Just in case anyone is planning on learning this method, I'll start with the basic of what kind of compass to buy. I'd recommend this one.

It's a military lensatic compass. It's the same compass used by our troops, except without the tritium dial which makes it glow in the dark longer.

The reason I like this compass, it uses a rotating dial which dampens its motion quickly. It has no liquids that can freeze.

Another reason I like it is with the lens, most people will probably be able to read it without glasses.

With practice, you can take a bearing in under 5 seconds including the time to open and close the case.

It's also more accurate than other compasses you hold at waist level to read.

There may be other compasses just as good. I just don't know about them.