In 5.5, you should be able to see the "Create Watch" checkbox providing Watcher for X-Pack is enabled. You can only create a watch for jobs that are running in real-time.
When using the either the Single or Multi-metric wizard, click Create job and let the job run through to completion. Once finished, a checkbox becomes visible to say Continue job real-time. Once this is selected you will be able to create a watch. See image below.
In 6.0, you can also create a Watch when you start any job in real-time from the Job Management page.
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