When implied volatility is high but the move never comes, what does your process say about the position?

Here is a question I keep returning to. Suppose you buy a straddle into an event where implied volatility is elevated, and the underlying moves less than the market priced in. The position can lose money even when your directional read was roughly right, because the premium you paid assumed a larger move. That is worth separating from simply being wrong about direction. For example, a trader who expected a strong reaction might find the stock drifts sideways after the report. The gap between what was priced and what happened is the real lesson, and it is easy to blur into a general feeling that the trade "didn't work." So I am curious how others frame this before entering. Do you compare the implied move to your own estimate of the move, write that down, and check it afterward, or do you judge the trade mainly on direction? What does your process actually look at when volatility is priced high?