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I run one in Doubles alongside M-Blastoise. Chu has Fake Out/Nuzzle/Thunderbolt/Focus Miss and an Air Balloon. They work really well together and team preview makes it so that the opponent knows I have Blastoise so they always send out their Rotom or whatever first. Raichu gets a boost from Lightning Rod and protects his ally, while hitting back hard.
One weird thing I've noticed is that that on WiFi the opponents always tend to use Earthquake when my Air Balloon is still intact. I always get a chuckle out of that.
