Support and Resistance can help guide traders with entries and exits. New traders often make it more difficult than it really is to identify these levels. Learn how to use Psychological levels , Swing highs/lows, and Pivot Points. Read this: ​http://www.dailyfx.com/forex/education/trading_tips/daily_trading_lesson/2014/03/08/3_Simple_Ways_to_Indentify_Support_and_Resistance_in_Forex.html

A "pip" is the smallest increment in any currency pair. In EURUSD, a movement from .8941 to .8942 is one pip, so a pip is .0001. In USDJPY, a movement from 130.45 to 130.46 is one pip, so a pip is .01. How much in dollars is this movement worth, for example, per 10,000 Euros in EURUSD? How much is one pip worth per 10,000 Dollars in USDJPY? We will refer to the size, in this case 10,000 units of the base currency, as the "Notional Amount". The formula for calculating a pip value is therefore: (one pip, with proper decimal placement/currency exchange rate) x (Notional Amount) Using USDJPY as an example, this yields: (.01/130.46) x USD10,000 = $0.77 or 77 cents per pip Using EURUSD as an example, we have: (.0001/.8942) x EUR10,000 = EUR 1.1183