Ford Repair: Wont start cold!, ford thunderbird, 1988 ford thunderbird

Question
I have a 1988 Ford Thunderbird 5.0.  Car runs good and cranks easy until the temperature drops below freezing.  It seems to be getting fuel but no spark.  I replaced the coil and that seemed to help but, it still won't crank on really cold mornings.  After it warms up outside, it will crank on the first try.  Any idea what this could be?  This is my only car and I need it to go back and forth to work.  Thanks, Tim  

Answer
Good name Tim as I am a Tim also.

I assume the engine turns over ok when it is cold, just won't start right?  You are gonna have to catch this bird in the act to diagnose it. Start with a test light on the ignition coil positive side with the key on. You should have power. Next, move to the coil negative side (green) and again the light should show power. Now crank the engine over and watch the light, it should flash off & on. If it does not you probably have a faulty ignition module or TFI.  If all looks good check your cap & rotor for moisture.