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If it is like the '06 series (like my 504) the valve(s) are on the right hand side, under the seat. These valves have a "float" position all the way forward. You may not notice this because the detent balls, spring, and unlatching piston are stuck from rust and corrosion. These parts are not in oil and are behind the "pipe nipple" screwed into the rear of the valve.
Valve on Bench
Valve Mounted
I rebuilt my valves and now they will lock in the rear, forward, and float positions. When I am using my loader and want to apply down pressure, I have to be careful. There is a VERY short throw on these valves and sometimes I hit float and loose PSI.
Try this; push the lever forward a small bit and watch the gauge, then a little more, then a little more. You should see the PSI load up then drop while preforming this exercise. If it is stalling, the relief may be sticking or the check ball in the valve is stuck.
Valve Parts Diagram
If I can be of further help, email is always open. I learned a lot during the rebuild of these valves. I have two more I plan to rebuild a sell at a later date.
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Today's Featured Article - George's Fordson Major - by Anthony West (UK). This is a bit of a technical info to add on to the article about George's Major in the "A Towny Goes Plowing" article. George bought his Major from a an implement sale about 18 years ago for £200.00. There is no known history regarding its origins or what service it had done, but the following work was undertaken by Harold alone to bring it up to show standard. From the engine number, it was found that the major was produced late 19
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