The fixed wire method also works for any bearing as long as you're stopped, or moving very slowly (1 knottish).
Like maillemaker says, you start the timer as soon as the bow crosses the vertical portion, and stop as soon as the bow passes.
This will work as long as you know where the center of the bow and stern are. The more directly he's pointed at (or away) you, the more difficult it can be to determine where those points actually are.
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