It's just a guess but I bet the rear band (low/reverse) is probably worn and the servo pin can't apply enough pressure for the band to hold. I bet if you shift to manual 1st gear you probably won't have engine braking when you decel. There is also the chance that the servo piston could be broken too. Either of these are an easy fix after the pan is dropped and servo cover removed.
If you are able to drop the pan and filter, the servo is just another 5 bolts. It is the big can shaped cover in the rear or behind the valve body. Often times you can buy a longer pin ( try ebay) or weld 1/8" tab on the end for extra length, you can chuck pin in drill and shape it on a grinder to match pin size. If none of this sounds good to you, take it to a trans shop and lube up.
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Today's Featured Article - Hydraulics - Cylinder Anatomy - by Curtis von Fange. Let’s make one more addition to our series on hydraulics. I’ve noticed a few questions in the comment section that could pertain to hydraulic cylinders so I thought we could take a short look at this real workhorse of the circuit. Cylinders are the reason for the hydraulic circuit. They take the fluid power delivered from the pump and magically change it into mechanical power. There are many types of cylinders that one might run across on a farm scenario. Each one could take a chapter in
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