Interested in Language
Imagine that you are a ladder company officer at a fire in a private dwelling. The fire is on the first floor. You and your inside team are moving in with the engine. Your outside team is venting from the exterior. Over the radio, you hear one of the team announce, "there is a big dog in the back yard. It bit me. Watch yourselves."
Does Watch yourselves mean Take good care of yourselves?
Yes, though watch out would work better for me.