Your preflop defense is acceptable, but if opener is UTG and then the next call comes from MP, our range from BB is very capped with low pockets. (22-66). We are basically speculating and want to flop a set. Otherwise we can say goodbye to those values, when the texture of the board does not help. Even our fold equity range could stay preflop, when we have solid readings that the players involved are NITs.
On the flop we are blocking a gutshot for the wheel straight, but the board is paired. It is a situation where the first caller is now placing a small bet size with the top of his range. Of course, all the important overcards are in his range. When we call on the flop we do it mainly for 2 reasons:
1) We transfer part of our fold equity range to the hand opener. In this particular case, we press the UTG range.
2) We defend the big blind, against aggression from a passive caller of preflop. In this case, MP's villain has a standard range for his position, because with his donk bet he seeks to balance himself, since the board does not impact his range and is fundamentally pressing BB's defensive range.
It is reasonable to defend this flop when the OR and the consecutive caller could have interferences of range and eliminate each other strong value hands, with all the broadways we don't have. However, the fact that the board is paired detracts from our defense on the flop. Because here the UTG and MP ranges become wider than normal and with them together in hand, we are losing EV. Because now we are behind, with some of his possible bluffs.
It is a situation similar to that the first caller is the BU. And the flop impact more in BU and therefore we want to have better values in our range. Like 88+ for example.
As played we called and achieved the goal of kicking opener out of the hand.
On the turn the V shoots his second barrel hard. I'm not sure if you have specific readings on this villain, but without them this call becomes marginal. Now we are even dominated with value hands, that the villain might think does not have enough showdown value.
On the river the MP continues to bet very hard. The questions to ask yourself on turn / river are:
Have I seen this villain bluffs in showdowns and multi barrel pots?
Does this villain play wide ranges from tight positions?
Probably the standard line for 5NL is fold on the flop. But if you decided to continue, the second instance to fold the hand is the turn. If you got to the river it's probably because you thought V has a range advantage and you didn't block his bluffs and therefore wanted to catch them.
But when the board is paired the bluff catchers become much more vulnerable, when there are no specific reads from the villain. Fortunately you had a positive result on this hand, but this is not a sequence that I would recommend to a player looking to improve at 5NL.
Preflop: good Flop: good Turn: villain has a lot of Kx hands, also villain has pocket pairs like 99-QQ that want to bet for value. On top of all that you block his bluffing range. If you want to call you should call without blocking wheel draws. With hands like 66 or 77. Turn is easy fold. River:fold for same reasons.