ty @Sphin, TradeIsOpen also didn't work.

ty @Petra, the code helped a lot and showed me that the issue in the code I posted above were the printf statements. For those that are interested, here is the above code with the correct printf statements:

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;
				printf("\nA. TradeIsLong & AssetVar[3] is %.2f\n",(var)AssetVar[3]);
			}	
			if (TradeIsShort) {
				AssetVar[4] += 1;
				printf("\nB. TradeIsShort & AssetVar[4] is %.2f\n",(var)AssetVar[4]);
			}
		printf("\nC. TradeIsEntry: %.2d, AssetVar[2]: %.2f, AssetVar[3]: %.2f, AssetVar[4]: %.2f\n",TradeIsEntry,(var)AssetVar[2],(var)AssetVar[3],(var)AssetVar[4]);

	}
	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);
		printf("\nD. entershortn");
		
	printf("\nE. TradeIsEntry: %.2d, AssetVar[2]: %.2f, AssetVar[3]: %.2f, AssetVar[4]: %.2f\n",TradeIsEntry,(var)AssetVar[2],(var)AssetVar[3],(var)AssetVar[4]);
	}
	return 0;
	if (TradeIsShort and TradeIsStop and AssetVar[3] < 1) {
		enterLong(myTMF);	
		printf("\nE. entershort\n");
	}	
	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);
	
}