5 Card draw is a unique game. There are only 2 betting rounds while most other games have 3 or 4, and yet you probably have the best idea of what your opponent has on a cold read at the earliest point in the hand.
Quick example:
First hand of a SnG , you sit in MP and limp with AAxxx. The player to your left raises pot, and everyone folds around to you. You call and draw 3, while the raiser draws two. After only one betting round, you know your aces aren't good unless you draw to trips or better. It's EXTREMELY rare for you to have this read in any other game.
Of course, it's not just the betting action (limp-raise-call) which gave you this information - villain drawing only two cards is an equally important piece of information. If villain had drawn 3, you know there's a decent chance villain's raise was probably with the other aces (or worse), and a bet is most likely appropriate post-draw. Likewise, if villain had drawn just 1, you can probably put villain on two pair, but could probably call a small bet post-draw if you don't improve just to keep villain honest.
There are two adjustments to make to your 5 Card Draw game due to this. First off, you you should realize bluffs will have two parts - how much you raise pre-draw, in addition to the number of cards you draw. It does you no good to raise pre-draw, only to draw 4 cards - everyone at the table knows not to respect any post-draw bets you make now.
Secondly, you can play a few more hands per orbit because you are getting a lot more information for cheap. If you're playing a game of hold'em and are holding a low pocket pair facing a raise, you are going to be much more likely to call if you know you won't be facing any bets on the flop. The only difference with 5 Card Draw is you are getting information on villain in addition to improving your hand.
How can you incorporate these two changes to your game? Let's take the following example:
Sitting on the button, you look down to see KKAxx. The cutoff limps and you decide to raise to 4xbb. The small blind folds, big blind calls, as does the cutoff.
The big blind draws 3, while the cutoff draws 1.
Let's stop there. Right now we can put the big blind on AAxxx or KKxxx, and the cutoff most likely holds a straight / flush draw. It's also possible he holds a low two pair, however if this is the case he clearly doesn't like his hand much and if we represent the right hand we will most likely be able to get him to fold.
Knowing we can't be terribly strong against the big blind and the cutoff is just asking us to take him off his hand, we'll hold AAK. While we are diminishing our odds of drawing to trips, we aren't looking to improve our hand as much as we are trying to demonstrate to our opponents how strong we are.
In the next round of betting, if both players check to us, we can put out a bet somewhere around 2/3 pot, and should be able to take it down. If either player bets, we can make a decision based on the size of their bet and whether or not we improved.
