Based on the hispanicization of the English verb "to watch"
Used as a salutation of parting.
You're hanging out at the beer joint with your buddy and/or your compadre. When it's time to go home you get up and take leave of your company by assuring them that you will see them later, in other words, that you will be watching out to spot them again.
"Hey, vato, I gotta run. Take it easy; ay te watcho"
This word describes when you have lost all creativity and used up every idea ever, but need to keep producing content. In essence, any work you do becomes quantity over quality.
Person 1: "Shit! I've ran out of things to write about in my book. What do I do?"
Person 2: "Well, it seems like you've watchmojo'd yourself."