I had this problem, in the button configuration screen (if yours is like mine) there should be a place on the left where it says something like
Axis_X+
Axis_X-
Axis_Y-
Axis_Y+.
Those represent right, left, down, and up, respectively. For a TE stick (or at least mine) changing them to
POV_0
POV_180
POV_270
POV_90
did the trick.
Here's a picture of mine in case yours is different.