Long time no see... I've been playing a bit of NL200 lately and I'll be posting a few of the interesting hands in the following days... Here is the first one:
I only have a very small sample of hands with my opponent but he is clearly a loose aggressive player: 44/21/7 over 28 hands and 3bet percentage of 15%.
No-Limit Hold'em, $2.00 BB (5 handed)
BB ($201.10)
UTG ($359.18)
MP ($244.10)
Hero (Button) ($181.40)
SB ($48.05)
Preflop: Hero is Button with 10

, 10
2 folds,
Hero raises to $7,
1 fold, BB calls $5
Preflop is standard, I raise from the button and he calls from the BB. The fact that he doesn't 3bet tends to indicate that he does not have a very strong hand because his 3bet percentage is 15% (although it does not mean much over such a small sample of hands)
Flop: ($15) 5

, 6

, 8
(2 players)BB bets $15, Hero calls $15
Flop is very good for me although pretty much any card of the deck that comes on the turn is going to be a scary card for me. My opponent bets pot and here is the critical decision for me in this hand: either flat call or raise.
The only hands that fit a pot sized bet on this flop given the preflop action are a set or air. If he has a set he will want to protect it from all the flushes or straights that may come on such a drawy board. However, the probability of him calling with a middle pair preflop and flopping a set are far less than him having a flush draw, straight draw or nothing on this spot and trying to steal the pot from me. If this is the case, he will likely keep betting pot on every straight if a scary card comes (and a scary card will definitely come given the board texture). If I decide to call I must be ready to call him down, unless maybe a diamond comes.
Turn: ($45) 9
(2 players)BB bets $45, Hero calls $45
The turn is the 9s. This completes the straight. If he had a 7 I'm screwed... But the action does not really fit him having a 7: now there is only one card to come and if he has a straight he would probably try to make a smaller value bet in order to make sure I call.
On the other hand, if he had a set on the flop, this card should scare him and make him slow down in case I had called him down with a 7 on the flop.
However, he bets pot again. This makes me think that he really doesn't have nothing and he is going to bet pot - bet pot - bet pot on every street (consistent with his aggression factor).
River: ($135) Q
(2 players)BB bets $134.10 (All-In), Hero calls $114.40 (All-In)
The Q is a blank. If he had a hand like QT, QJ, KQ he simply got lucky. However, given that I called the turn I must go with my read and call his river bet. There is no reason for me to fold at this point.
Total pot: $363.80
Rake: $2
Results:
Hero had 10

, 10

(one pair, tens).
BB had K

, 6

(one pair, sixes).
Outcome: Hero won $361.80
So here is an example of how the call-call-call play can be very profitable against a very aggressive opponent who will bet pot-pot-pot on every street when his preflop action indicates that he does not hold a very strong hand.