Archery Competition
After you've completed 'The White Balverine' quest, the Guildmaster will inform you of a Archery Competition at Knothole Glade.
Upon arrival you will see an old man in a tophat shouting about the event outside of the main town gates. Talk to him and he'll lay the ground rules for you. It's not much different from the Skill Training at Guild Headquarters, except the area where you must stay stationary is smaller.
You receive around 6 points for a powershot ( Holding the A button so you hear the bow strain at least twice. ) to non-stationary targets. The moving targets in the middle are worth about 12 points. The moving targets in the very back are worth 20 points with a powershot, these will lead you to victory.
Take your time and memorize the movements of the non-stationaries. These can make your points hit the sky if you link them together. Overall it shouldn't take more then two tries to get the groove of it.
Completion
You have a minute to rank up a score beyond the one displayed in the right hand side of the HUD. When you go over that score in the alloted time, you will earn the Treasure Clue. If you wish to earn a trophy keepsake, do the Competition again and get a higher score then you previously had. You will earn the Silver Arrow trophy and about +100 Renown.