moving:
to the end of the command: ctrl-e
to the begin of the command: ctrl-a
forward a word: alt-f
backword a word: alt-b
deleting:
from current cursor position to the end of word: ald-d
from current cursor position to the begin of word: clt-w
entr (http://entrproject.org/) provides a more friendly interface to inotify (and also supports *BSD & Mac OS X).
It makes it very easy to specify multiple files to watch (limited only by ulimit -n), takes the hassle out of dealing with files being replaced, and requires less bash syntax:
$ find . -name '*.py' | entr ./myfile.py