This song refers to the awkwardness and confusion you feel about seeing your ex time after time after you break up. The love story was simple: the chemistry was amazing, people would tell them that they were perfect for each other, they thought that they'd always have each other, but something went wrong, (complication,miscommunication) and they had a fallout.
They chorus mentions the awkwardness of running into your ex, and what it feels like. (im standing alone in a crowded room and we're not speaking). She doesn't know what to say, she doesn't know what he thinks of her now, and she's pretty sure that the "story of us is a tragedy now."
The second verse mentions how they both act around each other now (awkward.) He was impassive, and didn't show any emotion (you helf your pride like you should've held me.) so she is confused and still hurt.
The third verse means that she liked it alot better when they were dating than when they broke up and never spoke. She isn't going to do anything about the situation, but if he initiates getting back together, she would come back (the battles in your hands now, but i would lay my armour down, if you say you'd rather love than fight.)
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