Thanks RR, for taking the effort of making it visual.
It certainly does look like the Dick O'kane method, but with one critical flaw. It relies on an assumed target speed. If the target speed is different than the real speed then you could miss ahead of the bow or behind the stern. It all depends on how much leeway the target's length gives you. I'm afraid this technique is in no way more guaranteed than Greyriders 8010 method.
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