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Posted By: Steve

Mark,

I think I now understand this better. You had bid $206 with a maximum of $275. That would protect you for one increment: 230 is the bid after 206 and you then need 253 to protect you for one increment, which took place as you did. 275 would protect you for two increments only if you HAD THE BID OF 187 - which you did not. I should have explained this more clearly when we spoke last night.

Thanks for your kind words,
Steve