I stop looking for continuation breakouts and either stand aside or look for digestion / mean-reversion style scalps with smaller expectations. Chasing a fresh ORB-style break after a spent London has been a recurring journal red flag for me — it feels like participation, but it is often late noise.
Rule: compare London range so far to the pair’s recent median London range. If we are already there before New York, continuation needs exceptional evidence — default is reduce size or flat. UK or US data into that window makes the default even more conservative.
Spent does not mean "no trade ever"; it means the playbook changes. That distinction matters.
Spent-range mornings are when I most need the written rule, because the clock still whispers that New York "always brings volume".
- How do you define a "spent" London on GBP?
- Flat, fade, or still continue with tiny size?
