The Launch mode is activated by pulling the 'SF' switch. In launch mode, we have disabled the flap stick, by setting the flap throw to zero. You can check that in the 'wing' menu item:

long press 'enter' to get into the 'help' menu:

Go!

As you can see, you can change the aileronThrow and the flapThrow for any flightmode. 

For Launch, the flapThrow is set to zero. When activating the launch mode, the camber settings will be something like these, with some up elevator to get the plane in an upward turn:

The plane should look somewhat like this:

When releasing the 'SF' switch, the 'fast' mode gets activated. In the Fast mode, the flaps are still disabled. However, the elevator preset should be much less, and there would be some reflex, to have the plane go straight up:

In the camber settings it would look like this:

To return to the normal flight modes from the fast mode, you NEED to put the flaps stick to zero flap position, and then move the elevator stick forward to 'push' the plane over. 

Flaps will be activated again in any normal flight mode.

 

In order to make a quick turnaround, just keep the launch switch pulled from the moment you catch the plane, until just after the moment you release the plane. Pulling theluanch switch will disable the flaps, and during the rise of the plane in the fast mode, you have all the time to return the flaps stick, and to select a flight mode that will be active after you push the elevator over :).