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ZTD | TECHnology
So basically, couple things to keep in mind. In a lot of match ups you have the freedom to move in neutral in the air. In this one you don't, because if the Falcon can read that you'll land and he's in range he can run in for a dash grab. You can use down tilt to try and deter him from doing this but he has the option to opt for dash attack, which will win every time because of the way his feet are positioning during the attack relative to where the shoulder hits Meta Knight. So because of this, you need to learn to give Falcon some room unless you're in on him. Being close to but behind him is important. This is because it allows you to down tilt to cover options without having to worry about his jab. Also when he's close to you he can't dash grab you.
Don't try to punish Falcon if he uses down smash or up smash and whiffs. Only up smash if you're behind him. Otherwise he'll go for a jab combo and stuff you out. Speaking of jab, dash attack will beat his jab so long as you use it close enough to him. This is because the foot hitbox will hit below where his fist comes out. This prevents him from throwing out his jab in neutral carelessly.
DIing away in combos is important. Past a certain % he really shouldn't be getting anything too damaging on you.
I went in to training mode and tried dash attack to Mach Tornado and even the CPU was getting out of it at times. I really do believe this does not work guaranteed, it's a DI dependent thing and if they DI properly they can just jump out.
Mach Tornado is really good for covering ledge options. Down smash is also really good if you space it well because the spacing beats his ledge attack and if he buffers a jab from a get up it will also go through the jab just like dash attack will because of how low it hits. This allows you to cover ledge get up, ledge attack and ledge roll.
In the event you get him off stage and you're close to him with your back turned, you can actually wall of pain him to death with neutral air at low-mid %.
Down throw - up smash - Shuttle Loop is good at low % but only on stages where a platform can cover your descent, otherwise Falcon falls and gets a kill.
Big thing in this match up is that Falcon has a hard time securing a kill. His most consistent kill options are throwing out back airs and having you eventually screw up and waltzing in to one, back throw at the ledge, and a Raptor Boost. Raptor Boost with rage is scary and will kill you really early which can throw the match off. Forward smash is also deceptive in how far it goes. My roommate would often get kills on me for free because he would try to forward tilt and smash and I'd get hit not expecting it to reach. As long as you respect these options and space tightly he should have trouble killing you.
Respect Falcon at the ledge. The biggest risk you take against Falcon is when you try to recover. He has the most options against you there then at any other point in the match and if you make a wrong decision it could end your stock given his kill power. Try to mix it up and be unpredictable.
Don't try to edge guard Falcon or gimp him off stage unless you know you can. Usually it will just result in you taking free damage from up air or Falcon Dive and he gets back anyway, when you could have gotten damage or a kill read at the ledge. You can gimp him if he recovers low.