Well, One thing about that method is it can be very accurate which is good for intercepting targets but not so good for putting yourself in a good attack position. The other is that the farther you are away the more inaccurate it becomes. I have started using it myself quite a bit and found to be quite usefull. However, I only use it long enough to get in range to get a good sound fix. Then I use other tactics to put me attack postion.
One other thing to note is ships and convoys tend to change course from time to time.
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