trade in the run-up to company reports, for example.
- Next, try and identify an upcoming event that you think will have a major impact on the underlying asset you have chosen. Our Economic Calendar outlines some of the biggest.
- Double-check which other factors could also affect that market and make sure there isn’t another major new event happening at the same time. This could seriously blow your strategy off course.
- If you are trading currencies, also remember that you are effectively trading two individual assets, each with a life of their own. So apply the step above to each currency in the pair you trade.
- Look for confirmation that the asset is entering or looks likely to remain within a range and form a view on where you think the upper and lower boundaries of this range will lie. Technical analysis offers a number of patterns or indicators that will help. For example, Bollinger bands or the Moving Average Convergence Divergence (MACD) indicators can help you identify a range-bound market. The appearance of certain kinds of doji candlesticks meanwhile can indicate a trend is about to reverse or that volatility will pick up and the price will break its range, in which case it might be best to avoid this strategy and try another.
- Next, identify the contract type that you will use. You’re looking for a ‘Boundary In’ option – also sometimes called an ‘In Range’ option – with a duration of no longer than 20 minutes and which will expire before the event starts. Not all brokers offer boundary options so make sure you’re using a company that does.
- Price ranges for boundary trades are usually determined by the broker, but occasionally you can choose your own range – pick one strike price above the current price and one below. Make sure the range allows the price plenty of room to move within the anticipated boundaries you identified earlier – you want some leeway. Remember, the tighter the range, the higher the potential payout if you are proved correct, but also the higher the risk that your trade will fail.
- Decide how much capital you want to risk on your trade. Our lesson on money management for binary options will help.
US Nonfarm payroll figures are set to be announced in 30 minutes’ time. The EUR/USD currency pair will be very sensitive to the result and you notice that volatility is low. It’s currently trading at 1.11. Your binary options broker is offering Boundary In options on EUR/USD with a range of 1.109 and 1.113. You buy one that expires in 20 minutes. The market then moves sideways and your option expires with EUR/USD at 1.112 – comfortably inside the range. Your option pays out.
Strategy No. 2: Long-term High/Low options following surprise events
This is a long-term strategy in which you use High/Low options to predict whether an asset price will be higher or lower than a specified level within a pre-determined time period (usually a number of weeks).
It tends to work well following a major, unexpected news event that you think will have long-term repercussions. This could be a pioneering decision by a central bank, surprisingly good or bad corporate results or even a natural disaster.
How it works
When an important news event takes markets by surprise it can trigger some big price moves in underlying assets that are directly affected by the event. If the event looks likely to have a real, fundamental impact on assets that will last for some time it can trigger the start of a long-term price trend.
For example, if war broke out in a major oil-producing region and threatened a big chunk of global crude production, this would usually be positive for oil prices. While crude oil prices would probably jump straight after the news as the market priced in the shock, they may continue to rise – albeit more slowly and steadily – for several weeks as production was actually taken offline and the conflict perhaps even escalated.
Similarly, if the central bank of a major economy announced a big or unexpected interest-rate cut, the currency of that country could enter a prolonged downward trend.
Binary options traders can take advantage of these longer-term trends by forming a view on how far they think prices will rise or fall and how long the trend will continue. They can then use a High/Low option to bet that prices will be higher or lower than a certain point on expiry.
How to prep the strategy
- Unlike Strategy 1, this isn’t a strategy where you can pick an event in advance and plan your trade around it. Rather, you have to act fast in the aftermath of an unexpected event.
- Your first job therefore is to pick one or two underlying assets to specialise in and really get to understand them well. It can help to choose underlying assets that you have some special interest in. For example, if you have worked in a specific industry you might choose to trade shares of companies in that industry or one of the commodities it produces. If you have lived abroad or have family ties with a different country, you may have a more indepth understanding of what affects its currency.
