I'm looking for some strategy on playing Omaha H/L. When do you fold? When do you play for the high? When do you play for the low? Any suggestions?
In a nutshell:
You want to fold A LOT pre-flop, and then you're going to fold A LOT on the flop. If you're calling flop bets and then folding on the turn, you probably shouldn't have called the flop (with the exception of a nut low draw getting counterfeited).
You can play high only hands QQJT KKJJ if you will have 4+ opponents. don't open them up front, and don't call when you have a single limper (unless the game is loose and you can count on more limpers).
You always play for low, but you only draw to the nut
Here's the O8 rub: low oriented hands can become high hands; high oriented hands cannot become low hands. If you want to equate them to Hold' Em hands think of it this way:
There is no AA, KK, QQ in O8: the closest you have is AA23ds, and that hand is like Pocket JJ; you'll like the flop about 50% of the time
A2xx hands are like mid suited connectors 89-JQ; not a hand you want to raise with, but you want to see the flop.
A23, A24 and such are like AQ/AK: you want to raise em up, but you better be prepared to get out of the hand if the flop bricks, and you are getting action
A3 and some lesser low hands (A456, 2345) are like mid pairs, hit or quit on the flop. You need a specific card with these hands to continue playing (the 2 if you have A3)
TJQK, TQKK, JJQK type hands are like small pairs, you want to see a cheap flop with a lot of opponents
Obviously this isn't a perfect analogy, but if you are coming from a hold' em background this will help you out. Especially that there are no AA/KK hands, you'll be raising and capping when you have a strong and