If I understand well the cct operates in the following manner:
You inject a 5Vp-p signal from the source on the reader's cct. Then the transponder resonates at this frequency, hence a dip in the voltage at the common junction of L1, C1, D1 should occur. This dip is translated by the rest of the ccircuit as "a correct transponder is in range".
I do suggest to check the resonance frequency of u r transponder first and if it is ok then chech u r receiver's. They both must be equal to the source's frequency.
To further experiment in order to correct the resonance, put a variable capacitor in parallel to C2 (transponder) and monitor the voltage dip after D1 (cathode). By turning the var capacitor you should get the maximum responce. Then this is the real resonance of the circuit. Finally measure the value of the total capacitance in order to know what is your new C2 value for a fixed capacitor in the future ccts you will make.
Regards
P.