- Because this strategy is long term and involves a simple directional bet, a solid grounding in fundamental analysis is essential before you place your first trade. Apply fundamental analysis to the assets you have chosen to trade so that you understand in advance what are the biggest drivers behind its price, what other assets it is correlated to and what kind of events would be negative or positive for its price.
- Some basic chart work is also essential. Dig out charts that show you how markets behaved following a range of major events in the past. Study what happened to the price of the asset you trade.
- Before you place your first ‘real’ trade, it is also advisable to practise a few times with a demo account. Surprise events aren’t uncommon in financial markets, so simply wait for the next one and then place some dummy High/Low binary trades to experiment with the strategy. Even trending prices experience some volatility that could throw an otherwise winning trade out of the money if you don’t allow enough wiggle room for the price. Practice will help you learn how much to give.
How to trade the strategy
- This strategy relies on a high degree of certainty that an event will create the directional move you are betting on. So as soon as an interesting event occurs, double-check that it is strongly correlated with the asset you trade and big enough to produce the long-term move you need.
- Double-check also which other factors could affect the asset you will trade and make sure it isn’t simultaneously being impacted by another major news event or other head-winds.
- Although fundamental analysis is your best friend with this strategy, you might also want to apply some technical analysis to confirm that a trend is underway before you enter your trade.
- Next, identify the contract type you will use. You’re looking for a High binary option if you think the event will trigger an upward move or a Low binary option if you think it will trigger a downward move. Most brokers offer High/Low options.
- Now choose the maturity and strike price you want. Your broker will probably determine for you which are available. This is a long-term strategy so go for an expiry of at least a week or two, making sure that the trend has time to develop but not leaving so much time that it fizzles out. As with Strategy 1, you also have to leave room for unexpected volatility that could knock an otherwise successful trade out of the money right at expiry. This is perhaps the hardest part of the strategy to master.
- Decide how much capital you want to risk on your trade, remembering that the trade is generally higher risk – with a higher potential payout – the further the strike price from current prices. Our lesson on money management for binary options will help.
Japan’s central bank makes a surprise announcement that it will act to weaken the yen in the long term, for example by selling the currency or lowering interest rates. You now try to identify a currency pair comprising the yen and another currency that is currently fairly strong. You opt for EUR/JPY and buy a High option that expires in three weeks. When the option expires three weeks later, the yen has weakened against the euro and your trade pays out.
Strategy No. 3: Short-term Breakout strategy using previous day’s highs and lows
With this strategy, we again use High/Low options. This time however we are betting that if an asset price breaks through its previous day’s high or low, the price will then experience a large short-term push in the same direction.
How it works
The strategy hinges on the concept of support and resistance. These are levels that, in the case of support, a price struggles to fall below or, in the case of resistance, it struggles to rise above.
Technical analysts have observed that when a price does breach either of these levels, it often suddenly picks up momentum and moves further and faster in the direction of the break.
This is usually because a lot of other traders – range traders in particular – use support and resistance levels to set stop losses so they can automatically exit trades as they move out of the money. A surge of fresh orders often also enters the market at this point, pushing the price further in the same direction.
Binary options can take advantage of this phenomenon by keeping track of the highest and lowest points a price reaches within a single day. The following day they then wait for it to touch these levels again.
If, for example, the price breaks through the previous day’s high (its resistance level), a binary options trader would buy a High option with a short maturity of typically five minutes to bet that the price will be higher when the option expires.
If the price breaches the previous day’s low (its support level), the trader would buy a Low option, again with a short maturity, to bet that the price will be lower when the option expires.
How to trade the strategy
- First, choose an underlying asset to trade. Because this strategy depends on trading having paused overnight, avoid 24-hour markets like foreign exchange. Indices, shares or commodities tend to work well with this strategy.
- Next, identify the previous day’s high and low. You don’t usually need any complex indicators for this – it should be clear from a simple price chart.
- If prices have ‘gapped’ overnight and the opening price on the morning of the day you will trade has already broken through the previous day’s support or resistance levels, do not use this strategy.
