You are right that both are possible. If no complements or adjuncts accompany the present participle, this will tend to be preposed and, if alone, it will only be posposed with the pattern Verb + N + V-ing:
- I can hear a baby screaming.
- I found the baby screaming.
Also, when preposed the present participle can convey the idea of a temporary or permanent situation (the screaming baby: the baby who is screaming now, or the baby who always screams). When posposed, the action referred to will always be temporary.
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