Using 2nd best postition to your advantage...

I had a hand the other day which got me thinking. I am not posting the hand history because I want to discuss some strategy rather than the specific hand or how it was played. Let me define the scenario and then get into some discussion:

I am holding a specualtive hand that plays best in a multi-way pot. Say sooted connectors or A-rag sooted. The hand plays out like this (10 person, full ring):

UTG calls, EP calls, MP (Hero) calls, Button raises 5xBB. UTG calls, EP calls, hero calls. Pot is ~21BB

I called here because I was the last to complete and nobody folded. So, figured I had no reason to get out of the hand. Any reason to fold?

Flop is all rags. UTG checks, EP checks, I check.

I hit nothing, but the main reason I checked was that I knew Button would c-bet it. What I really wanted to know is whether UTG or EP hit anything. Meaning, I wanted to see how UTG and EP react to the c-bet to decide whether I try to steal this pot.

Button bets 8BB. UTG folds, EP folds. Hero raises to 24BB.

Looked like a c-bet. Smelled like a c-bet. Both UTG and EP folded so I decided to put him to the test.

Button insta-folds.

Discussion: I REALLY felt like my position relative to the raiser and callers could be used to my advantage. First of all, I would be the last to act to any bet by the pf raiser, so in effect, I had good position. As such, I could easily gauge the strength of UTG and EP hands by checking, assuming that Button will bet (highly likely since he was the pf raiser AND it was checked to him in position). Sound thinking?

Is this scenario something that others have exploited? Just wanted some thoughts or maybe I am way off base here. Profitable in the long run or did I just get lucky?

Check out the section on relative position in NLHE:TAP. Its an important concept to be able to understand and use to your advantage during play, just dont overdo it.