Interesting conundrum Herb.
I'm not sure about a seller's motive in that position but I've recently been in a similar position, buying an illiquid doggy.
I was patiently waiting in cue at a pip above last sell price to entice a seller. Over a couple of weeks I got a few sold into me. About half of what I wanted. Unlike your experience no one cue jumped me but I noticed a few joining my bid and a pip or two below. I was worried about being cue jumped as there was a nice amount of shares dangling on offer about 20% above current price. I had a thousand thoughts like will I be left behind without my fill? Is it a rookie decision to move price up 20%? What if price comes back and I miss the cheapies?
Finally I ignored the other buyers and thought about the basics. Even at the 20% increase I believed it to be cheap. It was illiquid so no guarantee of future supply around this price. So I bought up and it's worked out fine. Price has come back below my average buy price but volume has not been much at all after weeks. And if I had waited I still wouldn't have had my fill.
The point of this waffling is that I think ignore the noise of everyone else's motivation and focus on your own reasoning. What's a couple of pips if it is still good value to you.
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Interesting conundrum Herb. I'm not sure about a seller's motive...
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