And the Seasiders took the lead after the break when Charlie Adam scored from the penalty spot after DJ Campbell had been brought down by James Perch.
Holloway reflected: "We played some decent stuff on a bobbly pitch. I'm a proud man - my players have proved they can cope with all sorts of pressure."
Windy conditions and an uneven pitch did not make for the most attractive football, but Davies admitted that Forest did not perform as well after the interval and he was also unhappy with the manner of the goals conceded.
"The second half was stop-start and on a difficult surface we didn't get passing game going," he stated.
"We gave away two soft goals but we'll take game the back to the City Ground and it's all to play for.
"I've been involved in the play-offs for a number of years and I know it's all to play for."
Davies's view that the game hangs in the balance is shared by Holloway, who refused to predict who will make it through to the final.
Blackpool went into the play-offs as underdogs, having finished sixth in the table and nine points behind third-placed Forest.
Holloway, who will have fond memories of the season, said: "Can we get what we want on Tuesday? I don't know but it's been an incredible journey."
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