Significant HP loss

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I honestly don't know that car. Who owned it? What was the "claimed" HP?

My guess is your IMRC's are stuck or not working. You could also have a bad coil pack.
Anytime a 96-98 cobra is down on power it is 99% of the time the IMRC's.
If you give me the owners name I can tell you if we did tune it and what the power was when it was done. Sometime folks use our name to sell a car and we never touched it.;)
 
Car's running really rich, you said it's got a chip in there? There's a slot on the back side of the ECU, should have some ford tape on it or something that says VOID, something like that, if there's a module in there it has a chip, if not then it doesn't. The huge spike makes me think that it could be something to do with the the FMU as it probably has one with a A/F looking like that. You can see first off it's really choppy like the fuel pump is having a hard time supplying the injectors, so check to see what kind of fuel system you got going there, you want a 255lph in-tank and a T-Rex 255lph external at the least, there is some nice Aeromotive ones as well but big bucks! If you got an FMU get rid of that thing and get it tuned the right way!

That car is far from rich. 11.4-12.0 is where it needs to be with an S/C on it. I'm betting money its the IMRC's.
 
11:1 is where I was thinking it needed to be, anyhow, that choppy fuel pressure line doesn't look very good, don't think I've ever seen one like that before. Anyhow, doesn't that spike look like the work of an FMU?