My luxor tv flash red and blue I've changed the capacitors and still flash red and blue. ?

This is caused by the power supply detecting an over current condition. The condition could be a bad LED in the back lights. Since you did not post the exact model number, that is all.

Julie go to www.youtube.comwatch you will find a 2 minute video covering how to enter special menu using remote to test and fix your TV. marcus

Those blinks [flashes] are fault indication (Error Codes). From the number of blinks occur at one time switch ON, you can get an idea about the faulty circuit section inside it. This will make repair easy. These are called blinking codes. Make sure about the exact number of blinking of the standby/power LED, by switching On & OFF the set, for at least two times. Count it carefully. If you wish to get some details, check the site linked here. It has details about blinking codes, and fault locating procedure, to many popular brand TVs and other devices.
http://electro-medical.blogspot.com/
http://electronicshelponline.blogspot.com/
If blinks continue without any pause, the main board is faulty.

return for warranty repair

Luxor uses Vestel kit with their TVs.

Bad solder joints or bad capacitors in the power supply

check the inverter and the power supply for bad capacitors!

I just pull out the mains plug for a few seconds then put it back in. The red light keeps flasing for a while (be patient) then stays solid red. When I then switch on again with the remote it is fine. I often have to do this.

I also had blown capacitors on my power supply. You can see when they're bad: the tops split or bubble up like a dome. I changed most of the caps, just to be sure, and it fixed the problem. Careful of the larger capacitors. They stay powered for some time and can shock you pretty badly. Good Luck