Facebook Earnings Play

I just figured out why my Facebook trade is not working out as quickly as I wanted it to. I got into a put spread with the wrong expiration date.

I have a bull put spread with the 72 strike and 67 strike expiring the last week of January.  Facebook is announcing earnings at the end of that week.

I wanted to take advantage of volatility during earnings  but I did the wrong thing.  I should have sold my put spread a week before earnings and not the week of earnings.   This would allow the volatility and time decay of earnings week to eat up the premium  faster.

By selling the put spread during the week of expiration  I exposed myself to the volatility of expiration week.   As it looks now I may have to wait till the week of expiration to exit my trade for a profit.