Google launches their Disallow Tool
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So far my webmaster response is about 10%, so you have no idea how much this tool can relieve some pain after so many attempts.
To the best of my knowledge, the Disavow Tool will have absolutely no impact on your success rate. It seems designed to help ensure webmasters who have a manual penalty lifted are not affected by Penguin.
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I admit it... I panicked and disavowed a ton of domains that I didn't recognize as good links and I went from mid-page-2 to lower-page-3. So...my question is: what happens if I submit a new disavow file that has only a fraction of the links. Or, better yet, what if I delete the disavow file altogether with a file that has a comment saying Oops, sorry, we didn't know what we were doing with this tool and respectfully request to undo our mess".
A very good SEO told me to not chase after my disavow list, and I get what he's saying, but it's hard to not remember the days pre-disavow when I was at least on page 2 ... I was on page 1 for 14 years since 1998 until penguin hit! (I sell bean bag chairs and am speaking of serps for "bean bag chairs").
www.ahhprods.com in case anyone is curious

Thanks!
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If you Disavowed "good" links to your site, your rankings may be lowered as a result.
If you Disavowed "bad" links, then your Penguin issue could be reduced or resolved.
The best course of action is to allow a trained SEO professional examine each linking domain to determine if the links violate Google's Guidelines and only Disavow the links which do violate those guidelines. Also, the Disavow tool should not be used until after every possible action has been taken to remove the link. Google is quite clear on this topic. If you use the Disavow tool without "significantly" reducing the manipulative links to your site, it likely will not help.
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Hi Irving,
Today i have Compiled a comprehensive backlink report for one of my hotel client (http://www.fairfieldinnhotelcedarrapids.com/).I have identified all bad links and create one .txt file and upload via google disallow tool. now my question is, How do i know that all dead links has been removed? Is there any way to know status?
Thanks