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Yes, that does help some.  Rebuilding my disavow list was my plan, but wanted some confirmation that it was the right thing to do.

I have a site that has had a few problems over the last year.  We had a manual penalty in late 2013 for bad links, some from guest blogs and some from spammy sites.  Reconsideration requests had me disavow almost all of the incoming links.

Later in 2014, the site was hit with link injection malware and had another manual penalty.  That was cleared up and manual penalty removed in Jan 2015.  During this time the site was moved to SSL, but there were some redirect problems.

By Feb 2015 everything was cleared up and a an updated disavow list was added.

The site recovered in March and did great.  A mobile version was added in April.

About May 1st rankings dropped again.  Traffic is about 40% off it's March levels.

Recently I read that a new disavow file will supersede an old one, and if all of the original domains and URLs aren't included in the new disavow file they will no longer be disavowed.  Is this true?  If so, is it possible that a smaller disavow file uploaded in Feb would cause rankings to drop after the May 3 Quality update?  Can I correct this by disavowing all the previously disavowed domains and URLs?

Any advice for determining why the site is performing poorly again?  We have well written content, regular blogs, nothing that seems like it should violate the Google guidelines.

I would agree with the daily budget caps suggestion.  That's what I've found out works best for me.  I break the budget up so the campaign will run for as many days as possible with the daily budget before hitting your monthly budget total.

I would agree with the daily budget caps suggestion.  That's what I've found out works best for me.  I break the budget up so the campaign will run for as many days as possible with the daily budget before hitting your monthly budget total.