Waterford is at the centre of the whale tail and is where you end up if you take the right fork in Greencastle when traveling south. We did this once and found that Waterford is a medium sized, well kept community with several stores.
If you are on your way to Cape Eleuthera take the main road north. If you are looking for Lighthouse Beach go south and follow the 90 degree to the left back on to the Queen's Hwy.