Use 'watch for' when you expect something to happen and are actively looking for it. As the storm approached, we had to watch for any signs of flooding.
Pro Tip 2/3
Continuous Action
'Watch for' implies a continuous action, not just a single glance. The lifeguard must watch for swimmers in distress.
Pro Tip 3/3
Neutral Context
The phrase is neutral and can be used in both positive and negative situations. Watch for the mailman; your package should arrive today.