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I can't say I like it. The river.. maybe.. it's your last chance to win the hand because you are clearly beat. The hand.. not really. First, If you have the flush, are you going to be calling down 2 pot-sized bets in a raised pot? Probably not. If you have the set, are you going to wait until the river brings the 3rd flush card (on top of the 3rd straight card on the turn) until you make an agressive move? Probably not...
More importantly, you are putting your entire stack on the line this hand without ever having any idea where you are at. By the river, it's very clear that you are beat, it's just a matter of whether or not you can push him off his hand. In my experience, I like to save my bluffs for when I feel weakness... trying to push people off hands often ends in frustration, especially when your betting sequence in the hand just doesn't make sense from villain's point of view.
I think I raise this flop. Use your positional advantage and find out where you are in the hand while the betting is comparitively inexpensive. If he 3-bets you it's quite an easy fold based on your reads, and if he calls you are probably beat. If he checks to you on the turn, and depending on the turn card, best lines here IMO would be to fire again on the turn + check behind river, or turn check behind with the intention of picking off a river bluff. I probably go with the first. If he makes an agressive move at you after you raised twice in the hand it's time to get out.
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