Pointing it downwards is your best bet. It's not very directional (most LEDs really aren't, anyway; not when compared to a halogen with a glare shield, reflector & lens), so the most you can do is give motorists less direct light.

If you're on a MUP with oncoming walkers, joggers, and cyclists, the best thing to do, IMO, is to point it down somewhat and block some of its light with one hand. That's much easier to do when it's on the handlebars.