To help get my head around the function of the power valve I have tried running mine in two fixed postions
i.e. fully open all the time and fully closed all the time.
Once you have tried this you will instinctively be able to detect whether the valve is working correctly or not, doing the fine tuning with the adjustment screw. You then understand that the power valve's function is to get you the best of both worlds, torque at lower engine speed and power at higher engine speeds.
In your case, and as the other posts have suggested, be sure to carefully check the reed valves first though. Remove the reed valve block from the inlet port and check that each reed is intact and that it seals properly. You can push on the reed very gently [with a cotton bud or something], then release, and it should snap back onto it's seat.
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