Looking for some eBay Tips? Here is what I know and with confirmation on the official website.
Retracting a Bid
The last thing that you will want to do is retract a bid (as sellers will want to avoid selling to you in the future) but there are times that you will need to do so. You will want to retract a “max bid” if another bidder has zero feedback a***z (0) and made an extremely high bid as it could be the seller of the item using another account in attempts to get most from the sale or a competing bidder to see how high you bid and add a minimum over you to win when the clock runs out. It may also be a seller wo plans to offer the same item and want to see how high people are willing to go then make their offer end sooner in hopes to grab those searching.
You should only set your max bid when less than fifteen (15) minutes remain on the items that you are interested in getting as once items has less that twelve (12) hours remaining, a bidder usually has to get their bid retracted through the seller and the seller is not obligated to do so.