&is the TCIL (OD LED light switch @ end of stalk) flashing?
Trouble Shooting Flow Chart Source: by jasperengines.com via web.archive.org
"Pull codes, Check speed sensor - check T.P.S. ..."&
E4OD & C6 No Forward Engagement TSB 94-08-20 for 89-94 Bronco Source: by Ford via thedieselstop
"The flashing OD light is an indication of a transmission related trouble code in the Powertrain Control Module (PCM). When it has a trouble code related to the transmission it usually commands full line pressure to try to protect the transmission from damage. Normally this is caused by a transmission slip code. Have your computer scanned to see what transmission codes are stored. If it is a torque converter slip code keep in mind it could be stored from converter clutch slippage, or slippage in another transmission clutch pack. .." by Baumann Electronic Controls, LLC becontrols.com
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Vehicle Does Not Move - Diagnosis & Service Tips 94-21-14 by Ford for 90-95 BRONCO, ECONOLINE, F SUPER DUTY, F-150-350 SERIES
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Kills Engine in Drive or Reverse; may be caused by a faulty VSS signal to the PCM. Observe the speedometer gauge or VSS signal on a scan tool. If the VSS display exceeds 90 MPH (may be higher on some models), the computer is programmed to stop pulsing the fuel injection. If this occurs at low speed or while idling, suspect a bad Speedometer Odometer Module.
Source: by jasperengines.com
ABS (RABS) Sensor (also called called VSS) Removal/Installation article & depiction Source: by Chilton via Waltman at SuperMotors.net
VSS Location pic in a 95 - rear diff Source: by Shadofax (TheJuice, The Juice, Mark Z) at SuperMotors.net
Removal/Installation (rear diff); ",,,1 bolt holds it. clean around the area first so crap does't fall into your diff housing through the hole. be careful with it, the sensor housing is just plastic, and the magnet inside has wires that run to it. basically once you pull it, you will see it has a little rubber o ring for sealing (and it fits snugly, so if you've never removed it, it might feel like it does not want to come out at first). You can look down into your diff and see that it sits just right on top of a "toner" ring which turns with the carrier. The magnet at the tip is very close to this toothed ring, and the interuption of the magnetic field by the teeth as they pass close to the magnet creates a variable signal, which can be "interpreted" into a speed reference for the computer, tranny, etc..."
Source: by Shadofax
Removal/Installation (rear diff); ",,,1 bolt holds it. clean around the area first so crap does't fall into your diff housing through the hole. be careful with it, the sensor housing is just plastic, and the magnet inside has wires that run to it. basically once you pull it, you will see it has a little rubber o ring for sealing (and it fits snugly, so if you've never removed it, it might feel like it does not want to come out at first). You can look down into your diff and see that it sits just right on top of a "toner" ring which turns with the carrier. The magnet at the tip is very close to this toothed ring, and the interuption of the magnetic field by the teeth as they pass close to the magnet creates a variable signal, which can be "interpreted" into a speed reference for the computer, tranny, etc..."
Source: by Shadofax