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In Forex, you cannot (usually) trade support and resistance directly, in FX trading you have to trade in the direction of the long-term underlying trend. So, in this lesson, I want to give you guys my professional insight into how I approach identifying and drawing in support and resistance levels by giving you 9 easy tips to use… 1. We teach that trades should be entered and exited at or very close to key support and resistance levels. These traders would have offered a very safe trade entry with a very strong risk/reward trading strategy.If you look closely you will notice how the pullbacks happen into the regions of past support levels. In technical analysis, support and resistance represent the critical point where the forces of supply and demand meet. But this too should be viewed with suspicion. The more times the price bounces off of a support or resistance line, the more likely it is to hold (although all support and resistance lines will eventually break). However support and resistance can still be very useful for timing ones entries, but first, I would like to discuss why support and resistance occurs in the first place.Support and resistance occurs because of the actions of speculators, they see recent highs or lows on a chart and place their buys on stops there – this also explains the phenomenon where the market often seems to be attracted to ‘round’ numbers as prices often reach round numbers only to find support or meet resistance at these levels.4. Dynamic support and resistance levels, or areas, where the market can pull back into and find support w/o needing to be at a horizontal support or resistance level. This scenario results in prices being reduced.Demand, is when there is an abundance of buyers or when the availability of the product is much lesser, which tends to raise the value of the product.In the chart above, notice the highlighted areas depict support and resistance, with the red and green arrows. The best illustration of this could be seen in the USDJPY where it is easier to spot as well as understand.In simplistic terms, it is ideal to sell at resistance (or supply levels) and to buy at support (demand levels).Supply and demand, in trading terminology can also be referred to as support and resistance.In this next section let’s see how support and resistance levels help in each of the five approaches to trading and also how trading with any of these five approaches can help in improving the odds when taking into consideration the aspect of support and resistance (or supply and demand) in trading the forex markets.From the chart, we also notice how there was an intermediate support level formed, which is where we would be looking to book profits.The psychological support/resistance levels also offer a way to trade and can be used as entry points or exit points for booking profits.Supply is when there is an abundance of a product or when there are fewer buyers in a market.