This position is a modification of the Front Carry.  This is a great position for larger babies and toddlers since it uses your hip to support some of the weight of the child.  You can either place the child right on your hip between the sling and your body, or you can place the child in the sling just like the Front Carry, BUT with the rings either on top of or slightly behind your shoulder.  Then you can shift your child over to your hip (with the sling) and the rings will move to the right place.  Your child may prefer his/her arms in our out of the sling.  Remember that the bottom edge of the fabric should hit behind his/her knees and their bottom should sit slightly lower than their knees.  This is what makes it very difficult for even a tenacious child to climb out of the sling.  Make sure the top edge of the fabric is tight around his/her upper back so that your child can't lean or arch backwards.
 
A variation of this involves putting the child behind your arm.  Just move him/her slightly back on your hip and swing your arm around to the front.  This is helpful when you need to do something that is difficult to reach around with one arm behind your child.  (Please use extra caution in this position, however, since it will be more difficult to reach your child as quickly as you normally would be able to).