I Could not find any functions or events to support what i wanted.
However i came up with a workaround what works just fine in my case. in case others have the same issue here is what i did.
I created a sphere component around my object and a bool variable. then i created a graph like this. after hours of googeling and searching. 
this is what i ended up with.
Note that the radius of the sphere must be greater than the distance at which the (E) pops up on the object.
