If you're playing with automatic targeting then to hit a ship follow these easy steps:
1. Position your boat at an angle of about 90 deg to the ship's course
2. when the ship passes through your scopes wait until you have a small gyro-angle (i.e. the triangle is green)
3. open torpedo tubes.
4. Ask your WO to identify the ship
5. Ask your WO to calculate the solution
6. Fire
7. Watch the fireworks