Where you are at now is a two step process....
Step 1.)
Dump codes sticky
Look at the top of the 5.0 Tech forum where the sticky threads are posted. One of them is how to dump the computer codes. Codes may be present even if the CEL (Check Engine Light) isn’t on. You don’t need a code reader or scanner – all you need is a paper clip, or if your lady friend has a hair pin, that will do the job.
I highly suggest that you read it and follow the instructions to dump the codes.
http://www.stangnet.com/mustang-forums/threads/how-to-pull-codes-from-eec4.889006/
Step 2.) Either post the codes you got and I will try to give you the 5.0 Fox Mustang specific definitions and fixes
OR
Go to step 3.)
Computer will not go into diagnostic mode on 91-95 model 5.0 Mustangs
Revised 7-June-2014 to change resistance figures to wiring checks
How it is supposed to work:
The grey/red wire (pin 46) is signal ground for the computer. It provides a dedicated ground for the EGR, Baro, ACT, ECT, & TPS sensors as well as the ground to put the computer into self-test mode. As long as you are successful dumping the codes by using the gray/red wire on the diagnostic connector for the ground when dumping, the computer’s internal ground on pin 46 is good.
If this ground is bad, none of the sensors mentioned will work properly. That will severely affect the car's performance. You will have hard starting, low power and drivability problems. Since it is a dedicated ground, it passes through the computer on its way to the computer main power ground that terminates at the battery pigtail ground. It should read less than 1 ohm when measured from anyplace on the engine harness with the battery pigtail ground as the other reference point for the ohmmeter probe.
What sometimes happens is that the test connector grey/red wire gets jumpered to power which either burns up the wiring or burns the trace off the pc board inside the computer. That trace connects pins 46 to pins 40 & 60.
The STI (Self Test Input ) is jumpered to ground to put the computer into test mode. Jumpering it to power can produce unknown results, including damage to the computer. The ohm test simply verifies that there are no breaks in the wiring between the test connector and the computer input.
How to test the wiring :
With the power off, measure the resistance between the computer test ground (grey/red wire) on the self- test connector and battery ground. You should see less than 1 ohm.
If that check fails, remove the passenger side kick panel and disconnect the computer connector. There is a 10 MM bolt that holds it in place. Measure the resistance between the grey/red wire and pin 46 on the computer wiring connector: it should be less than 1 ohm. More than 1 ohm is a wiring problem. If it reads 1 ohm or less, then the computer is suspect. On the computer, measure the resistance between pin 46 and pins 40 & 60: it should be less than 1 ohm. More than that and the computer’s internal ground has failed, and the computer needs to be repaired or replaced.
See http://www.stangnet.com/mustang-forums/749974-computer-issue.html#post7490537 for Joel5.0’s fix for the computer internal signal ground.
If the first ground check was good, there are other wires to check. Measure the resistance between the STI computer self-test connector (red/white wire) and pin 48 on the computer main connector: it should be less than 1.5 ohms. More than 1 ohms is a wiring problem
The following is a view from the computer side of the computer wiring connector: it is for an A9L, A9P computer.
Diagram courtesy of Tmoss & Stang&2birds
Check out the diagram and notice all the places the grey/red wire goes. Almost every sensor on the engine except the MAF is connected to it.
91-93 5.0 Mustangs
Complete computer, actuator & sensor wiring diagram for 94-95 Mass Air Mustangs
See the graphic for the 10 pin connector circuit layout.
See the following website for some help from Tmoss (diagram designer) & Stang&2Birds
(website host) for help on 88-95 wiring
http://www.veryuseful.com/mustang/tech/engine