You've got to stop the losses for the time being, even if it means grinding out a ton of nil-nils. Just patience (no sprinting!) can make you difficult enough to break down with the defaults. My firsts couple seasons with Jaric and co. are usually 60-40 1-0 wins to low-to-no-scoring draws, virtually no losses.
Try a 4-4-2 or 4-5-1 with two DMFs (one "destroyer", one passer) or a DMF + a deep-lying AMF (CMF will eat your stamina). Back line set to "C" depth, fullbacks fairly flat with CBs, offside trap "B" or "C".
Slow play the opponent's attack to break it up (and pass out of goal kicks/keeper collections unless you need to waste time, as you don't have to players to win the aerial battles at the moment), then use the more forward DMF/AMF to distribute to your attackers. If you've set up your wingers' attack arrows properly, they should be moving into the spaces between the CPU's wide players by the time you've moved the ball to the center circle. Also, your second forward player (SS, deep CF, or AMF) should have a back-pointing arrow set to move him into the space created when opposing midfielders track your player in possession. Just standing still (while continuing to hold R2 so you can manoeuvre when and if the tackle comes in) will usually pull at least one player out of position, sometimes two, so watch for your man to find that space. Someone will, eventually, so pick him out.
At that point, you should have two or three options. One, you can have a shot. Two, fullbacks with forward arrows should be coming up for the overlap by now, and the opponent's wingers often won't track them, so you can hit your fullbacks or wingers, depending on who the AI fullbacks pick up (which, in turn, usually gives you a chance to 1-2 it and get to the touchline; if not, early cross or chipped through passes all day long). Three, if you're close enough to the box, a CB will almost invariably come out for you, which will open up space for a through pass (wingers' forward arrows adjusted to cut in can make this deadly, giving you up to three targets to hit).
Take your chance, then drop your strategy mark to a more defensive setting (btw, if you don't adjust it to an attacking setting, your attackers will be more hesitant to get forward in the above situation!) and park the bus. Two DMFs plus your back line can handle just about anything if you don't pull your own men out of position and don't rush to the tackle.
On a final note, Tom Huddlestone will likely be the single best buy in the game if you enjoy this type of play.