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Low and reverse use the same band. Low is engaged two ways in a C4, normally by a overrun clutch or one-way clutch. In drive, the tranny starts out in low and second overruns low. Manual low is different, using the Low/reverse band. You might have low, via the overrun clutch, but not low via the band, no easy way to tell driving it.
http://image.customclassictrucks.com/f/8863046+w750+st0/0508cct_trans_42_z.jpg1970 Ford Bronco - Swiss-Watch-Precision C4The low/reverse-band-adjustment nut can only be used once, since it has a silicone seal that gets compressed to seal upon tightening (prevents ATF from leaking past threads). Mike adjusted the low/reverse-band nut the specified three turns. The intermediate adjustment nut is shown in the foreground. It was next installed on the other side of the trans case. Its proper adjustment is 1.5 turns. Every time an auto trans is serviced, these adjustment nuts should be replaced and readjusted. View Related ArticleRead more: http://www.customclassictrucks.com/techarticles/0508cct_1970_ford_bronco_c4_transmission_rebuild/photo_42.html#ixzz1PpmshlXB looks like that might be your problem...