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Warrior Tabi
Qin's Sais
Transcendence
Jotunn's Wrath
Rage
Deathbringer
Titan's Bane
Frostbound Hammer
Asi
Y
B
A
X
Before we continue any further, know that one minion wave IS WORTH MORE than a kill.
If there is a minion wave running towards your portal, and you decide to go chase an almost dead enemy for a kill, one of two things will happen:
1, you lose 7 points from the minions going into your portal, but you kill the enemy. Outcome = -7 points for your team, -5 points for enemy team.
2, you lose 7 points from minions getting in your portal, and the enemy gets away. Outcome = -7 points for your team, assuming you didn't die while chasing.
NOW, say you let that enemy get away and you killed the minions running towards your base. Outcome = -7 points for the ENEMY team.
ALWAYS kill minions over chasing kills. Use your skillshots on minions whenever available, (in Ullr's case, Bladed Arrow) EVEN IN A TEAMFIGHT.
Bladed Arrow
Thrown Axe provides an extremely long stun, and is great for setting up kills
Glory Bound and 
Invigorate are amazing for chasing or escaping Bladed Arrow, which also has an extremely fast travel time
Hail of Arrows is an extremely useful skill for finishing fleeing enemies Warrior Tabi - Why choose Warrior Tabi over CDR? You need the Pen for damage, simple as that. You will later be getting your CDR from Jotunn's.
Transcendence - Let me start by saying that I NEVER buy this item on ANYONE. But, unless you want to be picking up Meditate, which is usually never better than getting something like beads or sprint, you will need this item. It ensures you will not be mana hungry the entire game, and works well with the mana from Jotunn's.
Qin's Sais - Once you get this item, you will see a huge jump in your damage. Up until this point, you will be fairly weak. However, once you get Qin's, you will start to be a big threat to the enemy team, so beware of focus.
Jotunn's Wrath - Mana for Transcendence. CDR for your 6 long cooldown abilities. More Pen. Enough said.
Rage - This item works pretty well with Ullr's kit, seeing as how he already has a small amount of passive Lifesteal/Attack Speed depending on your stance. This leaves you needing crit, and I personally prefer this item over the new Malice.
Last Item: All of the items listed in the Possible Last Item section are viable in their own way.
Deathbringer will give you even more damage if that is what you desire. I usually build this as my last item.
Pick up Titan's Bane to help with tanky teams who are building a lot of Phys. Resistance.
I have not tested Frostbound Hammer personally yet, but I have seen it used and it seems to work quite well. Pick this up if there are a lot of slippery enemies.
Transcendence and Jotunn's Wrath, so I can be sure I can take full advantage of this passive and constantly spam my abilities to harass/farm without having to worry about running out of mana. Don't worry about trying to manage it too much though. 
Wield Bow and 
Wield Axes has an extremely short cooldown, so it is possible to quick-swap back and fourth to briefly check the CD's on your abilities.
Bladed Arrow is a skillshot whick penetrates through all enemies and does a ton of damage. The projectile speed is INSANE, and is faster than any other skillshot I have encountered in this game yet. Do not try to lead your enemies with this ability, just aim directly at them. Also, use this ability to clear minion waves.
Thrown Axe is a very solid stun with a decent travel speed. Keep in mind this projectile does not travel nearly as fast as Bladed Arrow. Use this to help initiate a team fight, or on escaping enemies. NOTICE: There is a short time where you can re-position where your axe travels from when you click it to when it travels. Even if your enemy jukes right as you activate the ability, you can sometimes still hit them as long as you follow them with the center of your camera. Refer to the very end of the video when I throw an axe at Athena before she dashes, but quickly move my screen so that it still hits her.
Expose Weakness is a straight up power buff. Use this before firing your Bladed Arrow / Hail of Arrows.
Invigorate is a move speed buff. Use this with Sprint and nobody will escape / catch you. I usually like to save this ability to combo with Glory Bound when I need to escape. Expose Weakness active while in Wield Axe, and vise versa.
Hail of Arrows is probably one of the hardest skillshots in the game. Although this ability has an extremely small radius, and only does moderate damage, the range is massive. I have found the easiest way to land this ability is to cast it at its max range. You can back away from the fleeing enemy to help achieve this (more on how to do this in the video below). Use this ability primarily as an execute on enemies about to get away with no health. You may also use this ability on clumped minions.
Glory Bound is used 95% of the time as an ESCAPE. DO NOT jump into the enemy team with this ability, or even really use it for damage unless absolutely necessary. Using this with Thrown Axe is a good way to catch up to someone and lock them down, but make sure there are no other enemies near you.
