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I know of a bouncer (working in the states) who had a knife pulled on him. the knifer was clearly nervous, so the bouncer did a karate stance (he didn't know karate) and said "all right, let's see what you got." dude dropped the knife and ran. I imagine something like this could work, but you never know with those crazy phillipenes.

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Now that is the right move if you have the gusto to pull it off.