Counter-attacking - what to consider?

The Units face an uphill battle this Sunday against IraqFC who possess a very strong midfield. It is clear that The Units will need some very clever tactics to get the better of IraqFC and avoid the much publicised relegation to the VIth division. The most obvious tactic usually considered in such a situation is Counter-Attack (CA). But what is the most effective way to play CA? What should you consider when choosing such a tactic?

I stumbled across this Hattrick blog entry (http://bobymoore.blogsome.com/2006/11/18/effective-counter-attacking/) which discusses some of the considerations when playing CA. It suggests you need:

1. Good levels of defence (to reduce the opponents goals, because you won't get many chances).
2. Very good CA level
3. Keep possession fairly high (~45% is ideal, but at least between 30-40%).
4. Need attack level high - to have the best chance of the few chances you may have.
5. Optimise your team for Special events.

Some of these points seem quite open to debate, especially whether having such a high midfield is necessary, as many people have played without much midfield at all.

What are peoples thoughts on the CA strategy? Is it the best tactic when you are guaranteed to lose the midfield, or is it overrated?