The "X" should be in the front and the horizontal ribbon should be in the back. I don't usually use 3/8 ribbon for my spikes, but I do for my pony streamers and, yes, I do make the "V" cut on them.
I don't know if you've purchased any tuts, but "JustDaisy" on here has a really good tut on her site that I believe is on sale right now. She's great, too, about helping with any problems/questions you have via email after your purchase. Here's a link to her site: http://lilhiccupsboutique.com/catego...structions.htm