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Fold pre-flop.
I prefer to call the flop. This gives you two more streets to get value as opposed to blowing out KK-JJ some part of the time right now.
 Originally Posted by BankItDrew
 Originally Posted by poskid_1982
PF sucks. Why 3 bet this when we are dominated soo often? 45s would be much better and still wouldnt be good IMO.
what he said
First off, I think 3-bet bluffing here is pretty bad since OP is assuming Villain is continuing with a majority of his likely UTG range.
With that being said, and even with the understanding that 3-betting both ATo and 54s here are likely -EV, I don't think the comparison of 3-bet bluffing 54s vs ATo here is so clear-cut because of the fold equity we gain pre-flop with the blocker, and since this is a convenient thread to discuss such an issue, I'll briefly describe why.
If we assume like OP said that Villain is continuing with JJ+, AQ+ preflop, then if we hold ATo that's 45 combinations Villain will continue with, but if we hold 54s it's 56. Since Villain is a bit of a tagg, let's put his UTG open range as being about 66+, AQ+, which is 75 combinations when we hold ATo and 86 combinations when we hold 54s. Then when we hold ATo, Villain folds 40% of the time, and when we hold 54s Villain only folds 35% of the time.
The question becomes the following: Is the post-flop equity we gain with 54s over ATo more than the pre-flop fold equity we gain with ATo?
There are ways to try to estimate this, but I don't want to get out on too far of a tangent. However, let's look at what happens if we never get equity post-flop to see how big of a post-flop advantage 54s would have to hold over ATo to make it the better hand to 3-bet bluff with:
With ATo: 40% of the time we win 5bb, 60% of the time we lose 11bb, total fold equity value of -4.6bb. With 54s: 35% of the time we win 5bb, 65% of the time we lose 11bb, total fold equity value of -5.4bb. This is a difference of 0.8 big blinds, which is the difference which would have to be made up by 54s over ATo with post-flop play.
Against Villain's calling range, hot/cold ATo is 26.0% and 54s is 32.7%, so it's definitely possible, but there are more variables here that are too hard to quantify, like if Villain will stack off with JJ on Axx, for example.
Anyway, the point of this was to show some of the math involving the blockers.
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