I also hit P as soon as the boat starts to dive, but I think AntEater is right. Part of the diving process is to flood the tanks, and trim the boat once you are underwater. Diving straight to periscope depth is a tricky process in itself, and to go decks awash the boat has to dive first, then trim neutral and then use the planes to come back up to the desired depth.
Crash diving means flooding everything to get under in a hurry. levelling off in that condition is very difficult, and involves blowing out tanks again to obtain neutral bouyancy.
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