The hosts were gifted the lead on six minutes after a horrible mix-up between Atletico goalkeeper Miguel Angel Moya and Miranda, the defender heading into his own net under no pressure from any Valencia players after a hopeful Antonio Barragan cross.
There was nothing comical about the second Valencia goal, however, which was an individual effort from Andre Gomes. The player on loan from Benfica jigged through the Atletico defence with ease before slotting past Moya from a tight angle, giving the hosts their second goal just a minute after their first.
Valencia made it three on the 13th-minute mark, a through-ball from Daniel Parejo finding Francisco Alcacer who won a corner off Miranda. The resulting cross was poorly defended, with the unmarked Nicolas Otamendi meeting the ball with his head to send the home support into raptures.
Atletico gave themselves a lifeline on the half-hour mark, Tiago pinching the ball in the Valencia half and having a go from distance. He forced a save from Alves, but Mario Mandzukic was free to head home and claw his side back into the game.
The fightback could have been well underway just before the break as Atletico were awarded a penalty after a handball by Jose Gaya, but Guilherme Siqueira missed the spot kick and Diego Simeone's men go in at the break 3-1 down.