Pointy end toward the fuel line, but the 2-piece axial-flow inlet needle/seat is not correct for the Holley 1920—it's a cheap aftermarket piece that can cause problems in that carb. The original was a 1-piece needle/seat assembly with radial flow. Much (much!) better to get a carb kit from
www.daytonaparts.com that has what they call their "Daytona Float Valve", which is a radial-flow 1-piece assembly with some other design advantages.
(Unfortunately, no kits—not even the Daytona kits—come with the correct float adjustment tool any more; all you get is a useless strip-of-paper ruler. One workaround for this is to buy a new old stock kit off eBay and raid it for the float adjustment tool.)
Carburetor operation and repair manuals and links to training movies and carb repair/modification threads are posted
here for free download. Tune-up parts and technique suggestions in
this thread.
And by all means get the three books described in
this thread as quickly as you can; they will pay for themselves just about immediately.