Stocks moving for market related reasons I will usually trade these on the first bounce. When the market turns after a major move I found that Large caps tend to come back pretty quick.

Stocks moving on company and/or industry related reasons I will usually trade these stocks after several bounces, and it may be several days after the inital move. Stocks like these are moving for good reason and the mm's,pro traders and institutions all are waiting for the smoke to clear before they take the market back to some kind of normalized trading range. Mid Caps provide lots of trading opportunities like this as they tend to be more volatile.