I have no idea. I wish I could help. Is the battery fully connected, the switch working well, etc?? I mean, you'll need to check EVERY connection. Even from the wires to the little spikes (sorry I don't know the names) within the Futaba-J connectors. Those cause problems (not just Futaba-J, btw). A faulty battery connection will make you go to failsafe mode.

Another observation is that that is an incredibly powerful, expensive receiver for such a simple plane. Boy do I wish I had a couple of those to put in 4-channel planes! Nice set-up on your antennae...but I'd try keeping the bottom part of the antennae at 90* angles, not just the tips.