- This strategy relies on fast action, so prepare in advance what option you will use. It tends to work best with short time frames, so you want a short-term option with a five-minute expiry. Use a High option if the previous day’s High/Resistance level is breached, and a Low option if the Low/Support level is breached. If you use Japanese candlestick charts, it’s a good idea to wait for a second candle to form that confirms the breach and lets you know there is decent momentum forming.
- As before, decide how much capital you want to risk on your trade. Our lesson on money management for binary options will help.
Germany’s DAX30 index achieves a high of 10.800 and a low of 10.680 on Monday. On Tuesday morning at 10.30am, it breaks the 10.800 level and quotes at 10.803. You buy a short-term High option with a five-minute expiry.
At 10.35am, the DAX30 quotes at 10.823 and your option expires in the money.
So far you have learned that:
- there are 3 common strategies to trade binary options: a short term ‘Boundary In’, a long-term, surprise event, and a short-term Breakout strategy that uses the previous day’s high and low
- these strategies are based on real market dynamics and they repeat over again across different markets
- you can apply any of these strategies with the right practice and preparation
The Doji Candlestick Formation
What is A Doji?
- Doji form when the open and close of a candlestick are equal, or very close to equal.
- Considered a neutral formation suggesting indecision between buyers and sellers–bullish or bearish bias depends on previous price swing, or trend.
- Length of upper and lower shadows (wicks and tails) may vary giving the appearance of a plus sign, cross, or inverted cross.
Why are Doji important?
- Completed doji may help to either confirm, or negate, a potential significant high or low has occurred.
- May act as a leading indicator suggesting a short-term price swing/trend reversal may be in progress.
- Doji may also help confirm, or strengthen, other reversal indicators especially when found at support or resistance, after long trend or wide-ranging candlestick.
- Long-legged doji represent a more significant amount of indecision as neither buyers nor sellers take control.
- Gravestone doji indicate that buyers initially pushed prices higher, but by the end of the session sellers take control driving prices back down to the session low.
- Dragonfly doji indicate that sellers initially drove prices higher, but by the end of the session buyers take control driving prices back up to the session high.
- Failed doji suggest a continuation move may occur.
The following example illustrates what that single 4hr doji candlestick looks like when broken down to 5 min sessions, or periods… (Note: it would be great to better visually display the zoom from this 4hr USD/CHF candlestick to the below 5 min breakdown, and also to do a scroll animation (from left to write) showing how the candles developed)
So how do I use doji’s to place trades?
Doji are neutral indicators that simply represent a “tie” in the never-ending battle between buyers (bulls) and sellers (bears). On their own, doji are not much help in making sound, high probability trading decisions— as is the case with any single indicator. This is mainly due to the fact that even if a doji does signal the beginning of a price swing reversal, it will not give any indication as to how far the reversal my go or how long it may last.
High probability trades are identified through a convergence of trading signals that help identify and confirm both entries and exits based on two key components: (1) trend (2) support & resistance. Without having identified those two components in advance a doji, as is the case with any other solo indicator, is nothing more than a coin-toss in terms of determining probabilities.
But when used in conjunction with other forms of analysis, doji can be helpful in confirming or negating significant high/lows, which in turn helps a trader determine whether a short-term trend is likely to reverse, or continue. In other words, a single doji is a just a small piece of the puzzle in helping a trader determine a higher probability point at which to either or enter, and/or exit a position.
Let’s take a look at how doji can be used with other basic technical indicators to make a high probability trading decision. The first things we want to do is determine support & resistance, and trend. The idea is to sell near resistance, and buy near support. Trend helps tell a trader which direction to enter, and which to exit. (enter the market shot with a sell order, or enter the market long with a buy order), and which to exit.
The most basic ways to determine support & resistance is based off previously established highs and lows…
Another way to identify more significant levels of support and resistance in terms of trend reversals is based off previously established significant highs (peaks) and lows (valleys). These peaks and valleys help a trader identify the beginning and ending points of price swings, or trends.
