Do what Naydelman said and the key where I think you are confused is that the setting cogs have to be aligned with the white lines at the top and bottom with the two setting cogs in between. It does not make any difference which setting is on top or bottom, just make them be in line with the white marks.
@chrish77 -- the beauty of our hosel is that you can orient and hosel/cog setting and keep the grip lined up. For some reason it looks like your hosel does not have the hash marks, but thats no problem. Just line up the grip how you want it, then rotate the cogs to the settings you want, and clamp it down. You should be good to go.