Do 'three weeks tight' patterns lead to profitable breakouts?

We want to buy breakouts that come out of a tight three week consolidation, the classic William O'Neil "three weeks tight" pattern. Group daily bars into weekly bars from Monday close to Friday close. A "three weeks tight" pattern occurs when the last three completed weekly closes are all within 1.5 percent of each other. In other words, the highest of the three weekly closes is no more than 1.5 percent above the lowest of those three weekly closes. Enter long the next open after a daily close that is above the highest of those three weekly closes, provided the daily close is also above the 50 day simple moving average. On entry, place a protective stop just below the lowest daily low of the three week consolidation, but no more than 5 percent below the entry price. Size the position so a stop-out loses exactly 1 percent of account equity. Round down to a whole number of shares. Take profit at 2R, twice the entry to stop distance. If the position has been held for 40 trading days without resolving, exit at the next open. Long only. One open position per ticker at a time. No leverage and no pyramiding.