Can't get protected content shortcode to work

I've tried to follow the steps to protect content on my site, but it still isn't being protected. I must be doing something wrong. Here are my steps:

1) I added a shortcode and set its default to not show content (image: shortcode1)
2) I added a positive rule for my "free" membership level indicating that they can see all shortcodes except the "premium" shortcode that I created (a negative rule makes more sense...but that's not the point)(shortcode2)
3) I wrapped the content I want protected with opening and closing shortcodes (shortcode3)
4) But the content is still showing and accessible (shortcode4)

I should mention that I double and triple-checked that I was logged in as a member that is on the specific access level that I put the positive rule on (step #2 above).

What step am I missing here?

Thanks,

John