Like many thingsÖ.it all depends.
Typically, for planing cuts or rolling beads the long point would be up and the cut made in the lower Ĺ of the blade down to the short point.
However, for the V cut the long point is down so that you can see what you are doing.
I heartily suggest Alan Lacerís DVD "The Skew, The Dark Side & The Sweet Side".
He shows and explains not only how to use it but also very clearly what happens when you use it wrong (catches, skates, spirals).
Kenbo, either way you describe, the long point is at the top so you are correct.
Iím no expert either but I try to be a good student.