Did you hold it for maybe ten - fifteen seconds? Mine it takes quite awhile. Also you have to have the firmware file on the sd root directory for it to go into flashing mode.
Same my problem, I hold power and up volume button like you said, but it just flash on and then black. I tried to many times but it does not work.
If I only hold power button, it start up, but it will be shutdown and reboot in few seconds.
Anyone here help me?