It's in the field with the two dragons in the pathway you head left to get to, rather than straight away which leads to a shack you can knock open to roll boulders out of to mobs on a narrow passage, although you're fucked at getting it if the red one is there, which only leaves on pure white tendency or if you kill it I believe.
I've just been sticking to the Adjucator's Shield (you can obtain it later on), slow HP regen, and light as hell. I'd lose my naked speed with Purple/Steel without rearranging what gear I'm wearing. ;/
And back onto the bow subject, whenever you get a Compound Long Bow, save it to upgrade to a Sticky Compound Long Bow (check the
wiki for upgrade information), as it's essentially one of the best bows following the White Bow which you can obtain in 4-2.