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Is CEL ON while driving?
Same for Transmission Control Indicator Light (TCIL) , it is a LED and overdrive on/off switch at end of the Transmission shifter stalk; flashing OD light is an indication of a transmission related trouble code in the Powertrain Control Module (PCM).
Is it flashing while driving?
Have it scanned for codes at local parts store. Postvany codes found.
Transmission Fluid, should be red and no burnt toast aroma. This is by Ford;
"...It should be red, not brown or black. Odor may indicate overheating condition, clutch disc or band failure.
Use an absorbent white facial tissue and wipe the fluid level indicator. Examine the stain for evidence of solid particles and for engine coolant signs (gum or varnish on fluid level indicator).
If particles are present in the fluid or there is evidence of engine coolant or water, the transmission pan must be removed for further inspection.
If fluid contamination or transmission failure is confirmed by further evidence of coolant or excessive particles in the transmission pan, the transmission must be disassembled and completely cleaned and serviced. This includes cleaning and flushing the torque converter and transmission cooling system. Repair or replace radiator..."
...
Without a code, this is what a Ford mechanic would do;
Concerns: Poor Vehicle Performance
Possible Component Reference/Action
253 — ELECTRICAL ROUTINE
Powertrain Control System
Perform torque converter operation test.
Electrical inputs/outputs, vehicle wiring harnesses, powertrain control module, other engine related items, torque converter clutch solenoid, throttle position sensor, transmission range (TR) sensor, transmission fluid temperature sensor
Run On-Board Diagnostics. *** miesk5 Note, this is the code scan ***
Refer to Powertrain Control/Emissions Diagnosis Manual for diagnosis. Perform Service Manual Pinpoint Tests B, C and D using Rotunda Transmission Tester 007-00085, Cable and Overlay 007-00107 and the Transmission Range (TR) Sensor Cable "B" (MLPS Manual Lever Position Sensor Tester Cable) 007-00086 or equivalent as outlined in this section. Service as required. Clear codes, road test and rerun On-Board Diagnostics.
353 — HYDRAULIC/MECHANICAL ROUTINE
Shift Linkage (Internal/External) or Cable Damaged or misadjusted; Inspect for damage. Service as required. Verify linkage adjustment as outlined. After servicing linkage, verify that the transmission range (TR) sensor is properly adjusted. Refer to In-Vehicle Service in this section.
Shift Scheduling; Perform Shift Point Road Test procedure as outlined in this section.
Improper Go to the appropriate diagnostic routines for shift concerns No. 210-211. See linkage info below.
Engagements; Improper gear selection
Go to the appropriate diagnostic routines for shift concerns
No. 215/315. *** miesk5 Note, this is for No 1st Gear In Drive, Engages In Higher Gear. Involves shift linkage inspection & internal inspection.***
Converter Clutch Always Applied; Go to routine No. 341.
Converter One-Way Clutch; Damaged
Go to Torque Converter Checks in this section
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Some Tests;
CHECK SHIFT CONTROL LINKAGE
Gain access to shift control linkage. Refer to Transmission Shift Cable and Bracket in the Removal and Installation portion of this section.
Actuate shift linkage in all ranges.
Observe all linkage during operation.
Is linkage damaged?
Yes kREPLACE shift control linkage. RESTORE vehicle. RETEST system.
No GO to B2.
B2 CHECK SHIFT CONTROL CABLE
Check transmission shift cable and bracket installation and tightness.
Is shift cable and bracket properly installed?
Yes ADJUST linkage. REFER to Transmission Shift Cable and Bracket in the Adjustments portion of this section.
No GO to B3. SERVICE as necessary. RESTORE vehicle. RETEST system.
B3 CHECK LINKAGE/CABLE FOR PROPER GEAR RELATIONSHIP
IActuate shifter in all ranges.
Does indicator match gear selection?
Yes SERVICE is complete. RESTORE vehicle. RETEST system. No REPLACE damaged linkage/cable. RESTORE vehicle. RETEST system.
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Throttle Position Sensor (TPS) Test in (Ford 5.0L, 5.8L)
Symptoms of a BAD TPS; Here are some specific symptoms you'll see:
TPS Diagnostic Trouble Codes (DTC’s) stored in the vehicle’s computer’s memory. See this for TPS and other codes:
http://web.archive.org/web/20130425171112/http://www.thedieselstop.com/faq/9497faq/maint/stj/stj71a18.htm
Really BAD gas mileage.
*** No power as you accelerate the vehicle. ***
Hesitation when you step on the Accelerator Pedal.
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Manual Lever Position/Transmission Range (MLP/TR) Sensor;
Test, Pin-Point in 92-96; from Ford EVTM; "...The negative lead of the multimeter should be placed at the MLPS signal-return ground terminal at the MLPS. Check the resistance of the MLPS: The resistance of the MLPS (pins 30 and 46).." read more @
http://ww2.justanswer.com/uploads/paynlessauto/2009-08-28_021637_222222.pdf
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Now, for no codes, here are engine related possible suspects;
Again by Ford:
Vacuum leak, see my leak diagnosis link in post #20 @
http://broncozone.com/topic/23994-90-58l-getting-continuous-code-33-and-running-code-44/?p=125535
Air filter, is it relatively clean?
Air inlet atop radiator support to filter box and to throttle body; look for obstruction; open or damaged tubing
Wiring & connectors; inspect at coil, firewall, PCM, etc. especially those with broken locking tabs.
Transmission Fluid, should be red and no burnt toast aroma. This is by Ford;
"...It should be red, not brown or black. Odor may indicate overheating condition, clutch disc or band failure.
Use an absorbent white facial tissue and wipe the fluid level indicator. Examine the stain for evidence of solid particles and for engine coolant signs (gum or varnish on fluid level indicator).
If particles are present in the fluid or there is evidence of engine coolant or water, the transmission pan must be removed for further inspection.
If fluid contamination or transmission failure is confirmed by further evidence of coolant or excessive particles in the transmission pan, the transmission must be disassembled and completely cleaned and serviced. This includes cleaning and flushing the torque converter and transmission cooling system. Repair or replace radiator..."
...
Hopefull the code scan will narrow the list down.