The valve is called a MLS valve. It controls the rate of decent if a implement. If you have twisted the control handle out of the valve, you need to remove the valve. One question, does your tractor have a draft control. If the draft is all the way up, the three point will not operate. As Rick had suggested, make sure your aux. Remote valve is in the neutral position. I find it hard to believe that the MLS valve is the culprit here. In most cases, a faulty MLS valve will cause the three point arms to raise or lower on their own with out input from the lift control. I have had several incidents of this happening.