Dump the codes and see what the computer says is wrong…Codes may be present in the computer even if the Check Engine light isn’t on.
Here's the link to dump the computer codes with only a jumper wire or paper clip and the check engine light, or test light or voltmeter. I’ve used it for years, and it works great.
See
http://www.troublecodes.net/Ford/
OR
See
http://www.mustangworks.com/articles/electronics/eec-iv_codes.html
IF your car is an 86-88 stang, you'll have to use the test lamp or voltmeter method. There is no functional check engine light on the 86-88's except possibly the Cali Mass Air cars.
Codes have different answers if the engine is running from the answers that it has when the engine isn't running. It helps a lot to know if you had the engine running when you ran the test.
Trouble codes are either 2 digit or 3 digit, there are no cars that use both 2 digit codes and 3 digit codes.
For those who are intimidated by all the wires & connections, see
http://www.actron.com/product_detail.php?pid=16153 for what a typical hand scanner looks like. Normal retail price is about $30 or so at AutoZone or Wal-Mart.
Or for a nicer scanner see
http://www.midwayautosupply.com/detailedproductdescription.asp?3829 – It has a 3 digit LCD display so that you don’t have to count flashes or beeps.. Cost is $35.
look for code 27 or 29, vss sensor problems
Code 29 - Vehicle Speed Sensor (VSS) is an electronic sender mounted on the speedo pickup gear on the trans. It works the cruse control for both 5 speed and auto trans cars. The VSS is used to tell the computer to speed up the idle as you slow to a stop. This helps keep the engine from stalling when you slow down for a stop sign or stop light.
Check to see if the electrical connector is plugged into it. Clean the connector & contacts with non flammable brake parts cleaner prior to replacing the sensor, as that may fix the problem. The sensor cost is under $30 and it is easy to replace.
if no codes then see "Help me create the Surging Idle Checklist" at
http://forums.stangnet.com/showthread.php?t=534062
for help with your idle problems. The first post contains all the updates to the fixes. I continue to update it as more people post fixes or ask questions.