The cooldown timer starts at 10 minutes and is started as soon as you use the consumable. Until that cooldown ends, you will not have an increased chance of getting an exotic.
Hope this helps
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So every strike or every other strike?
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Does it matter which? I usually do it every other strike, but if what you're saying is true, I could use one every strike?
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Cool, thank you. So as long as I'm consuming them ten minutes apart or more, I'm not wasting them? I've also read that you're supposed to wait twenty minutes after getting an Exotic engram from ToCs to use one again. Do you know if this is true?
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That is not true. Only ten minutes.
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Alright, thanks again for your helpfulness. It really cleared up my confusion.