"no b/c TK is a continuous effect"
but if the spell/trap card is already face up on the field then it can only be a continuous or equip effect card, regardless of that it doesn't specifically says that it doesn't work with continuous effect cards so i don't understand why you suppose it can't counter tk...
But Toon Kingdom's protection effect is one the controlling player has to activate, like with SSA's banishing effect or Onslaught's banishing and special summon.
Maximillion Pegasus
Anoymous
