I am about to play a 5-Card Draw Poker Tournament Friday night, as I am in the race for the Leaderboard of PokerStars US Bounty Series and gotta play that one even if I am -EV in this $30 tourney (there's $4K on top of the Leaderboard and I am in top 5).
I looked at some basic articles online and here's what I found:
https://www.pokervip.com/strategy-ar...basic-strategy
Our raise-first-in ranges are dependent on our position, similar to no-limit holdem. As mentioned we want to be playing pairs which are likely to make the best trips.
UTG KKxxx+
MP QQxxx+
CO JJxxx+
BTN 99xxx+
SB TTxxx+ (however it's OK to complete some weaker hands with reasonable potential)
The Draw
Our draw decision is really based around the following. We'd rather make an above average strength hand frequently than a super-strong hand rarely.
If we have a pair we draw 3 and try and make trips.
If we have trips, we draw two and try to make Quads or a boat.
If we have a flush-draw or straight-draw we draw one and try to hit.
If we have total garbage (usually in a free play situation) we can hold on to cards above a Queen or Jack and replace the others.