i need to re-set to factory settings but it is not connected to my iphone

This explains.

Unpair and erase your Apple Watch - Apple Support

nacnid wrote:

when the watch is not pared with my iphone and I dont have password

Does "I don't have password" mean you don't know the Apple Watch passcode? If that's true, then is this your Apple Watch? It sounds like you will remain locked out of the Apple Watch forever if this is the situation.