You might need to specify UID and GID as monit runs as root.
check process myserver
with pidfile "/home/path/to/myserver.pid"
start program = "/etc/init.d/myserver start"
as uid myserver_uid and gid myserver_gid
stop program = "/etc/init.d/myserver stop"
as uid myserver_uid and gid myserver_gid
if failed host 127.0.0.1 port 8080 protocol http
then restart
To debug, you could try to output to a file and check this file to have more details.
check process myserver
with pidfile "/home/path/to/myserver.pid"
start program = "/etc/init.d/myserver start >> /tmp/myserver.log 2>&1"
as uid myserver_uid and gid myserver_gid
stop program = "/etc/init.d/myserver stop >> /tmp/myserver.log 2>&1"
as uid myserver_uid and gid myserver_gid
if failed host 127.0.0.1 port 8080 protocol http
then restart
For the send and expect, you might not need it for http query as the http protocol is supported.