Based off these significant highs and lows, a widely recognized form of technical analysis referred to as Fibonacci retracements may be used to identify support or resistance. These Fibonacci retracement levels represent percentage corrections of previously established price swings, or trends. The most common Fibonacci retracement levels are 38.2%, 50%, 61.8%, and 78.6% of the previous swing, or trend.
In the above example, we see the completed doji (point C) has also occurred at the 78.6% Fibonacci retracement level of resistance based on the previous downtrend. In other words, the swing from the low up to the completed doji (B-to-C) is approximately 78.6% of the previous downtrend (A-to-B). In this case, a trader may interpret this doji as confirmation of the Fibonacci resistance and in turn anticipate an forthcoming reversal, or downswing. If the doji fails (a new high is make above the high of the doji), then this would negate the reversal and suggest a potential continuation.
Based on this basic idea, a trader may then decide to enter the market short (place a sell order) with a stop (or sometimes referred to as a stop-loss) placed above the high of the doji and the Fibonacci level of resistance. Since this stop-loss order is meant to close-out a sell entry order, then a stop buy order must be place.
What is very important to remember is that the highs, lows, opens and closes seen on a price chart reflect the bid prices of that particular market— in other words, the price at which a trader may sell. When placing a buy order it is extremely important to account for the spread for that particular market because the buy (ask) price is always slightly higher than the sell (bid) price. In this example, let’s assume the spread on the USD/CHF at the time of this trade is 4 pips.
In order to close the short, or sell, entry order the trader must place a buy order to either control the amount the trader is willing to lose with a stop-loss, or where to take profit with a limit order (or multiple limit orders if multiple profits targets are established). The size of each stop or limit order is based on the size of the entry order, or what is referred to as the traders open position. Although it is not uncommon for traders to have multiple profit targets, it is generally good practice to have one stop order that matches the size of the total open position thus taking the trader completely out of that position.
At this point only half, if that, of the battle is over. What about the profit targets? Well, much like our entries and stops, our limit also should typically be based on support or resistance. This gives a trader a logical point at which to exit the market. In this example, we will use the same Fibonacci analysis based on the rally (swing, or trend) prior to our completed doji to calculate potential levels of support where the projected reversal may stop and change directions. It’s important to remember that levels of support and resistance act a “zones” where prices may fall just a bit short, or just pierce, the levels. In other words, traders may want to allow for a “cushion” just above or below Fibonacci levels. Since in this example, we’re anticipating the market to move down we may want to set profit targets just above the Fibonacci levels in case the market doesn’t quite reach the actual line we see on the chart. (when setting stops, traders will typically allow for a cushion just beyond a levels of support or resistance allowing a bit of room in which the market may pierce that exact level)
No one no matter how experienced a trader, no one knows with any degree of certainty what the market will do next or how far the market will go. This explains why some traders may choose to have multiple profit targets. One age old trading mantra says, “cut your losses quickly, and let your profits run.” Although this, for good reason, is an excellent piece of advice it is often misinterpreted by both new and veteran traders alike. A trader must “let profits run” only to logical profit objects, which generally reflect levels of support and resistance. This is where trend analysis, plays a significant role in helping to determine which profit targets, or how many, a specific trade calls for.
The mistake for most traders is not wanting to “get out too early” and as a consequence greed oftentimes takes over. This almost always leads to giving those profits back, and in many cases turning a winning trade into a losing trade. Multiple profit targets tend to lead to more complicated exit strategies in which stop management becomes essential. One key aspect of successful trading that will help to determine the quality and probability of a trade is the risk vs. reward ratio. In my opinion, this is without question the single most important factor of a high quality trade.
For now, let’s just keep it simple and see what this trade setup looks like using the same USD/CHF example. We will assume the most conservative profit target (set just above the 38.2% Fibonacci retracement level adding 4 pips for the spread).
