I enabled debugging over bluetooth on my Moto 360 and enabled Android Wear app on my Nexus4.
Status displays target : disconnected
Forwarding the port from my computer shows the status host will be changed to connected, but the target status remains disconnected.
I toggled debug via the bluetooth switch which had no effect. My phone is a Nexus 4. Is there a problem with my phone or the Moto 360?
Done.
I tried it on a Sony z1. It succeeded without any problems.
So, maybe it's not supported perfectly in Nexus 4.
If you have the same problem, I suggest using another device.