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Very interesting topic. Lukie and I were discussing this the other day. Here's what I think. 100NL and below I think you just play 22-88 for set value (ABC poker type play), meaning limping and calling raises using the 10x rule as a guideline. Raise 99,TT in late position, and AA-JJ raise in all positions. However, when you get up to 200NL+, I think some adjustments need to be made. The average player is not going to stack off with AA/KK nearly enough times to make the 10x rule +EV IMO. Open limping from EP and calling a raise just seems so transparent, but I'm sort of torn on what to do. I think open-raising with low PP's from EP is probably -EV, and I hate the idea of folding away potentially big implied odds.
If the preflop raiser is solid, I don't hate just dumping 22-88, espeically if you are OOP, simply because you know they're mostly likely not going broke with AA/KK if you set. Also, if their opening range is wide, that means your implied odds are even worse. Say tricky solid villian opens in CO for 4xbb with 98s and you call in the SB with 44. I think CO gets the best of it in the long run. Even if you do flop a set, CO needs an awesome flop to stack off on, and most of those will either be straights, flushes, or big draws. A flop like 984 would be ideal, but that's just wishful thinking.
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