Now that we have determined out exits BEFORE entering into the market, we will be able to perform the 2 absolutely essential/crucial components of proper risk/money management, and trading in general. Depending on exactly where we enter the market we are able to determine 1) the risk vs. reward ratio, and 2) the amount of risk on the trade. The risk vs. reward ratio in many cases will be the determining factor based on a traders’ winning percentage. The risk itself will help determine the appropriate size trade to place. Let’s assume we entered this short trade just after the doji completed, the sop-loss order was placed 1 pip above the high of the completed doji adding 4 pips for the spread, and the limit order was placed 5 pips above the first profit target, or T1 (just above 38.2% retracement of B-to-C, plus the 4 pip spread).
Total risk: 35 pips (difference between entry and stop)
Total reward: 75 pips (difference between entry and profit target)
Risk vs. Reward ratio: 1 vs. 2.14 (reward divided by risk)
Assuming the risk vs. reward ratio is acceptable, you may then determine the appropriate size trade to place based on your percentage risk per trade. As a general rule of thumb most traders do not risk more than 1-3% of their total trading capital (1-3% account balance).
Total risk: 35 pips
Pip value: $9.60 USD (approximate pip value at time of this particular
Account balance: $10,000 USD
Max risk per trade: 2% or $200 USD
In this scenario, the trader has two options….
- Pass on the trade since 35 pips of risk x $9.60 /pip = $336 total risk on trade (over pre-determined $200 max risk per trade)
- Adjust lot size to fit within max risk per trade allotment. This would require mini lots….5 mini lots ($4.80 per pip) x 35 pips of risk = $168.00 total risk on trade (within pre-determined max risk per trade)
This particular trade resulted in a win for a total of $360 USD. Obviously, this is just one example and in no way suggests or constitutes a standalone trading strategy or methodology. However, the real point here is that profitable trading is not about complex indicators or systems. Above all is good risk and money management. If a trader was disciplined enough to only take trades that offer maximum risk to reward ratio, then it’s easy to see that profitable trading is not about being right, it’s about discipline and ability to control your emotions.
Extra rambling from excreted from different point in the above
This example demonstrated an opportunity with just over a 1:2 risk vs. reward ratio. If that ratio was one of a traders minimum criteria for placing a trade, then that trader would only need to maintain a 33% winning ratio to break even in terms of profitability. Even when losing, or being “wrong”, happens more frequently than winning, or being “right,” a trader can be profitable. Understanding this in and of itself gives you and edge or advantage against a majority of traders out there. Let go of you ego, play the numbers game, and you have a good chance of reaching your goals.
The market may turn at these at these predetermined logical profit targets, or in many cases move way beyond them. A trader will never know this information in advance. What tends to happen in the instances where the market continues to move in a profitable direction after the trader has already closed the trade for profit, the “shoulda, coulda, woulda’s” start to take hole, and greed starts to blind the trader to the truth. The truth is, you made a PROFIT!. But when the market continues to move in a profitable direction after the trade has been closed, most traders will no longer look at that trade and think, “who cares! I made money on the trade, and I’m happy with that.” Most traders forget about the profit they’ve taken and start to think, “Damn! I got out too early! Look at how much I could have made, or should be making.” This leads to emotions. Emotions lead to irrational, illogical decisions—especially when money is in the equation. Over time, making trading decisions based on emotion leads to trading suicide (i.e. a zero balance).
So all a trader can do is decide what is logical, understand why those levels are logical, and never look back. One of the worst and most destructive habits of nearly all traders is to look back after a trade has completed to “see what happened.”
7 Binary Options
Binary Options Trading Requires Very Little Experience
The common misconception is that binary options trading and forex trading can only be done by one that has a certain amount of experience in the area. There is no requirement to have any previous experience in financial trading and with a little time, any skill level can grasp the concept of binary options trading.
The basic requirement is to predict the direction in which the price of an asset will take. The price will either increase (call) or fall (put). Successful binary options traders often gain great success utilizing simple methods and strategies as well as using reliable brokers such as IQ Option or 24Option.
From this page you will find all the relevant strategies for binary options trading.
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