Let the cpu catch it if the receiver is open, manually catch it if you are in traffic. That is how I go about it. I also manually catch it if there is only one guy to beat after the catch, because I have gotten it down so I can catch and juke right off the bat and make them miss.
Usually wait until the last second before you press the catch button because if you do it too early you will drop the pass. Also, always be pressing the joystick the direction your route is going or you will stop when taking control of the receiver.