Here is my theory, of course I am not at all confident that I am right: Or maybe that is position dependant (obviously I prefer most aces over kings on the button and CO, but MP and HJ is different since we are more likely to be OOP as PFR, having to deal with floats, and turn raises from a good opponent, and vs some of them I would just open fold AJo, whereas I will still play KQo). Still, I feel a little more comfortable playing KQo rather than AJo from middle position, maybe that is due to my own and unique postflop licks. I know, that this could be due to variance (that particular datbase is only 20K hands), and also, that is a downstrick sample (breakeven), with a lot of pretty sick coolers. My HM shows, that in FR I am winning with KQo from MP (BTN-3) and actually loosing with AJo. But we are probably less concerned about equity, since playablity becomes more and more important the deeper we get. I think most of the time AJo will have superior equity against standard 100bb ranges. You also need to account for card removal when deciding which hand to remove from your range. For example 87s is better than KK against AA. Hand strength is not transitive, that is one hand is not always better than another.
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