I recall this particular tip from my past and thought it was from my Boy Scout days. But a google of Scout websites doesn't substantiate that. Eh, regardless of where I first learned it here's how to find your way with only your watch.
Popular Mechanics adds another step to that routine.
Actually, the watch thing works only if you wear one. I don't and I've read that today's youth aren't wearing them either. It seems that if you have a cell phone with you 24/7 who needs a watch?