Recency Bias and Its Influence in Trading

Raj had been watching the Nifty futures all morning, waiting patiently for a trade. Finally,Nifty came near His entry levels based on his trading system. He looked carefully at  the price action  he used to qualify his trades. Everything met his criteria. Price had turned bullish and  signaling long should be taken. “There’s no flaw in the setup,” he thought.
The trade started working almost immediately. The market moved up smartly, breaking a nearby resistance level and then moved in his direction. The Nifty rallied almost 60 points from the trade entry—an excellent intraday run for this market. But, Alas!!  Raj was not on board.
He didn’t take the trade. Why ??
This is what he wrote in his trading journal

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