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.
https://homenol.blogspot.com/
https://electronicshelponline.blogspot.com/
If blinks continue without any pause, or the LED light stationery; the main board is faulty./
SOURCE: Power indicator light blinks orange times
sounds like the lamp faceplate is not screwed back in properly
SOURCE: tv doesnt turn on after replacing lamp??
Just took a look at the manual.
This information is in the troubleshooting section of appendix H in the owners manual.
12. Lamp indicator light is a flashing yellow. Lamp cover door is open or lamp cartridge is not secure. See AppendixH for lamp replacement information.
Appendix H is a bunch of graphics. that you'll need to see to understand. i can't paste it all here. 
SOURCE: Lg 42 inch projection tv has green light and orange light
It is a possibility, if the indicator lights are on it definitely means something is wrong in the light engine system, it could be your lamp, ballast, color wheel or dmd board, when it comes to LGs it's most probable that your lamp might go out. You can replaced it to see if it fixes your problem, if it doesn't, there's a chance it might be yoru ballast.
SOURCE: blinking orange lamp light
if the lamp light is flashing and the tv won't come on you need to replace the lamp. check your owners manual for how to do it or call mitsubishi customer service
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