You can adjust your clip's speed in Premiere Elements 11 by using either the Time Stretch or the more advanced Time Remapping tool available under the Tools button on the Action Bar along the bottom of the program.
As a follow up to what SG has already written...
It puzzled me for a time trying to figure out what you were doing in earlier version of Premiere Elements, adjusting a clip using a clock icon. I soon realized that the clock icon was the Time Stretch Tool.
In Premiere Elements 11 Windows, if you want to use the same tool as in the earlier version, then
a. Select the clip and, in the Tools Menu at the top of the interface, select Time Stretch Tool
b. Select the clip and, click on the Tools Tab at the bottom of the interface, select Time Stretch Tool
c. Select the clip and use the keyboard shortcut Ctrl+R to bring up the Time Stretch Tool.
If you want to try out new feature, Time Remapping for your slow or fast motion video effects, then please check out the Adobe TV suggested How To...
Please let us know if the above worked for you.
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However, the drag-to-size method of adjusting Time Stretch has indeed been removed from version 11.
An interesting point that you point out
"However, the drag-to-size method of adjusting Time Stretch has indeed been removed from version 11."
I am assuming that you are referring to an earlier version of Premiere Elements, having a Time Stretch icon (clock icon) above the Timeline to select, and then perhaps, with the mouse cursor, dragging on the end of the video clip to increase its duration. The keyboard shortcut to select the "clock icon" in thar instance is X. If you look at Premiere Elements 11 Edit Menu/Keyboard Customization/Windows/Timeline Window/, you will mysteriously find "Time Stretch Tool" command with a keyboard shortcut X. And, if you look at Premiere Elements 11 Edit Menu/Keyboard Customization/Applications/Time Stretch, you will find "Time Stretch" with a keyboard shortcut Ctrl+R. Bottom line: I have not gotten the keyboard shortcut X to work in Premiere Elements 11 in this regard, but the Ctrl+R does to bring up the Time Stretch dialog to do the job.
In accord with this business of what is and what isn't...the good old Razor Tool. That disappeared from sight a long time ago. Yet users were able to use that in later versions using the keyboard shortcut C. Now for me that "C" does not work to change the mouse cursor to a razor for clip splitting at the Timeline level in Premiere Elements 11 in spite of the fact that Edit Menu/Keyboard Customization/Windows/Timeline Window continues to show Razor Tool command with keyboard shortcut C.
On the good news side of things, if one trims a clip in the Preview Window, one is still able to drag that trimmed clip to the Timeline (Expert view) and drag it out on either of its edges with the mouse cursor to recover the whole clip. And, the mouse cursor is still going to be that red ] with a double edged black horizontal arrow going through it.
That's what I meant: "drag-to-size" by adjusting the clip speed time, thanks!
Too bad that this isn't possible anymore ...
Thanks for the answer!
Steve now nailed the name of the feature I meant: drag-to-size by adjusting the speed clip time.
This really seems to have gone with PE11 for Windows ...
thanks for the reply!
Sorry for explaning so complicated - Steve now nailed the feature name for me: "drag-to-size" by adjusting the speed clip time.
The new Time Strech Tool doesn't do the same (as far as I discovered it), because here PE11 doesn't calculate the needed speed by itself (e.g. 108,6%) to fit exactly to the needed clip length. The new Time Stretch Tool is way too rough for my needs – if there isn't a "hidden" feature somewhere in there ...
Time Stretch and Time Remapping are your only options in Premiere Elements. In either tool, you can set the duration for your clip and the program will automatically calculate the playback speed to fit that duration.
The old fashioned time-stretch tool needs to be re-introduced (like in E9).