the small set screw on the left(female) knob should be tightened down so the knob will not unscrew. To move the sight to the right, turn the right knob cw; to move sight to the left turn right knob ccw. The problem is that you can't put enough torque on the knob for it to work. That is why Sheridan eventually replaced the knobs with slotted windage screws. By the way, the slotted windage screws are of a larger thread size than the knurled knobs.
Early Blue Streaks with the knobs had no knurling and the right knob had a slot for turning it with a screwdriver. However, they are easily broken due to the small thread size and the female knob is peened.
For the early Silver Streak sights, I remove the windage knobs and adjust the sight with a drift punch. Then replace the knobs.