Should be the same as the Tridents etc I think, pointing upwards is prime,horizontal is run,as in normal use, pointing down is reserve. ie narrow end of tap pointing down is reserve.
If it needs priming you turn the tap upwards then press it inwards from centre of the tap for about 3 seconds,this fills the carbs I believe, then turn to run position. You can run the bike on prime but you must not leave it in that position while not in use as it is possible to flood the engine if the floats in the carbs fail to cut off the flow.
I agree with Sprintdave ... apart from the fact that I tend to push the petrol knob in for 10-15 seconds to prime the carbs. But hey, I didn't have many toys as a kid.