Greetings,
Here are a couple of videos to explain and show how it's possible to manually target opponents without the use of auxiliary tools and charts. It's actually quite simple, other than the fact your uboat must be stationary. Obviously you'll need to duck and run after firing if engaging anything that may come chasing you.
This one is pretty short, ~10 minutes and explains the concept.
QT http://youtu.be/AosNVEm6vu8
This video (~20 minutes) is just to show the method in use against in game targets.
QT1 http://youtu.be/5i7GHBGi9Kg
Hopefully some of you will find this useful,
Squid