Wield Bow will be used most of the time, especially at early-mid game. The attack speed will provide more in a fight than the Lifesteal at early levels, so try to auto-attack in Bow Stance as much as possible in early game. Personally, I believe it is easier to hit an enemy who is right next to you in Wield Axes, so that could be a scenario where you would choose Axe Stance. As soon as they start running though, be sure to switch back to Wield Bow for the ranged AA's and long range finishers from your 1 & 3. Wield Axes becomes more viable in the late game, where you are doing enough damage to actually make the Lifesteal substantial. In late game, which stance you use at what time is completely situational. (NOTE) if using Asi, make sure to swap to Wield Axes if possible when the passive of Asi activates. This will ensure a massive amount of lifesteal on each auto-attack.
Although when to use Ullr's skills and switch stances depends heavily on the situation, I will attempt to provide a little insight on when to use what and how. Here is a short video where I discuss certain situations with Ullr. I hope it helps! (Sorry for the bad quality, I'm a music guy, not a video editor)
This section of the guide will outline how Ullr / any items in the build are changed, and how this affects playstyle/builds.
4/16/14:
Qin's Sais Passive changed to: On basic attack hits, deal physical damage equal to 5% of the target's maximum health. This only affects gods. Have tested, they are still very viable.
5/7/14:
-Base movement speed reduced from 370 to 360.
-Thrown Axe
Stun duration reduced from 1/1.2/1.4/1.6/1.8 to 1/1.1/1.2/1.3/1.4.
Projectile speed reduced from 140 to 110.
Not much playstyle change here...just lead enemies a little more with Thrown Axe now.
3/23/2014 - Added video to guide and Changelog.
3/28/2014 - Added more info to Hail of Arrows and Invigorate in the skills section.
-Added BBC coding to items section.
-Added BBC coding to skills section.
4/3/2014 - Added signature in Intro section
-Added a pros/cons section
4/14/2014 - Added Ullr / Item change section
-Added Passive / Ult descriptions in skills section
-Removed some info from the Guide on Combos / When to use Skills section and put it in the skills section.
4/16/2014 - Updatted Ullr and Item Changes section
5/7/2014 - Updated with the recent nerfs to Ullr.
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However because of that phys dmg loss I'm at a crossroads of what to do, do I keep the rest of your build and go for transcendence? or do I use Hastened Fatalis? The reason for fatalis is the movement and atk speed which is a must have in my opinion for all assassins and hunters. Maybe less so for hunters. I would like to go with transcendence but because it is a stack item I think fatalis would be much better but then I look at the dmg difference which with trans is 260+ and with fatalis is 160-.(after adding in my other items ichaival, joutan's wrath, rage, and death bringer(which is a must have).) So I would like to know what you think, also consider changing sais to ichaival or don't that's up to you but I much perfer that item.
After reading the guide i feel he is a solid pick and enjoy him much more.
love the guide and build. Thanks for this !!
Very sexy guide! Liked how you thought of a solution for the early mana problem.
Thank you! Glad you liked the guide!
Great guide, though I have to disagree with
I really like the idea of Malice, but haven't been a big fan. Through testing Rage seemed to do more for me. Also, this build is pretty expensive, so I went for the lower cost item, since Arena games end pretty quick and you will seldom finish a full build unless you are getting a lot of kills. I'm glad you liked the guide!
Really not a fan of transcendence in arena. if you compare Warrior Tabi, Jotunn's Wrath and Qin's Sais for your first three items, you lose about 30 damage at level 20 and auto hit for around the same less iirc.
That would then lead nicely in to Deathbringer for reducing time to kill. But that's just my preference.
I feel you, I honestly despise Trans in Arena and never get it on anyone except Ullr. Maybe it's just me, but I spam the hell out of his abilities and constantly harass before finally moving in for kills, so an early Trans allows me to do that. If it is the stacks you are having trouble with, just use Bladed Arrow to clear a couple waves and you will have them in no time.
That would then lead nicely in to Deathbringer for reducing time to kill. But that's just my preference.
Quick comment, gotta run to class, but just finished an epic game and gotta say your vid was perfect help, and nevermind the music its distracting in instructional vids :) (damn thats a run on sentence and half). But most especially your bit on max ranging your 3 or R in my case is absolute money. That skill has caused me no amount of grief, its aoe range is hilariously pitiful and I think Hi Rez is just messing with us till we figure out what you figured out. Its not an aoe, I mean technically it is but its a snipe long distance finisher with a tiny aoe window. And for some reason max distancing it like you said makes it so much easier to land, I just executed 4 runners last game doing that. Anyways excellent "pro" tip. Damn, I haven't had this much fun with a god since they released Thanatos.
excuse grammar, punctuation etc. hasty post :)
Glad you liked the video! Wasn't sure how much it would help so thanks for the feedback. I'm glad the 3 trick works you too, I thought it may have only been myself who found it easier at max range haha.
excuse grammar, punctuation etc. hasty post :)