I checked other web shots and it appears the tensioner is properly assembled. I also find it difficult to believe that it would loosen turning the slotted end either way! That just doesn't make sense. Your saddle was supposed to come with a manual, but I would assume if you ignore the nut and keep turning the slotted/threaded end counter clockwise, like you are loosening it, the bracket the slotted/threaded pin is screwed into would rotate under the supports and eventually contact the nose piece and push it forward. This may first loosen the tension until the bracket contacts the nose piece, then it should start to tighten the tension.