The Argentine saved Falcao’s spot kick with Monaco leading 2-1, continuing City’s remarkable record in the Champions League that has seen them save the last five penalties they have faced.
And Caballero, who also denied Neymar from the spot earlier in the campaign, says the work he and Mancisidor do away from the training field is vital.
“I had studied it [Falcao’s penalties] with our goalkeeper coach Xabi in preparation for the game,” he said afterwards. “But you always have to be cautious because it’s never a certainty.
“He tried to get me to dive first but I waited and took the right decision to save the penalty.
“He couldn’t hear the whistle two or three times because the people were shouting.
“That’s all. I took a good decision and he tried to score in that side and made a good save from the penalty.”
Caballero described the game as “crazy” and admitted he had played a part in City being behind at half-time.
He attempted a pass to Fernandinho with City 1-0 up but it was intercepted by Fabinho and seconds later Falcao had headed the Ligue 1 leaders level from close range.
However, Caballero refused to shirk responsibility for his error and praised the spirit of his teammates to come back and win against such a potent attacking side.
“From my point of view, it was a crazy night,” he said. “It was a fantastic game for the supporters but for the players I think it was a little bit crazy.
“Yeah, I have to be honest when I make a save and when I make a mistake.
“I made a little bit of a mistake and they scored the first goal so we finished the first half losing because they got the confidence they needed.
“We solved this sort of mistake because the spirit and talent of this squad is fantastic.”
City are now in a strong position going into the away leg in three weeks’ time – but Caballero has warned against complacency.
“If you win the first game, you are in a good position to go the distance,” he said. “But it’s not enough because they have a good team and fantastic strikers.”
