retract a bid on ebay

I was wondering if someone could tell me how to retract a bid on ebay. Long story short. I found something ford $10, kept bidding up to $42 getting out bid everytime. Got an email this morning saying that the high bidder retracted their bid so im now the high bidder of $11.50. Due to this I would like to cancel the bid with a max of $40 and drop it to $20.

You aren't willing to pay $40 now because someone else retracted their bid?

Click the number of bids in blue, click retract bid(you'll need the auction number and a better reason), enter the requested information and submit. Note: you cannot do this in the last.......24 hours? I don't remember the exact timeframe.

Thanks. Lol I knew someone would have something to say about it. Ill be home all day so id rather just keep an eye on it and a few other similar auctions and go with the best deal. Isnt that the whole idea with ebay trying to get the best deal?

Sure is! Glad to help.

I've lost on items only to get emails from scammers saying the exact same thing or some other excuse.

Just making sure.