Good points.
Up until recently, I avoided trading options around earning because I believed everything was already priced in. But seeing his successes made me re-examined things and the paper you introduced me to gave me some ideas of how to proceed.
I must say it is way more involved than just guessing the direction of the underlying. More often than not predicting the direction and magnitude of the move correctly do not make an option trade profitable. Examples are the recent MSFT, JNJ earning trades I modeled.
I appreciate posts from folks like you, Des among others. I am especially in debt to Maverick74 who explained gamma and convexity in many of his posts and that made me the trader I am today.
Regards,