GR
What exactly isn't going as expected? It's a routine procedure, even if slightly abnormal because of the low level off.
I'm all for taking manual control if necessary and an advocate of manual flying skills. It isn't necessary in this case. Simple solution is to set TOGA so the FMGS switches to GA phase and then almost immediately pull the levers back to CLB. The aircraft will keep climbing, you'll get ATHR and the energy level will be easier to manage as it is lower than with TOGA thrust. I agree with vilas, manual flying on an Airbus can easily get you into trouble if you're not aware of whole scenario and how the FBW system will try to "help". In such a dynamic manoeuvre as the one discussed I don't think it's necessary or prudent to revert to manual flight, given the automation is not doing anything that requires its disconnection.
As a side note, LVR CLB will flash above THR RED alt, not ACCEL (I'm aware that they can be the same, but still)