Ok then it is clear. When it is written that phantom trades are used both for equity curve and hedding, it sounds to me that the equity curve criteria is not used in hedding (maybe because in my mother language it would be said in other way )

Yes, I know that is written that "Pool trades are triggered when phantom trades open or close" which explains why the stop is so far from the price in the NET trades. The condition related to "the equity curve trading" is what I was missing over there. I know that example with 100lots and 40lots, I have read it many times.

To summarized if I understood correctly, in hedge=5 all trades are phantom trades. When the equity curve trading criteria allows a trade to become real, then the phantom trade order becomes a pool trade. Then pool trade manage the total amount of real trades and open or close those real trades so that we have a net amount of trades in the same direction per asset. When that is defined, the pool trade become real trade.