Response: Spend 1 resource and exhaust The One Ring to cancel the effect of an encounter card just revealed from the encounter deck. Shuffle that card back into the encounter deck and reveal another encounter card.
"I will take the Ring," he said, "though I do not know the way." –The Fellowship of the Ring
Response: After Frodo Baggins exhausts to defend an attack, exhaust The One Ring and spend 1 resource to target the attacking enemy. Then, this attack deals no damage and each player raises his threat by 2.
"But there is more about you now than appears on the surface." –Bilbo, The Fellowship of the Ring
Action: Spend 1 resource and exhaust The One Ring to give Frodo Baggins +2 and +2 until the end of the round.
"It's my doom, I think, to go to that Shadow yonder, so that a way will be found." –The Two Towers