What do you mean by watch the domain? Do you mean watch the auctions activity? If so, it depends on the auction site, although im not aware of many that dont do this, even mine does  ! Add the auction to your "watch domain/auction" list. If it's on sedo.com they have this option.
If its up for auction then the seller obviously want to sell it. If your waiting for it expire and drop then you might be waiting a very long time. If this is the case then register a SnapNames account and add the domain to your snapnames list. Pool and Enom do the same thing.
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