You don't get to say you aren't playing the signalling game. This is just interpreted as either a high status move (if you're already high status) or an admission of defeat if you are low status.
Doing nothing is always still a move. http://lesswrong.com/lw/bam/doing_nothing/
The general rule of thumb is try to dress 1 step above the average level in whatever setting, but no higher.