For those that are interested, here is my solution to the problem of changing the entry level of the second trade to the weekly close. I used counters and a second TMF. I'm sure there would be a more elegant solution, but this one works.

As to the profitability of the system, that is another story altogether. If anyone has any ideas for improving the performance, I'd love to hear them.

Code:
#define H1 (60/BarPeriod)
#define H24 (1440/BarPeriod)
#define W1 (7200/BarPeriod)

int myTMF1() {
	if (TradeIsEntry) { 
		AssetVar[2] += 1; 
			if (TradeIsLong) AssetVar[3] += 1;
			if (TradeIsShort) AssetVar[4] += 1;
	}
	return 0;
}

int myTMF() { 

	if (TradeIsEntry) {AssetVar[2] = AssetVar[2] + 1; 
		if (TradeIsLong) AssetVar[3] += 1;
		if (TradeIsShort) AssetVar[4] += 1;
	}
	if (TradeIsLong and TradeIsStop and AssetVar[4] < 1){
		enterShort(myTMF);
	}
	return 0;
	if (TradeIsShort and TradeIsStop and AssetVar[3] < 1) {
		enterLong(myTMF);	
	}	
	return 0;

	return 0;
}

function frameAlign(BOOL Event){ 
	// Let time frame start when Event == true
	// f.i. frameAlign(hour() == 0); aligns to midnight 
	TimeFrame = 1;
	vars Num = series(0); // use a series for storing Num between calls
	Num[0] = Num[1]+1;    // count Num up once per bar  
	if(!Event) 
	TimeFrame = 0;      // continue current time frame  
	else {
		TimeFrame = -Num[0]; // start a new time frame
		Num[0] = 0;          // reset the counter  
	}
}

function run() {
	set(TICKS|PARAMETERS|FACTORS|LOGFILE); 
	Weekend = 3; // don't run TMF at weekend
	StartDate = 20140901;
	EndDate = 20141231; //preserve 2015 data for OOS testing
	BarPeriod = 60;
	LookBack = 209;
	if (is(INITRUN)) { AssetVar[0] = 0; AssetVar[1] = 0; AssetVar[2] = 0; AssetVar[3] = 0; AssetVar[4] = 0; }
	
	TimeFrame = W1;
	frameAlign(dow() == 7 and hour() == 23); //align weekly chart to a UTC open time of Sunday 2200 (note it is 2100 in summer)
	vars closeW1 = series(priceClose());
	AssetVar[1] = closeW1[0];
	
	TimeFrame = H1;
	if (dow() == 7 and hour() == 23) { AssetVar[2] = 0; AssetVar[3] = 0; AssetVar[4] = 0; } //reset to zero at start of each week
	int exitDay = 5;
	int exitHour = 16;
	
	var entryMultiple = 4;//
	Stop = 30 *PIP;
	Trail =2 * entryMultiple * ATR(168); // optimize(0.5, 0.25, 3.0, 0.25) * entryMultiple * ATR(168); //
		
	if (AssetVar[2] == 0) {
		if (!(dow() == exitDay and hour() >= exitHour)) {
			Entry = closeW1[0] + entryMultiple*ATR(168);
			if (NumOpenLong == 0) enterLong(myTMF1);
			Entry = closeW1[0] - entryMultiple*ATR(168);
			if (NumOpenShort == 0) enterShort(myTMF1); 
			}
		}
	if (AssetVar[2] > 0) {
		if (!(dow() == exitDay and hour() >= exitHour)) {
			Entry = closeW1[0];
			if (NumOpenLong == 0 and AssetVar[3] < 1) {	enterLong(myTMF);} 
			if (NumOpenShort == 0 and AssetVar[4] < 1) { enterShort(myTMF);}
			}
		}
		
		if (dow() == exitDay and hour() == exitHour) {exitLong("*"); exitShort("*");}
		plot("closeW1", closeW1, MAIN, RED);
	
}

www.robotwealth.com