I have a problem that states there was a formula for the hedge $\delta(t, S_t)$ for a contingent claim whose value depends on only the stock value when $T=20$. In this hedge, $\delta(t, S_t)<0$ at $t=11$ for all possible values of the stock, and $\delta(t, S_t)>0$ at $t=14$ for all possible values of the stock, and we are asked whether such a formula is possible.
I'm not entirely sure how to go about answering whether such a hedge is possible or not. My intuition is that such a hedge is not possible as it would not makes sense to be selling stock at a time regardless of the stock's price, only to buy more regardless of its price at a later time, as the stock's price could be lower at $t=11$ than at $t=14$, which would result in a loss. Is this along the right lines of thinking, or am I a bit off here?