Start with a wing tip stand. For example you pull your left wing up and the nose starts rotating in a clockwise direction. Let the nose go right until the leading edge is almost about to touch the ground and then push your left hand forward to pancake the kite, nose away from you. Before the belly of the kite hits the ground, pop with your right hand to initiate the 540 flat spin. The kite spins in an anti-clockwise direction (looking from above).
This trick can be started from a coin toss as well, to get the kite into a pancaked position. The Twisted Sister is a similar trick.