Location on my 380SE is right next to distributor on left with part of it covered by the air cleaner. Its a silver tube like part, with two short hoses attached along with a plug connection. Look in Fastlane under Fuel injection and you will see Idle control valve..about a $200.00 part so cleaning it first would be my first step. Cold start valve could also be a culprit. To check disconnect it and have someone start the cold engine. Fuel should squirt out if it is working properly.

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95 E420 ( 76K) SOLD
85 380SE(125k)
95 SL500(72k)