Hey guys,
As always, let's take GTO/balanced play into account. In GTO-world for every valuehand played agressively (let it be bet, raise, 3bet or cap) you have to have a bluffing range of alpha*valuerange, so that your opponent would be indifferent with calling with his bluffcatchers. He can call or fold, won't matter to him really. Now this is the foundation for the rebluff, re-rebluff and re-re-rebluff, etc.
There are two main points I'd like to bring up.
1) If you take a look at a standard LHE situation, you will not raise the turn all that often for value. If you do, then for sure you have to be bluffing there also - just because your range is really strong, you can 'represent' a strong hand by raising as a bluff, also your valueraises will be called down lighter. However, as I said, in most situations this is not a huge range on your part, and your opponent is getting fairly good odds to call down in an already somewhat bloated pot, therefore just a small part of your raising range should be bluffs. (Let's say that you raise the BU, BB calls and check/raises the flop, you call planning to raise the turn - in this case the pot is 4,25BB on the turn + 1 from your opponent, so you give him 7.25:1 instant and 8.25:2 effective odds. That means your optimal bluffraising range should be 12-20% of your overall raising range. If you work out the combos, that's not a whole lot.)
2) The second problem, which is very applicable at microstakes, is that people's raising ranges will consist of less bluffs than optimal on most boards - giving you less incentive (exploitatively) to rebluff them at any point in the game - they're probably not going to be folding enough. However, if you want to start the leveling war with micro/smallstakes regulars, they will definitely not put enough bluffraises in your range and will make highly exploitable folds thinking your range is stronger than it actually is.
It's funny, cause in exploitative sense it's much easier to determine whether rebluffing will be profitable, since it's just a simple pot odds + fold equity calculation. But the key factor is to determine if your opponent has a high enough ratio between bluffs and valuehands (or if he folds ridiculously strong made hands) so that your rebluff will be profitable. Against weak micro/smallstakes grinder rebluffing can be a goldmine from my own experience.
I hope I could help, cheers.
Madi
