Trading Diaries - 4

NOTE - There are more questions based on the passage below. Check all the questions on my profile page.

Alex trades in a security during a trading session across 5 hourly windows from 9 AM to 2 PM. Alex makes one buy and one sell trade (in that order) in each trading window. Alex starts and ends each trading window with no shares, so whatever was bought has to be sold within the window.

Profit or Loss is calculated as: (Selling price - Buying price) * No. of shares

Security price information for the session: Open - 92.55, High - 108.90, Low - 83.35, Close - 98.80

Some other information is given below:

• Alex starts the session with 1000$ in the trading account
• Alex trades only in prices which are whole numbers
• Alex sells 15 shares at a price of 90 at 10:35 AM
• Alex does the following transactions during the session but in non-consecutive windows: (i) Sell 13 shares at price of 98, (ii) Buy 7 shares at price of 98. The combined profit/loss for these two windows is zero.

If Alex makes a loss in two trading windows, which of the following trading windows must he make a loss in?