Filli Procedure:
Attach the hoses to each other with your tank valve closed but leave the compressor bleed valve open. Turn on the compressor and let it run for 30 seconds or so to warm up then close the bleed valve on the compressor. Watch as the pressure gauge rises on the compressor. When the compressor builds pressure to approximately the pressure that's in your tank, open the tank's valve so air can enter the tank. On your initial fill you can open the tank valve when you begin since the tank is empty. During an extended fill session you should open the bleed valve on your compressor (the part you circled in your post photo) every 5 minutes or so just for a second to purge the moisture inside rather than saturating that cotton filter in the compressor's fill hose. Take out the cotton filter after each fill session and let it air dry before the next fill session. Replace the cotton in the filter housing when it gets too oily.
Fill Completion Procedure:
When the gauge on the tank reaches the desired fill pressure, close the tank's valve with the compressor running. Then open the bleed valve on your compressor to depressurize the compressor and hoses. Shut down the compressor and disconnect the hoses. It helps to let the compressor run for a couple of minutes after a fill with the bleed screw open to cool it and purge residual moisture inside.