Places Of Power IV
Active challenge, 30-50 minutes.
Attributes
- Intelligence 50
- Spellcraft 100
- Wisdom 100 (this is important, add more points if you can unless you love waiting)
- Patience 175 (for charging Liquid Shadow spells only, may not be necessary with active strategy)
- Mastery 100
- Empathy 125
Points might be sub-optimally allocated.
Pets
Start with 
Spellhound to charge up Dancing Flame, Empower, Ritual Of Power, Day Into Night and maybe Conjure Manabeast for some extra safety even though you shouldn't need it.
Then change to 
Shadow Stalker into 
Ebonsand Behemoth.
If you're not familiar with Shadow Stalker/Ebonsand, be aware that to gain pet experience and profits, you must click the orb to stay out of idle mode. This is what is referred to by "offline profits" or "offline production". It means you are actively clicking the orb. If you put points into Patience, you'll need to click more due to Patience's perks at each increment of 25, so whether that's worth it to charge up your Liquid Shadow spells faster is up to you.
Spells
Set up the following in order:
Dancing Flame
Condensing Shadows
Empower
Critical Mass
Ritual Of Power
Day Into Night or 
Seethe In Shadows (whichever has more profit; this might change mid-challenge, so read the tooltip)
Day Into Night gives both extra Liquid Shadow to charge Critical Mass as well as profit, so it should be the most consistent option.
Strategy
Set Dancing Flame and Condensing Shadows to reckless for the whole challenge.
The order of these spells doesn't matter. If it's more comfortable, you can have these two spells in slots 5 and 6 instead of 1 and 2, because the rest of the challenge requires you to manually cast the other spells. This guide will refer to the order above, so adjust accordingly.
To begin with, click off idle mode to get Ebonsand experience to increase the bonus while collecting Liquid Shadow. Casting Empower and Day into Night early can get you some quick easy upgrades and character levels.
When your spells are at maximum charges with Dancing Flame and Condensing Shadows on reckless casting, watch that the durations of those two spells are not about to end while proceeding with the next step. (If they are about to end, WAIT A MOMENT).
Click the orb to disable idle mode, and press 3-4-5-6 in sequence.
That's: Click the orb, Empower, Critical Mass, Ritual Of Power, and Day Into Night, while all the spells durations are still active. You can even keep spamming the last 6 spell (Day Into Night) if the other spell's durations are still active and you're very quick. So it becomes 3-4-5-6-6-6-6-6 or whatever.
You need to do this over and over again for the duration of the challenge. Make sure you have at least 2 charges in those spells before repeating it. Don't forget to click the orb off idle mode before you repeat it. Buy upgrades/sources between cycles as well obviously.
Old Strategy & Notes
Once your Liquid Shadow is ~1.5e5 you can start sustaining Critical Mass and RoP constantly, so switch to those two on Reckless. Upgrades might play a role so if you find that this is not the case use Flash Fire and RoP manually instead, until you can switch to CM and RoP.
During this phase keep off idle mode. It also helps a lot to cast, manually, Empower and Day into Night.
NOTE: no Onyx Hound as you can never really sustain it. The problem is Condensing Shadow bonus being too low, hence LS spawn too rare. Also, you can't keep Day into Night on reckless or it is likely to reset your RoP bonus.