Mine was facing down! However I may have forgotten about the torque-clicking feature. I was using Thule's wraparound rubber gismo designed to protect cardon frames from being overtightened but I think I must have still been too cautious with the torque.Thanks for that. Did you do the clamp up until it clicked when the correct torque was reached? I've got an Easyfold too so need to ensure that similar does not happen. I had assumed that if fastened until it clicks it would fasten to the point that things would not slip even if the open grip was facing out - I'll see if I can find a position where the open side doesn't face out if that makes sense. Actually looking at my photo it looks like the clamp is facing down so hopefully that should be OK.
In any case I do think it is sensible to add a ratchet strap as a second level of security.